BofA Securities: Cuts TSINGTAO BREW (00168) Target Price to HK$46.5; Q3 Net Profit Below Expectations
Tsingtao Brewery's performance was affected by the slow recovery in the catering industry and unusual weather during the summer peak season. In the third quarter, it was dragged down by rising cost pressures and negative operating leverage, with net profit falling short of expectations.
BofA Securities stated in a research report that TSINGTAO BREW (00168)'s performance was affected by the slow recovery in the catering industry and abnormal weather during the summer peak season. Third-quarter revenue was broadly in line with expectations, but dragged down by rising cost pressures and negative operating leverage, net profit for the period fell short of expectations, and margins also declined year-on-year; the bank lowered its target price from HK$46.5 to HK$46.5 and reiterated its "Buy" rating. The bank cut its earnings per share forecasts for TSINGTAO BREW for 2026 and 2027 by 8% each, respectively, and made the above target price adjustment.
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