According to a research report published by Jefferies, it is expected that the performance of beer stocks in the fourth quarter of 2022 will be hit by the pandemic, and investors will focus on management's comments on the trading performance from the beginning of this year to now and the pace of its recovery. The bank's preference order was Tsingtao Brewery (0168.HK), China Resources Beer (0291.HK), and Budweiser Asia Pacific (1876.HK), all of which gave “buy” ratings. The bank expects Budweiser Asia Pacific's adjusted EBITDA for the fourth quarter to drop 25% to $272 million, and sales to fall 16% to $1.19 billion, but raised its target price by 13% to HK$31. The bank expects Runbeer's recurring net profit for the second half of the year to be 488 million yuan, an increase of 15% year-on-year, sales increase 7% to 14.7 billion yuan, and raise the target price by 7% to HK$70.7. Tsing Beer is expected to record a net recurring loss of 635 million yuan in the fourth quarter. Sales remained roughly flat at 3.4 billion yuan, but the target price increased 9% to HK$105.