M Stanley Raises TSINGTAO BREW TP to HKD56; Rating Equalweight
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Morgan Stanley has raised the target price for Tsingtao Brewfrom HKD51 to HKD56, maintaining an Equalweight rating. The broker updated its earnings forecasts, lowering them by 5.6% for this year and 5.5% for next year, while keeping sales volume and average selling price growth forecasts stable. A new earnings forecast for 2028 of RMB6 billion was introduced, with expected net profit growth of 7%, 10%, and 12% for 2026, 2027, and 2028, respectively.
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