Institution: Qingdao Beer's average selling price increase may support profit margin expansion, maintaining a buy rating.

Analysts from DBS Group Research Department stated in a report that the continuously rising average selling price of Tsingtao Brewery this year may support strong profit margin expansion. These analysts noted that the beer manufacturer has quickly adapted to new channels and introduced customized products, outperforming the overall decline in industry sales volume. They added that the company's mid-to-high-end beers are likely to continue to be favored this year, highlighting that these beers are the main driving force behind the company's product portfolio upgrade. They also mentioned that large sporting events should support beer consumption and boost sales. DBS Group maintains its buy rating and a target price of HK$75.00 for the company's H shares.