Want to see HK:0168 full AI Analyst Report?
Top Page
Tsingtao Brewery Co
(0168)
Select Model
Select Model
Rating:71Outperform
Price Target:
HK$48.00
▼(-4.86% 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 Margins
Margins near 41% gross and 14% net indicate durable pricing power and efficient brewing operations. Such structural profitability cushions the business against volume swings, funds reinvestment and dividends, and supports long-term cash generation even if top-line growth moderates.
Negative Factors
Sharp TTM Revenue Contraction
A pronounced trailing revenue decline is a structural concern: lower volumes or lost distribution can erode economies of scale, pressure unit margins, and force greater marketing spend to regain share. Persistent revenue weakness risks undermining mid-term profitability and growth prospects.
Read all positive and negative factors
Positive Factors
Negative Factors
High and Sustainable Margins
Margins near 41% gross and 14% net indicate durable pricing power and efficient brewing operations. Such structural profitability cushions the business against volume swings, funds reinvestment and dividends, and supports long-term cash generation even if top-line growth moderates.
Read all positive factors
Tsingtao Brewery Co (0168) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$71.94B
Dividend Yield4.69%
Average Volume (3M)2.67M
Price to Earnings (P/E)15.7
Beta (1Y)0.87
Revenue Growth1.61%
EPS Growth6.76%
CountryHK
Employees29,257
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$64.17Price Target Upside27.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)3.53
Revenue Forecast (FY)HK$33.00B
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
46.46
Negative
47.01
Negative
48.06
Negative
Market Momentum
-0.61
Negative
44.46
Neutral
34.45
Neutral
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 43.94, above the 50-day MA of 46.46, and above the 200-day MA of 48.06, indicating a bearish trend. The MACD of -0.61 indicates Negative momentum. The RSI at 44.46 is Neutral, neither overbought nor oversold. The STOCH value of 34.45 is Neutral, 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$437.08M | 5.82 | 10.82% | 4.07% | 3.68% | ― | |
71 Outperform | HK$71.94B | 15.69 | 15.04% | 4.69% | 1.61% | 6.76% | |
71 Outperform | HK$82.93B | 22.12 | 4.77% | 5.59% | -7.82% | -32.91% | |
70 Outperform | HK$74.36B | 141.59 | 1.40% | 3.42% | -1.89% | -30.46% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
47 Neutral | HK$253.51M | 18.56 | 4.24% | 1.30% | -37.35% | -59.07% | |
46 Neutral | HK$321.14M | -100.40 | -1.75% | ― | 0.90% | 94.78% |
* Consumer Defensive Sector Average
HK:0168
Tsingtao Brewery Co
43.70
-4.20
-8.76%
HK:0291
China Resources Beer (Holdings) Co
22.94
-2.92
-11.31%
HK:1876
Budweiser Brewing Co. APAC Ltd.
6.35
-1.41
-18.12%
HK:0236
San Miguel Brewery HK Ltd.
1.17
0.19
19.27%
HK:8146
Grace Wine Holdings Limited
0.40
0.27
221.14%
HK:0828
Dynasty Fine Wines Group Limited
0.18
-0.13
-41.94%
Tsingtao Brewery Co Corporate Events
Tsingtao Brewery shareholders approve 2025 AGM resolutions, reaffirming governance and auditor mandates
Jun 26, 2026
Tsingtao Brewery Company Limited held its 2025 annual general meeting on June 26, 2026, in Qingdao, with 794 shareholders and proxies representing about 47.11% of its total voting shares participating via combined on-site and online voting. The me...
Tsingtao Brewery Clarifies Board Structure and Committee Roles
Jun 26, 2026
Tsingtao Brewery has outlined the current composition of its board of directors, including executive, employee and independent non-executive directors, and confirmed Jiang Zong Xiang as chairman. The structure underscores a mix of internal managem...
Tsingtao Brewery Declares 2025 Final Dividend and Outlines Tax Treatment
Jun 26, 2026
Tsingtao Brewery Company Limited has announced a final ordinary cash dividend of RMB 2.35 per share for the financial year ended 31 December 2025, with shareholders approving the payout on 26 June 2026. For Hong Kong-registered shares, the dividen...
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 ...
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.