Tsingtao Brewery Co Ltd Class A

600600: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥24.00	Lcwmkwy	Szwzrdv

Tsingtao Earnings: Product Mix and Cost Control Drive Resilient Profit Growth

Jacky Tsang

Aug 28, 2023

Narrow-moat Tsingtao Brewery posted another set of quarterly earnings that exceeded Refinitiv consensus, thanks to improving product mix and control in operating expenses. Net income rose 18% year on year. Volume growth moderately outperformed our estimates due to premium segment strength. We raise our sales and net profit projections for the year to account for better volume and operating cost control. We expect the base effect to weigh on second-half results, but view positively the company’s ability to drive product mix and navigate the bumpy operating environment.

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