[ET Net News Agency, 5 November 2019] Jefferies Research initiated coverage on Tsingtao
Brewery (00168) with a "buy" rating and a target price of HK$63.
The research house said Tsingtao is ranked No.2 by market share in China's premium beer
market, but it has a much lower margin than other brewers due to weak operating
efficiency. From 2019, new management began to implement various reforms to concentrate
its resources on premium brands. Jefferies expects its margin to recover and forecast
Tsingtao to achieve 16% EBITDA CAGR in 2018-21.
Meanwhile, Tsingtao has launched a product in the sparkling water category and will
leverage its edge in beer channels to penetrate this fast-growing category, Jefferies
added. (KL)
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00168 TSINGTAO BREW
Nominal 
51.450 -1.350 (-2.557%) Research Report
05/11/2019 11:54
{I-bank focus}Jefferies rates Tsingtao Brewery (00168) HK$63
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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