DA Morgan: Raises target price of Tsingtao Brewery (00168.HK) to 51 Hong Kong dollars, maintains "in line with the market" rating.

According to the Wisdom Financial APP, Morgan Stanley released a research report stating that it has slightly raised the target price of Tsingtao Brewery (00168.HK) by 2%, from 50 Hong Kong dollars to 51 Hong Kong dollars, maintaining a rating of "in line with the market". Morgan Stanley has raised the company's earnings forecast for 2025-2026 by 1-2%, mainly due to: 1) Increased sales of the "Tsingtao" brand driving revenue growth by 2%; 2) Slightly lowering the company's gross profit margin forecast, reflecting pressure on the product mix; 3) Operating profit margin forecast remains basically unchanged, with savings in sales, general and administrative expenses (SG&A). Morgan Stanley also introduced an earnings forecast of 4.2 yuan per share for 2027. It is currently expected that the company's sales will increase by 3% in 2025 and 4% in 2026, with profits increasing by 8% and 11% respectively.