Tsingtao Brewery Co Ltd Class A
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥75.00 | Fyvnxsy | Mcgqhfpfd |
Tsingtao Earnings: Product Mix and Cost Control Drive Resilient Profit Growth
Narrow-moat Tsingtao Brewery posted another set of quarterly earnings that exceeded Refinitiv consensus, thanks to improving product mix and control in operating expenses. Net income rose 18% year on year. Volume growth moderately outperformed our estimates due to premium segment strength. We raise our sales and net profit projections for the year to account for better volume and operating cost control. We expect the base effect to weigh on second-half results, but view positively the company’s ability to drive product mix and navigate the bumpy operating environment.