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Tsingtao Brewery (600600) company brief: Ready and waiting for demand improvement.
Event: The company released the third quarter report for 2024, achieving revenue of 28.959 billion yuan in 2024 Q1-Q3 (-6.52% year-on-year, same for the whole text), with a net income attributable to the parent company of 4.99 billion yuan (+1.67%); including 202
HSBC Research lowered the target price of Bud APAC (01876.HK) to 9.1 yuan, maintaining a "buy" rating on Qingdao Brewery (00168.HK).
HSBC Research's report stated that the sales volume of the mainland beer industry in the third quarter did not recover as expected by the bank. Even with a low base, the average sales volume in the third quarter dropped by 6.2% year-on-year for the tracked companies. The bank believes that this is due to the reduction of consumer spending on outings, favoring drinking beer at home. The bank expects that most companies will focus on destocking in the fourth quarter, anticipating that losses in the fourth quarter will narrow year-on-year due to favorable costs and rigorous expense management. As for 2025, it is believed that most brewers will benefit from the alleviation of sales pressure, and the sales recovery in the second half of 2025 is expected to accelerate from a low base. The bank believes
Hong Kong stocks are active | Beer stocks rose in the late trading, with the hope of improving demand supporting the volume and price of beer. The leading beer company continues its steady growth.
Beer stocks rose in the final hour, as of the deadline, bud apac (01876) rose by 5.24%, closing at 8.44 Hong Kong dollars; china res beer (00291) rose by 4.61%, closing at 30.65 Hong Kong dollars; and tsingtao brew (00168) rose by 2.14%, closing at 52.5 Hong Kong dollars.
jefferies financial rating: Downgrade tsingtao brewery target price to 68 Hong Kong dollars, downgrade profit forecast for 2024 to 2026.
Jefferies financial released a report on November 5th, stating that Tsingtao Brewery's third-quarter sales were 3% lower than expected in terms of net profit, mainly due to higher expenses than expected. However, the firm believes that the company increased market share in the third quarter. The firm mentioned that after the performance announcement, it lowered its net profit forecasts for Tsingtao Brewery for 2024 to 2026 by 1%/2%/3% respectively, due to a 1% decrease in sales forecasts. As for the fourth quarter, as it is the off-season, the firm expects sales to remain flat at 2.96 billion yuan, with a loss of 0.424 billion yuan. The firm has reduced its target price from 70 Hong Kong dollars to 68 Hong Kong dollars, maintaining a "buy" rating.
Jefferies Adjusts Tsingtao Brewery's Price Target to HK$68 From HK$70, Keeps at Buy
Tsingtao Brewery (600600): Unload the burden and go into battle lightly.
Weak demand, revenue under pressure in 2024 Q1-Q3. The company's revenue was 28.96 billion yuan, -6.5% year-on-year; non-recurring net income attributable to parent company before and after deduction was 4.99 billion and 4.69 billion yuan respectively, +1.7%, +2.0% year-on-year. 2024.
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