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<Research>HSBC Research Says Tariffs Have Limited Impact on Raw Materials, Prefers TSINGTAO BREW/ CHINA RES BEER/ YANJING BREWERY
Recommend 9 Positive 13 Negative 9 |
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HSBC Global Research noted that beer stocks have ascended by an average of 14% since late January 2025, vs the 2% fall in the CSI 300 over the same period. The broker attributed the sector’s strong performance to a better-than-expected 1Q25 sales recovery and lean channel inventory levels, despite a high base in the same period last year and weaker-than-anticipated 4Q24 profits, which the market largely absorbed. Amid recent tariff threats, domestic consumption emerged as a “safe haven”. With summer approaching and lower bases in 2Q and 3Q, beer has become HSBC’s top pick within China’s consumer goods sector. The broker favored TSINGTAO BREW (00168.HK), CHINA RES BEER (00291.HK) and YANJING BREWERY (000729.SZ), all rated Buy. These companies are poised to benefit from a recovering dining sector and an improved product mix on the back of higher mass-market product sales. Target prices were set at HKD63 for TSINGTAO BREW, HKD32.7 for CHINA RES BEER, and RMB13.9 (up from RMB12.7) for YANJING BREWERY. AAStocks Financial News |
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