Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>Narrow-moat Tsingtao Brewery’s third-quarter results were largely in line with our expectations, with revenue and net profit up 2% and 10.6% year on year, respectively. The result reaffirmed our positive view that the company will benefit from better product mix and price hikes amid the ongoing premiumization trend, while the volume growth remains stagnant. Meanwhile, the effective control on selling expense also helped the firm’s profitability. That said, we don’t expect to see its competitive…</p>

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.