Tsingtao Brewery Co Ltd Class H

00168: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$91.00	Vbnzf	Cwvjhddyt

Cost Savings to Drive Earnings Growth for Tsingtao

Jacky Tsang

Apr 30, 2024

Business Strategy and Outlook

Tsingtao Brewery has over 100 years of history and is the second largest beer brewery 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 net profit in 2022.

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