Tsingtao ++

Tsingtao Brewery (0168.HK: Quote, Profile , Research) shot up nearly 9 percent to HK$26.80 ahead of its earnings report due later in the day.  

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DBS Keeps Fully-Valued

Tsingtao Brewery (0168.HK) +5.2% at HK$27.25, off early high of HK$27.80, buoyed by strong 3Q results - net profit +52.4% on year at CNY328.6 million, driven by strong revenue growth to CNY4.28 billion from CNY3.70 billion. DBS says results above expectations, partly boosted by lower impairment losses (down CNY40 million to CNY3.9 million), stripping that out, earnings would have growth 30% driven by stronger gross margin, lower effective tax rate. "The stronger results have prompted us to raise our assumptions on gross margin by 0.5ppt, translating into a 7.8% lift in FY07 earnings and 9.5% in FY08." Also ups target to HK$19.75 (based on 32X FY08 PER) from HK$17.50, keeps on Fully-valued. Volume strong at HK$35.57 million. May retest yesterday's high of HK$28.00 later.  

Targets HK$32.10

Lehman Brothers starts Tsingtao Brewery (0168.HK) at Buy with target at HK$32.10 on profitable growth.

Expects 2006-08 EPS CAGR of 39% on a 28% recurring EBIT CAGR and expects no asset impairment expenses from 2008.

Says consensus upgrades and potential implementation of a management incentive scheme by 2008 are key share-price catalysts.

Stock off 1% at HK$25.85.  

Tsingtao Brewery Co. (0168.HK), China's largest beer maker by revenue, said late Monday its 2007 net profit rose 28%, boosted by rising beer sales in mainland China.

Hong Kong-and Shanghai-listed Tsingtao Brewery said net profit for the 12 months ended Dec. 31 totaled CNY558.14 million, up from CNY436.96 million in 2006 based on Chinese accounting standards.. Revenue rose 16% to CNY13.71 billion in 2007 from CNY11.83 billion based on Chinese accounting standards. According to international accounting standards, Tsingtao Brewery's 2007 net profit totaled CNY538.91 million, up 20% from CNY447.87 million in 2006. The result was below the average CNY621.6 million forecast of 13 analysts  

168 TSINGTAO BREW 14.54 +0.64 +4.60% 17,820 1,305  

 

 

 

00168.HK   TSINGTAO BREW   40.150   +1.050   +2.685%  

00168.HK   TSINGTAO BREW   41.850   +1.550   +3.846%   968.35K   27.41B   68.95