Bank of America Securities released a research report stating that it maintains the “buy” rating of Tsingtao Brewery Co., Ltd. (00168.HK) with a target price of HK$75. The company's revenue for the first quarter fell 5.2% year on year, slightly lower than market expectations, but profit after tax and core profit after tax rose 10.1% and 12% year over year, both exceeding market expectations for medium to high unit growth. The bank believes that strong profits are benefiting from lower raw material costs and quarterly fluctuations in sales expenses.
美银证券：维持青岛啤酒股份(00168.HK)“买入”评级 目标价75港元
Bank of America Securities: Maintaining Tsingtao Brewery's (00168.HK) “Buy” Rating Target Price of HK$75
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