[ET Net News Agency, 9 July 2020] Morgan Stanley upped its target price for Tsingtao
Brewery (00168) to HK$61 from HK$48 and maintained its "equal-weight" rating.
The research house revised its earnings forecasts by 6%/8% for 2021/22. The adjustments
were mainly driven by (1) faster recovery than expected; and (2) 8-9% higher sales
estimates in 2020/21 to factor in the intensifying competition and negative impact from
the virus.
Morgan recognizes Tsingtao's steady operations and active pursuit of penetrating into
the premium beer segment. It expects a good recovery and positive earnings in the 2Q
result and for the full year. But Morgan remains concerned about the sustainability of its
growth, given increasing competition from China Resources Beer (00291), Budweiser Brewing
(01876) and other premium players, such as Carlsberg, which have stronger execution track
records. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00168 TSINGTAO BREW
Nominal 
55.750 +1.050 (+1.920%) Others
09/07/2020 11:29
{I-bank focus}Morgan ups Tsingtao Brewery (00168) to HK$61
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |