Tsingtao Brewery Co Ltd Class H

00168: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$94.00	Zhmgrg	Lkczggsl

Price/Mix To Drive Growth for Tsingtao Brewery in 2023; Raising FVE

Jacky Tsang

Mar 23, 2023

Business Strategy and Outlook

Tsingtao Brewery has over 100 years of history and is the second largest beer brewer by volume in China. With its roots in Shandong, the largest beer consumption province in China, Tsingtao has demonstrated the favorable economics of regional concentration, with production facilities achieving scale efficiencies through a dense distribution network. Shandong province alone contributed over 60% of Tsingtao Brewery’s revenue and more than half of its net profit.

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