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00168 TSINGTAO BREW
RTNominal down51.450 -1.350 (-2.557%)
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22/11/2019 17:25

{I-bank focus}Goldman lifts Tsingtao Brewery to HK$62.7

[ET Net News Agency, 22 November 2019] Goldman Sachs raised its target price for
Tsingtao Brewery (00168) by 8% to HK$62.7 and maintained its "neutral" rating.
The research house raised its 2020-21 EPS forecasts by 3-5% mainly to factor in higher
ASP increase. It now looks for 4% ASP growth and 14% EBITDA growth for 2019-21 (versus 12%
previously).
Goldman believes continued ASP growth is likely to contribute to the margin expansion,
and it sees further upside risks if Tsingtao delivers stronger ASP hike/upgrades. Plant
closures and labor reduction will bring on additional cost savings as well. (KL)

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