TSINGTAO BREW (00168) reported Q3 revenue of RMB 8.9 billion, down 0.2% year-on-year, with net profit reaching RMB 1.4 billion, up 1.6% year-on-year, slightly below market expectations. Deutsche Bank adjusted its net profit forecasts for 2025-2027 downward by an average of 2%, citing the company's performance and more conservative volume and average selling price assumptions. Consequently, the target price, derived from discounted cash flow analysis, was lowered from HK$61.6 to HK$61. The bank reaffirmed its "Buy" rating on the stock.
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