Bank of America Securities: Lowering the target price of Tsingtao Brewery (00168) shares to HK$46.5, net profit for the third quarter fell short of expectations

The Zhitong Finance App learned that Bank of America Securities released a research report saying that the performance of Tsingtao Brewery (00168) was affected by slow recovery in the restaurant industry and abnormal weather during the peak summer season. Revenue for the third quarter was generally in line with expectations, but was dragged down by rising cost pressure and declining operating leverage. The net profit for the period fell short of expectations, and profit margins also declined year on year; the bank lowered the target price from HK$53 to HK$46.5, confirming the “buy” rating. The bank lowered the 2026 and 2027 earnings forecasts for Tsingtao Brewery Co., Ltd. by 8%, respectively, to make the target price adjustments.