Goldman Sachs Slightly Lowers TSINGTAO BREW Target Price to HK$61, Cuts Sales and Profit Forecasts

Deep News11-03

Goldman Sachs released a research report stating that due to weak sales volume and average pricing, it has lowered TSINGTAO BREW's (00168) sales forecasts for 2025–2027 by less than 2% and reduced profit projections by 5%–6%. The adjustments primarily reflect lower operating expense and financing cost estimates, as well as an increase in the effective tax rate.

The bank now expects sales growth of 0.7%–3.2% year-on-year from 2025 to 2027, with volume growth of 1%–2.1%, driven mainly by the core TSINGTAO brand.

For H-shares, the target price was slightly lowered from HK$61.4 to HK$61, maintaining a "Buy" rating. For A-shares, the target price was reduced from RMB 70.3 to RMB 69.4, with a "Neutral" rating.

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