Bank of America Securities: Lower Tsingtao Brewery's (00168) target price to 59.5 Hong Kong dollars, performance roughly in line with expectations.

Bank of America Securities released a research report stating that the performance of Tsingtao Brewery (00168) roughly meets expectations and is a dividend investment target with potential catalysts. The bank roughly maintains its earnings forecasts per share for the 2026/2027 fiscal year and lowers the target price from HK$63.5 to HK$59.5, reiterating a "buy" rating, as Tsingtao Brewery has a stable portfolio of high-end brands; stable dividend yield, close to 6% in 2025. There are three catalysts that could potentially drive a reassessment in the second quarter, including the recovery of the dining channel, the peak season in the second quarter, and the World Cup in June. The report indicates that in 2025, Tsingtao Brewery's revenue, net profit, and core net profit year-on-year growth rate increased by 1%, 5.6%, and 4.5% respectively, while in the fourth quarter of 2025, they decreased by 2.3%, 6.4%, and 7.7% respectively, roughly meeting expectations.