Morgan Stanley: Raised Tsingtao Brewery (00168) target price to HKD 51, maintaining "in line with the market" rating.

Morgan Stanley released a research report stating that it has slightly raised Tsingtao Brewery (00168) target price by 2%, from HK$50 to HK$51, maintaining a rating of "in line with the market." Morgan Stanley raised its earnings forecast for the company for 2025-2026 by 1-2%, with the main reasons being: 1) Increase in sales of the "Tsingtao" brand, driving revenue growth by 2%; 2) Slightly lowered the company's gross margin forecast, reflecting pressure on product mix; 3) Maintained the forecast for operating profit margin, with some savings in sales, general, and administrative expenses (SG&A). Morgan Stanley also introduced an earnings forecast of RMB 4.2 for 2027. Currently, the company is expected to see a 3% increase in sales in 2025 and a 4% increase in 2026, with earnings growing by 8% and 11% respectively.