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Tsingtao Brewery Co Ltd Class A 600600

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Stock XSHG Rating as of
CN¥50.02 +0.50 (1.01%)
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Tsingtao's Resilient Margins Offset Soft Demand in Lower-End Brands

Chokwai Lee, Nicole Lim

Tsingtao Brewery has over 100 years of history and is the second-largest beer brewer by volume in China. With its roots in Shandong, the largest beer consumption province in China, Tsingtao has demonstrated the favorable economics of regional concentration, with production facilities achieving scale efficiencies through a dense distribution network. Shandong province alone contributed over 60% of Tsingtao Brewery’s revenue and net profit in 2022.

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Price vs Fair Value

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600600 is trading at a LOCK|<!#yxtw premium.
Price
CN¥50.02
Fair Value
LOCK|.G!
Uncertainty
LOCK|P$v
1-Star Price
LOCK|.p^y
5-Star Price
LOCK|.L
Economic Moat
LOCK|<^Y$
Capital Allocation
LOCK|<h^>&^n

Bulls Say, Bears Say

Bulls

Tsingtao Brewery’s dominant market position and distribution strength in Shandong allow the company to maneuver on product mix.

Bears

Tsingtao lacks competitive international brands in its portfolio, which puts the company at a disadvantaged position against China Resources Beer, Budweiser APAC, and Chongqing Brewery in the premium segment.

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Trading Information

Previous Close Price
CN¥49.52
Day Range
CN¥49.53–50.18
52-Week Range
CN¥49.48–68.60
Bid/Ask
CN¥50.02 / CN¥50.05
Shares Outstanding
1.36B
Market Cap
CN¥68.24B
Volume/Avg
3M / 5M

Key Statistics

Price/Earnings (Normalized)
15.58
Price/Sales
2.16
Dividend Yield (Trailing)
4.70%
Dividend Yield (Forward)
4.70%
Dividend Payment Schedule
Jul
Total Yield
4.70%

Company Profile

With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its core Tsingtao brand. The company commands a dominant position in its core market, Shandong province, which contributed close to 60% of its revenue and net profit in 2024. Unlike other major brewers, Tsingtao Brewery’s brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a midrange to high-end market positioning and contributed over half of its volume, whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio.
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Large Core
Total Number of Employees
29,257
Website
https://www.tsingtao.com

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Valuation

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Metric
600600
00291
01876
Price/Earnings (Normalized)
 15.5819.2414.57
Price/Book Value
 2.181.481.01
Price/Sales
 2.161.431.74
Price/Cash Flow
 13.597.299.00
Price/Earnings
600600
00291
01876

Financial Strength

Metric
600600
00291
01876
Quick Ratio
 1.200.680.84
Current Ratio
 1.510.970.97
Interest Coverage
 390.7847.8259.40
Quick Ratio
600600
00291
01876

Profitability

Metric
600600
00291
01876
Return on Assets (Normalized)
 7.81%7.04%4.59%
Return on Equity (Normalized)
 13.59%14.52%6.63%
Return on Invested Capital (Normalized)
 12.37%12.07%6.20%
Return on Assets
600600
00291
01876

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