Tsingtao Brewery's Revenue Could Decline in 2Q -- Market Talk

Dow Jones08-06

0206 GMT - Tsingtao Brewery's revenue could decline 4% on year to CNY10.5 billion in 2Q, Daiwa Capital Markets analysts say in a note, as they lower its Hong-Kong listed stock's target price to HK69.00 from HK75.00 with an unchanged buy rating. The unusually heavy precipitation in April and June likely affected the beer industry demand adversely, they say. The Chinese brewery could also see a volume contraction of around 7% on year during the quarter, offsetting the ASP expansion of around 2%, the analysts add. The analysts cut their 2024-2026 EPS by 9%-10% to factor in the likely weak print in 1H and macro challenges. Shares are up 1.0% at HK$50.30.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 05, 2024 22:06 ET (02:06 GMT)

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The Chinese brewery could also see a volume contraction of around 7% on year during the quarter, offsetting the ASP expansion of around 2%, the analysts add. The analysts cut their 2024-2026 EPS by 9%-10% to factor in the likely weak print in 1H and macro challenges. 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