BUZZ-Tsingtao Brewery's Hong Kong shares hit 5-week low as Q3 profit dips

Reuters10-30
BUZZ-Tsingtao Brewery's Hong Kong shares hit 5-week low as Q3 profit dips

** Hong Kong shares of Tsingtao Brewery Co Ltd 0168.HK fall 5.3% to HK$50, their lowest since Sept. 26, and on course for the second session of decline, if losses hold

** The Chinese brewer said its Q3 net profit was down 9% Y/Y to 1.35 bln yuan ($189.35 mln) with revenue down 5.3% Y/Y to 8.89 bln yuan

** Citi says Tsingtao's net profit in 3Q24 is below expectation due to higher-than-expected selling expenses and weaker-than-expected top line

** The brewer's Shanghai-listed stock 600600.SS falls 2.2% to 67 yuan

** In Hong Kong, Hang Seng Commerce & Industry Index .HSNC drops 1.9%, while Hang Seng Consumption Index .HSCGSI and Hang Seng Index .HSI each fall 1.6%

** Tsingtao's Hong Kong-listed stock fell 3.8% YTD, Shanghai shares down 10.5% YTD

($1 = 7.1298 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment