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UBS raises Tsingtao Brew (00168) target to $48.88
12 Apr 2019
(Infocast News) UBS has raised its price target on Buy-rated Tsingtao Brewery (00168) from HK$44.89 to HK$48.88 as it turns incrementally more positive on the brewery's growth outlook.

UBS believe Tsingtao Brewery' dual-brand strategy, with Tsingtao and Laoshan targeting premium and mass segments respectively, should accelerate mix upgrade to the premium segment (21% of Tsingtao Brewery's volume in 2018), which the brokerage expects to grow 12% annually by 2022 for overall beer consumption. Laoshan's volume reached 2.17 million tons, making it the No. 5 national brand, outgrowing AB InBev's Harbin, by UBS's estimates.

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