Tsingtao Brewery's Margins Could Continue Improving -- Market Talk

Dow Jones

Oct 28

0809 GMT - Tsingtao Brewery's margin are likely to continue improving, thanks to benign input costs and disciplined management of selling, general and administrative expenses, say DBS Group Research's Clement Zhaoji Xu and Mavis Hui in a commentary. The Chinese brewer's product mix upgrade remains on track despite cautious local consumption, which could be boosted by future policy support, they note. Chinese football events in 2026 year may help expand Tsingtao's revenue by low single digits, they add. DBS prefers Tsingtao's H-shares to its A-shares, as the former offers over 5% dividend yield and a more attractive valuation. DBS maintains buy ratings on both, with a HK$74.30 target on the H-shares and CNY91.30 target on the A-shares. The stocks were last at CNY65.28 in China and HK$52.95 in Hong Kong.(megan.cheah@wsj.com)

(END) Dow Jones Newswires

October 28, 2025 04:09 ET (08:09 GMT)

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The Chinese brewer's product mix upgrade remains on track despite cautious local consumption, which could be boosted by future policy support, they note. Chinese football events in 2026 year may help expand Tsingtao's revenue by low single digits, they add. DBS prefers Tsingtao's H-shares to its A-shares, as the former offers over 5% dividend yield and a more attractive valuation. DBS maintains buy ratings on both, with a HK$74.30 target on the H-shares and CNY91.30 target on the A-shares. The stocks were last at CNY65.28 in China and HK$52.95 in Hong Kong.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 28, 2025 04:09 ET (08:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tsingtao Brewery's Margins Could Continue Improving -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTsingtao Brewery's Margins Could Continue Improving -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-10-28 16:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0809 GMT - <a href=\"https://laohu8.com/S/TSGTF\">Tsingtao Brewery</a>'s margin are likely to continue improving, thanks to benign input costs and disciplined management of selling, general and administrative expenses, say DBS Group Research's Clement Zhaoji Xu and Mavis Hui in a commentary. The Chinese brewer's product mix upgrade remains on track despite cautious local consumption, which could be boosted by future policy support, they note. Chinese football events in 2026 year may help expand Tsingtao's revenue by low single digits, they add. DBS prefers Tsingtao's H-shares to its A-shares, as the former offers over 5% dividend yield and a more attractive valuation. DBS maintains buy ratings on both, with a HK$74.30 target on the H-shares and CNY91.30 target on the A-shares. The stocks were last at CNY65.28 in China and HK$52.95 in Hong Kong.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 28, 2025 04:09 ET (08:09 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGXZ43160589.SGD","symbol_name":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2578980527","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2578980527","pubTimestamp":1761638940,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0809 GMT - Tsingtao Brewery's margin are likely to continue improving, thanks to benign input costs and disciplined management of selling, general and administrative expenses, say DBS Group Research's Clement Zhaoji Xu and Mavis Hui in a commentary. The Chinese brewer's product mix upgrade remains on track despite cautious local consumption, which could be boosted by future policy support, they note. Chinese football events in 2026 year may help expand Tsingtao's revenue by low single digits, they add. DBS prefers Tsingtao's H-shares to its A-shares, as the former offers over 5% dividend yield and a more attractive valuation. DBS maintains buy ratings on both, with a HK$74.30 target on the H-shares and CNY91.30 target on the A-shares. 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The Chinese brewer's product mix upgrade remains on track despite cautious local consumption, which could be boosted by future policy support, they note. Chinese football events in 2026 year may help expand Tsingtao's revenue by low single digits, they add. DBS prefers Tsingtao's H-shares to its A-shares, as the former offers over 5% dividend yield and a more attractive valuation. DBS maintains buy ratings on both, with a HK$74.30 target on the H-shares and CNY91.30 target on the A-shares. The stocks were last at CNY65.28 in China and HK$52.95 in Hong Kong.(megan.cheah@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 28, 2025 04:09 ET (08:09 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}