HK Stock Market Move | TSINGTAO BREW(00168) falls nearly 3% as industry peak-season growth misses expectations; Citi cuts the company's sales forecasts for this year and next

TSINGTAO BREW (00168) fell nearly 3%, down 2.38% as of press time to HK$39.42, with turnover of HK$117 million. On the news front, Tsingtao Brewery previously released its interim results: first-half operating revenue was RMB19.655 billion, down 4.08% year on year; net profit attributable to shareholders of the listed company was RMB3.92 billion, up slightly by 0.4%; product sales volume was 4.5 million kiloliters. Return on equity (weighted) was 12.02%, down 6.09% year on year. Citi believes that, considering the mainland China beer industry's peak-season growth in the second to third quarters was weaker than expected, the bank has cut its sales forecasts for TSINGTAO BREW for this year and next by 6% and 7% respectively, and its net profit forecasts by 2% and 5%.