HTSC published a Research Report indicating that Tsingtao Brewery Chairman Huang Kexing has submitted his resignation due to reaching retirement age. The Board of Directors has appointed Executive Director Jiang Zongxiang as his successor, who will also continue to serve as President. Tsingtao Brewery noted in the announcement that the future operational development strategy will not change due to personnel changes.

Considering that the new Chairman Jiang Zongxiang has rich experience in corporate governance, strategic management, digital transformation, supply chain management, and production operations in the Beer industry, HTSC believes that this internal rotation of the chairmanship is in line with public expectation and will facilitate a smooth transition in the company's operations. Looking ahead to next year, supported by a low base, cyclical trends, and new changes, a strong performance is expected.

The firm also stated that Tsingtao Brewery has a good cash flow level and the ability to increase dividends. Therefore, it maintains a "Buy" rating, raising the Target Price from HKD 71.03 to HKD 76.33, and keeps the earnings per share forecasts for 2024 to 2026 unchanged at 3.24, 3.62, and 3.95 yuan respectively.