On October 30th, Tsingtao Brewery (0168.HK) dropped by 3.98% to 50.7 Hong Kong dollars, with a temporary turnover of 0.6 billion Hong Kong dollars, and a latest market cap of 69.2 billion Hong Kong dollars. Dahua Jixian's latest report pointed out that in the third quarter, the peak season for beer sales, Tsingtao Brewery's sales volume decreased by 5% annually and 12% quarterly. They maintain a 'buy' rating for Tsingtao Brewery, but have lowered the target price from 72.6 Hong Kong dollars to 70.8 Hong Kong dollars. Morgan Stanley also mentioned that Tsingtao Brewery's third-quarter revenue and net income decreased by 5.3% and 9% annually, lower than the bank's expectations of 9% and 18%, mainly due to unfavorable weather and operational deleveraging. Morgan Stanley expects Tsingtao Brewery to achieve income growth recovery in the fourth quarter of this year, lowering its net income forecasts for the 2024 to 2026 fiscal years by 6.6%, 5.2%, and 5.1% respectively. They have decreased the target price for Tsingtao Brewery by 4% to 60 Hong Kong dollars and given an 'outperform' rating. (Grid List)