Citigroup said that considering that the mainland beer industry grew less than expected during the peak season from the second to third quarter, Tsingtao Brewery's sales forecast for this year and next two years was reduced by 6% and 7%, respectively, and its net profit forecast was reduced by 2% and 5%, respectively. The bank lowered the target price from HK$76.1 to HK$68.55 based on the 2026 forecast of EV/EBITDA 10 times, maintaining a “buy” rating. The bank maintained the industry's relative ranking, with China Resources Beer, Budweiser Asia Pacific, and Tsingtao Brewery in that order, all rated “Buy.”

Citigroup said that considering that the mainland beer industry grew less than expected during the peak season from the second to third quarter, Tsingtao Brewery's sales forecast for this year and next two years was reduced by 6% and 7%, respectively, and its net profit forecast was reduced by 2% and 5%, respectively. The bank lowered the target price from HK$76.1 to HK$68.55 based on the 2026 forecast of EV/EBITDA 10 times, maintaining a “buy” rating. The bank maintained the industry's relative ranking, with China Resources Beer, Budweiser Asia Pacific, and Tsingtao Brewery in that order, all rated “Buy.”