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<Research>CITIC Securities: TSINGTAO BREW (00168.HK) Sales under Short-term Pressure w/ Outstanding Profit
Recommend 4 Positive 9 Negative 3 |
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TSINGTAO BREW (00168.HK)'s sales were under short-term pressure, but its profit showed outstanding performance, CITIC Securities issued a research report saying. Its 1Q24 revenue fell 5.2% YoY, while net profit rallied 10.1% YoY, reflecting that the Company's sales volume was under pressure in the short term, with its product structure continuing to be optimized and upgraded. Gross profit margin increased by 2.1 ppts YoY, reflecting that the Company's profitability enhanced significantly. In addition, CITIC Securities maintained its FY2024-FY2026 EPS forecasts for TSINGTAO BREW at RMB3.59/ RMB4.09/ RMB4.62, respectively. CITIC Securities also expected the Company's core net profit to grow by over 15% in the next 3 years. CITIC Securities kept rating at Buy, with a target price for TSINGTAO BREW's H-shares at $80. AAStocks Financial News |
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