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Tsingtao Brewery Co
(0168)
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Rating:69Neutral
Price Target:
HK$42.00
â–˛(1.50% Upside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by strong financial quality—high profitability and an exceptionally low-leverage balance sheet—tempered by softening revenue trends and only moderate cash conversion. Technical indicators are currently bearish (below major moving averages with negative MACD), while valuation is reasonably attractive with a moderate P/E and a high dividend yield.
Positive Factors
Strong Profitability
Healthy gross, operating, and net margins indicate that Tsingtao retains meaningful profitability across its beer portfolio. This provides internal funding capacity, supports brand investment, and gives earnings greater resilience when revenue growth is subdued.
Negative Factors
Declining Revenue Trend
The multi-period revenue decline points to weakening top-line momentum and possible volume or pricing pressure. If sustained, softer sales could eventually limit operating leverage, constrain reinvestment capacity, and make continued earnings resilience harder to maintain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Healthy gross, operating, and net margins indicate that Tsingtao retains meaningful profitability across its beer portfolio. This provides internal funding capacity, supports brand investment, and gives earnings greater resilience when revenue growth is subdued.
Read all positive factors
Tsingtao Brewery Co (0168) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$67.62B
Dividend Yield6.77%
Average Volume (3M)2.80M
Price to Earnings (P/E)15.8
Beta (1Y)0.30
Revenue Growth1.15%
EPS Growth0.86%
CountryHK
Employees29,257
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)3.20
Shares Outstanding655,069,150
10 Day Avg. Volume4,765,167
30 Day Avg. Volume2,803,013
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$51.50Price Target Upside24.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.32
Revenue Forecast (FY)HK$31.33B
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...
Tsingtao Brewery Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.96B | 29.52B | 32.14B | 33.94B | 32.17B | 30.17B |
| Gross Profit | 12.87B | 10.77B | 12.93B | 13.12B | 11.85B | 11.08B |
| EBITDA | 5.81B | 6.29B | 7.09B | 6.90B | 6.10B | 5.61B |
| Net Income | 4.35B | 4.47B | 4.34B | 4.27B | 3.71B | 3.16B |
Balance Sheet | ||||||
| Total Assets | 52.93B | 52.68B | 51.42B | 49.26B | 50.31B | 46.56B |
| Cash, Cash Equivalents and Short-Term Investments | 20.46B | 19.24B | 20.00B | 24.79B | 20.54B | 17.38B |
| Total Debt | 80.13M | 240.16M | 68.24M | 63.39M | 373.08M | 406.99M |
| Total Liabilities | 19.54B | 18.18B | 21.56B | 21.00B | 24.04B | 22.77B |
| Stockholders Equity | 32.48B | 30.66B | 29.06B | 27.45B | 25.49B | 23.00B |
Cash Flow | ||||||
| Free Cash Flow | 3.46B | 2.82B | 3.01B | 1.16B | 3.10B | 4.41B |
| Operating Cash Flow | 5.77B | 5.02B | 5.15B | 2.78B | 4.88B | 6.04B |
| Investing Cash Flow | -2.87B | -3.71B | -7.42B | -3.46B | -2.20B | -10.25B |
| Financing Cash Flow | -3.32B | -3.02B | -2.98B | -2.87B | -1.68B | -1.61B |
Tsingtao Brewery Co Technical Analysis
Neutral
41.38
Price Trends
40.27
Negative
42.54
Negative
45.17
Negative
Market Momentum
-0.37
Positive
49.88
Neutral
34.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0168, the sentiment is Neutral. The current price of 41.38 is above the 20-day moving average (MA) of 39.86, above the 50-day MA of 40.27, and below the 200-day MA of 45.17, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 49.88 is Neutral, neither overbought nor oversold. The STOCH value of 34.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$67.62B | 15.82 | 13.77% | 6.77% | 1.15% | 0.86% | |
69 Neutral | HK$388.51M | 10.55 | 5.16% | 5.77% | -8.21% | ― | |
64 Neutral | HK$77.65B | 18.01 | 5.51% | 7.51% | -2.79% | -6.76% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | HK$64.14B | 19.28 | 9.57% | 5.84% | 2.71% | -48.12% | |
46 Neutral | HK$163.38M | 26.98 | 1.80% | 2.76% | -49.66% | -73.78% | |
40 Underperform | HK$272.36M | -67.30 | -3.96% | 112.17% | -9.97% | 94.50% |
* Consumer Defensive Sector Average
HK:0168
Tsingtao Brewery Co
39.88
-9.38
-19.05%
HK:0291
China Resources Beer (Holdings) Co
19.77
-5.26
-21.00%
HK:1876
Budweiser Brewing Co. APAC Ltd.
5.89
-1.50
-20.28%
HK:0236
San Miguel Brewery HK Ltd.
1.04
-0.13
-11.19%
HK:8146
Grace Wine Holdings Limited
0.34
0.23
222.12%
HK:0828
Dynasty Fine Wines Group Limited
0.12
-0.17
-60.00%
Tsingtao Brewery Co Corporate Events
Tsingtao Brewery’s Third-Quarter Profit Falls as Revenue Slips but Cash Flow Strengthens
Oct 28, 2026
Tsingtao Brewery reported unaudited results for its 2026 third quarter prepared under Chinese accounting standards, showing declines in revenue and profit despite a solid asset base. The board unanimously approved the quarterly figures, and manage...
Tsingtao Brewery Sets Board Meeting to Approve Q3 2026 Results
Oct 12, 2026
Tsingtao Brewery Company Limited has scheduled a board meeting for 28 October 2026 to review and approve its unaudited third quarterly results for the nine months ended 30 September 2026. The results, prepared under China Accounting Standards for ...
Tsingtao Brewery Restructures Senior Roles as Executive Director and CFO Retires
Sep 1, 2026
Tsingtao Brewery announced that executive director and chief financial officer Hou Qiu Yan will resign from all positions, including secretary to the board, joint company secretary, Strategy Investment Committee member and authorised representati...
Tsingtao Brewery Clarifies Board Line-Up and Governance Committees
Sep 1, 2026
Tsingtao Brewery has announced the composition of its board of directors, naming Jiang Zong Xiang as chairman and executive director alongside fellow executive Liu Fu Hua, employee director Sun Jing, and five independent non-executive directors. T...
Tsingtao Brewery Posts Higher Assets and Equity in 2026 Interim Results
Aug 26, 2026
Tsingtao Brewery reported unaudited interim results for the six months ended 30 June 2026, showing total assets rising to RMB 55.49 billion from RMB 52.13 billion at year-end 2025. The growth was driven by higher financial assets held for trading ...
Tsingtao Brewery to Cut H-Share Board Lot Size to Boost Liquidity
Aug 26, 2026
Tsingtao Brewery Company Limited will reduce the board lot size of its H shares traded on the Hong Kong Stock Exchange from 2,000 shares to 500 shares, effective 16 September 2026 at 9:00 a.m. The move is intended to lower the investment threshold...
Tsingtao Brewery Sets August Board Meeting to Approve 2026 Interim Results
Aug 11, 2026
Tsingtao Brewery Company Limited has scheduled a board meeting for 26 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026, prepared under China Accounting Standards for Business Enterprises. The ap...
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.