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Jefferies Adjusts Tsingtao Brewery's Price Target to HK$68 From HK$70, Keeps at Buy
Tsingtao Brewery Company Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Cinda Securities: Improvement in csi sws food & beverage index allocation in 2024Q3 compared to the previous quarter, focusing on baijiu and mass market sectors.
Looking at the changes in individual industries, in the third quarter of 2024, SW baijiu, beer, dairy products, processed food, seasoning and fermentation products, and snack food increased by +17.87%, +14.94%, +14.34%, +25.27%, +27.23%, and +19.23% respectively.
[Brokerage Focus] Bank of America Securities cuts tsingtao brew (00168) target price by 2.08%, lowering profit forecasts for the next two years.
Golden Finance News | Bank of America Securities' research report stated that Tsingtao Brewery (00168) saw a 5.3% year-on-year decline in third-quarter revenue, with a 9% drop in net income, falling short of expectations, believed to be due to higher-than-expected sales and distribution expenses. The bank believes that Tsingtao Brewery has strong and quality brand capabilities, is in a favorable industry development environment, and high-end, cost, and rationalization of production capacity can become the main drivers of its stable profit growth. The bank stated that considering the recent appreciation of the Renminbi, BoA lowered Tsingtao Brewery's earnings per share forecast for the next two years by 3% and 5%, with the target price lowered from HK$62.5 to HK$61.2. The bank mentioned
[Brokerage Focus] Citigroup maintains a "buy" rating on Tsingtao Brew (00168), with third-quarter net profit below expectations by ten percent.
King's Finance News | Citigroup issued a research report stating that Tsingtao Brewery (00168) had a 9% year-on-year decrease in net income in the third quarter to 1.3 billion RMB, 10% lower than the bank's expectations, mainly affected by higher than expected sales expenses and lower than expected revenue. Although the gross margin expanded by one percentage point annually, both pre-tax profit and net income decreased by 9% year-on-year, while sales expenses also increased by 14%. Citigroup maintains a "buy" rating on Tsingtao Brewery, with a listed in Hong Kong target price of 84.5 Hong Kong dollars. In the China beer industry, there is a preference for China Resources Beer (00291) and Bud APAC (01876).
Haitong Securities Rating | Continue to Show: Downgrade Tsingtao Brewery's target price to HK$70.8, maintain a 'buy' rating.
Dahua Jixian released a report stating that in the third quarter, during the peak season for beer sales, sales of Tsingtao Brewery decreased by 5% and 12% year-on-year and quarter-on-quarter, respectively. Due to the severe impact of bad weather in the second quarter on high-end beer consumption, the product mix showed seasonal improvement, driving the average selling price up by 1.7% quarter-on-quarter. However, the product mix remained largely unchanged year-on-year, with the average selling price declining slightly by 0.2% annually. The bank maintains a "buy" rating on Tsingtao Brewery, but lowers the target price by 2% from 72.6 Hong Kong dollars to 70.8 Hong Kong dollars.
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