Glonghui, May 8 | Citibank released a report saying that Tsing Beer's first quarter performance fell short of expectations and revenue performance was weak, so it lowered its net profit forecast of 2% and 1% for this year and next, and assumed sales growth of 5% and 4%. It is expected that its advertising and promotion expenses may be lower than expected, which will help short-term profits, but it will have a negative impact on its long-term brand value. Citi lowered its target price for Tsing Beer from HK$89.9 to HK$84.5, maintaining a “buy” rating. In the Chinese beer industry, the bank continues to prefer China Resources, which is the industry's first choice.