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Morningstar, Inc.

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Equity Bottom-Up

Tsingtao Brewery Co Ltd A / Equity Bottom-Up

<ul><li>Tsingtao delivered disappointing results for the first half&nbsp;of fiscal 2015, primarily due to intensified competition in China&rsquo;s brewery industry, weak consumer sentiment and its high base in the same period last year.</li><li>Total revenue fell by 5.3% year over year as a result of a 7.4% sales volume decline, with operating profit down 14%.</li><li>We have slashed our 2015 and 2016 earnings estimates by 15% and 18%, respectively, and have lowered our fair value estimate from HKD 46 per share to HKD 37 per share.</li><li>However, we believe that the company&rsquo;s narrow moat, which is based on its strong brand, remains intact. This brand drives a price premium and has enabled the company to earn a return well above its 8.1% cost of capital during the past five years.</li></ul><p>Analyst: Jennifer Song</p><p>Full report below the fold...</p>

Tsingtao delivered disappointing results for the first half&nbsp;of fiscal 2015, primarily due to intensified competition in China&rsquo;s brewery industry, weak consumer sentiment and its high base in the same period last year.Total revenue fell by 5.3% year over year as a result of a 7.4% sales volume decline, with operating profit down 14%.We have slashed our 2015 and 2016 earnings estimates by 15% and 18%, respectively, and have lowered our fair value estimate from HKD 46 per share to HKD 37 per share.However, we believe that the company&rsquo;s narrow moat, which is based on its strong brand, remains intact. This brand drives a price premium and has enabled the company to earn a return well above its 8.1% cost of capital during the past five years.Analyst: Jennifer SongFull report below the fold...

Tsingtao Delivers a Disappointing First-Half 2015 Result