Tsingtao Brewery Co Ltd Class H (HK:0168)
:0168
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Tsingtao Brewery Co
(0168)
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Rating:71Outperform
Price Target:
HK$50.00
▼(-0.89% Downside)
Action:Reiterated
Date:04/28/26
The score is driven primarily by strong financial quality (high margins and very low leverage), supported by favorable valuation (moderate P/E and high dividend yield). These positives are tempered by neutral technical signals and the key fundamental risk of a sharp TTM revenue decline with only moderate profit-to-cash conversion.
Positive Factors
High and sustainable profitability
Margins near 41% gross and 14% net indicate durable pricing power and effective cost control across brewing and packaging. Sustained margins support reinvestment, dividends and resilience to input cost swings, underpinning long-term cash generation capacity.
Negative Factors
Sharp TTM revenue decline
A meaningful decline in trailing revenue raises concern about demand, channel disruptions, or lost volume. If sustained, lower top-line trends can erode operating leverage, constrain investment, and make maintaining current margins and dividend levels more challenging over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High and sustainable profitability
Margins near 41% gross and 14% net indicate durable pricing power and effective cost control across brewing and packaging. Sustained margins support reinvestment, dividends and resilience to input cost swings, underpinning long-term cash generation capacity.
Read all positive factors
Tsingtao Brewery Co (0168) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$73.20B
Dividend Yield4.69%
Average Volume (3M)2.67M
Price to Earnings (P/E)15.7
Beta (1Y)0.92
Revenue Growth1.61%
EPS Growth6.76%
CountryHK
Employees29,870
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)3.43
Shares Outstanding655,069,150
10 Day Avg. Volume2,537,698
30 Day Avg. Volume2,674,522
Financial Highlights & Ratios
PEG Ratio4.73
Price to Book (P/B)1.95
Price to Sales (P/S)2.02
P/FCF Ratio21.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$63.11Price Target Upside25.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)3.53
Revenue Forecast (FY)HK$33.09B
Tsingtao Brewery Co Business Overview & Revenue Model
Company Description
Tsingtao Brewery Company Limited, along with its affiliated enterprises, focuses on the worldwide manufacturing, distribution, and sale of beer products. Its operations are structured across seven distinct divisions: Shandong, South China, North C...
How the Company Makes Money
Tsingtao Brewery makes money mainly by selling beer products. Its core revenue stream is the sale of packaged beer (e.g., bottled and canned) and draft beer through a mix of distribution channels, including wholesalers/distributors, modern retail ...
Tsingtao Brewery Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.17B | 29.52B | 32.14B | 33.94B | 32.17B | 30.17B |
| Gross Profit | 13.49B | 10.77B | 12.93B | 13.12B | 11.85B | 11.08B |
| EBITDA | 6.20B | 6.29B | 7.09B | 6.90B | 6.10B | 5.61B |
| Net Income | 4.67B | 4.47B | 4.34B | 4.27B | 3.71B | 3.16B |
Balance Sheet | ||||||
| Total Assets | 53.19B | 52.68B | 51.42B | 49.26B | 50.31B | 46.56B |
| Cash, Cash Equivalents and Short-Term Investments | 22.94B | 19.24B | 20.00B | 24.79B | 20.54B | 17.38B |
| Total Debt | 344.37M | 240.16M | 68.24M | 63.39M | 373.08M | 406.99M |
| Total Liabilities | 20.01B | 18.18B | 21.56B | 21.00B | 24.04B | 22.77B |
| Stockholders Equity | 32.33B | 30.66B | 29.06B | 27.45B | 25.49B | 23.00B |
Cash Flow | ||||||
| Free Cash Flow | 3.89B | 2.82B | 3.01B | 1.16B | 3.10B | 4.41B |
| Operating Cash Flow | 6.26B | 5.02B | 5.15B | 2.78B | 4.88B | 6.04B |
| Investing Cash Flow | -2.15B | -3.71B | -7.42B | -3.46B | -2.20B | -10.25B |
| Financing Cash Flow | -3.14B | -3.02B | -2.98B | -2.87B | -1.68B | -1.61B |
Tsingtao Brewery Co Technical Analysis
Negative
50.45
Price Trends
50.86
Negative
50.58
Negative
51.34
Negative
Market Momentum
-1.01
Positive
26.18
Positive
14.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0168, the sentiment is Negative. The current price of 50.45 is above the 20-day moving average (MA) of 49.25, below the 50-day MA of 50.86, and below the 200-day MA of 51.34, indicating a bearish trend. The MACD of -1.01 indicates Positive momentum. The RSI at 26.18 is Positive, neither overbought nor oversold. The STOCH value of 14.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0168.
Tsingtao Brewery Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$448.28M | 5.89 | 10.82% | 4.07% | 3.68% | ― | |
71 Outperform | HK$73.20B | 15.72 | 15.04% | 4.69% | 1.61% | 6.76% | |
71 Outperform | HK$85.04B | 22.28 | 8.50% | 5.59% | -7.82% | -32.91% | |
70 Outperform | HK$70.92B | 127.79 | 1.45% | 3.42% | -1.89% | -30.46% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
47 Neutral | HK$261.96M | 19.14 | 4.24% | 1.30% | -37.35% | -59.07% | |
46 Neutral | HK$333.33M | -131.17 | -1.75% | ― | 0.90% | 94.78% |
* Consumer Defensive Sector Average
HK:0168
Tsingtao Brewery Co
45.40
-5.25
-10.37%
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21.86
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Budweiser Brewing Co. APAC Ltd.
6.45
-1.09
-14.43%
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San Miguel Brewery HK Ltd.
1.20
0.32
36.99%
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Grace Wine Holdings Limited
0.41
0.29
236.07%
HK:0828
Dynasty Fine Wines Group Limited
0.19
-0.11
-37.16%
Tsingtao Brewery Co Corporate Events
Tsingtao Brewery Updates Nomination and Remuneration Committee Rules
May 21, 2026
Tsingtao Brewery Company Limited has amended and adopted new Working Regulations for its Nomination Remuneration Committee at the first extraordinary meeting of its eleventh board of directors in 2026. The updated regulations define the committee...
Tsingtao Brewery Updates Nomination and Remuneration Committee Rules
May 21, 2026
Tsingtao Brewery Company Limited has amended and adopted new Working Regulations for its Nomination Remuneration Committee of the board at the first extraordinary meeting of its eleventh board of directors in 2026. The updated regulations clarify...
Tsingtao Brewery Sets Timetable for 2025 Final Dividend Payout
May 21, 2026
Tsingtao Brewery Company Limited has updated details of its proposed final dividend for the financial year ended 31 December 2025, confirming a payout of RMB 2.35 per share. The update sets out the timetable for shareholder approval on 26 June 202...
Tsingtao Brewery Sets 2025 AGM to Approve Governance, Dividend and Board Changes
May 21, 2026
Tsingtao Brewery has convened its 2025 annual general meeting for 26 June 2026 in Qingdao, where shareholders will vote on key ordinary resolutions including the 2025 board work report, audited financial report, and a profit distribution plan enco...
Tsingtao Brewery Moves to Update Articles for New Governance Rules
May 21, 2026
Tsingtao Brewery Company Limited plans to revise its Articles of Association and related meeting rules to align with the latest PRC Company Law, China Securities Regulatory Commission corporate governance guidelines, and Shanghai Stock Exchange re...
Tsingtao Brewery Updates Audit and Internal Control Committee Rules
May 21, 2026
Tsingtao Brewery Company Limited has amended and adopted new Working Regulations for its Audit Internal Control Committee at the first extraordinary meeting of its eleventh board of directors in 2026. The updated regulations define the committee&...
Tsingtao Brewery Announces Resignation of Independent Non-Executive Director
May 20, 2026
Tsingtao Brewery announced that independent non-executive director Rania Zhang has submitted her resignation due to personal work commitments, stepping down from the board and her roles as chair of the Audit Internal Control Committee and member ...
Tsingtao Brewery Lifts Q1 2026 Profit and Cash Flow Despite Slight Revenue Dip
Apr 27, 2026
Tsingtao Brewery has released its unaudited first-quarter 2026 results prepared under China Accounting Standards, with the board confirming the authenticity and completeness of the report. The company reported revenue of RMB 10.29 billion, down 1....
Tsingtao Brewery Director Resigns, Triggering Board Committee Changes
Apr 23, 2026
Tsingtao Brewery announced the resignation of independent non-executive director Sheng Lei Ming, who has served since June 2020 and is stepping down as his six-year term approaches under relevant regulatory requirements. Sheng is also resigning as...
Tsingtao Brewery Outlines Board Composition and Key Committee Roles
Apr 23, 2026
Tsingtao Brewery Company Limited has announced the current composition of its board of directors, comprising a chairman, two other executive directors, one employee director, and four independent non-executive directors. The structure underscores ...
Tsingtao Brewery Sets April 27 Board Meeting to Review First-Quarter 2026 Results
Apr 10, 2026
Tsingtao Brewery Company Limited has scheduled a board meeting for 27 April 2026 to review and approve its unaudited first-quarter results for the period ended 31 March 2026, prepared under China Accounting Standards for Business Enterprises. The ...
Tsingtao Brewery Strengthens Balance Sheet in 2025 Preliminary Results
Mar 26, 2026
Tsingtao Brewery reported its preliminary consolidated results for 2025, showing total assets of RMB 52.13 billion, up slightly from RMB 51.42 billion a year earlier, with a solid base of cash, financial assets and fixed assets. Total liabilities ...
Tsingtao Brewery Announces Proposed Final Dividend for FY2025
Mar 26, 2026
Tsingtao Brewery Company Limited, a leading Chinese beer producer listed on the Hong Kong Stock Exchange under stock code 00168, manufactures and sells beer and related beverages in China and abroad. The company operates in the consumer staples se...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.