Stock 168 TSINGTAO BREWERY COMPANY LIMITED
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Financials Tsingtao Brewery Company Limited

Equities

168

CNE1000004K1

Brewers

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
55.75 HKD +1.92% Intraday chart for Tsingtao Brewery Company Limited +8.36% +6.39%
Apr. 18 South Korea's Beer Imports Plunge 20% Following Tsingtao Urination Incident MT
Mar. 27 Tsingtao Brewery Reports Increase in 2023 Profit as Revenue Climbs MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,128 115,222 109,195 120,722 84,276 89,827 - -
Enterprise Value (EV) 1 51,119 97,501 94,892 103,142 65,044 69,017 67,072 66,070
P/E ratio 34.1 x 42 x 25.6 x 25 x - 14.4 x 12.8 x 11.8 x
Yield 1.18% 1.1% 1.85% - - 4.1% 4.55% 4.91%
Capitalization / Revenue 2.36 x 4.15 x 3.62 x 3.75 x 2.48 x 2.53 x 2.4 x 2.3 x
EV / Revenue 1.83 x 3.51 x 3.15 x 3.21 x 1.92 x 1.95 x 1.79 x 1.7 x
EV / EBITDA 13.4 x 22.3 x 17.1 x 17 x 9.47 x 10.1 x 8.77 x 7.94 x
EV / FCF 17.9 x 26.5 x 21.4 x 32.8 x 34.6 x 18.2 x 13.7 x 12.3 x
FCF Yield 5.6% 3.77% 4.68% 3.05% 2.89% 5.5% 7.28% 8.13%
Price to Book 3.3 x 4.52 x 3.53 x 3.64 x - 2.36 x 2.18 x 2.01 x
Nbr of stocks (in thousands) 1,350,983 1,364,183 1,364,355 1,364,233 1,364,197 1,364,197 - -
Reference price 2 46.78 68.34 59.48 68.09 47.63 51.61 51.61 51.61
Announcement Date 3/29/20 3/5/21 3/28/22 3/22/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 27,984 27,760 30,167 32,172 33,937 35,478 37,445 38,973
EBITDA 1 3,813 4,373 5,546 6,078 6,865 6,808 7,646 8,324
EBIT 1 2,698 3,250 4,455 5,001 5,737 5,972 6,858 7,557
Operating Margin 9.64% 11.71% 14.77% 15.54% 16.9% 16.83% 18.32% 19.39%
Earnings before Tax (EBT) 1 2,727 3,240 4,479 5,006 5,746 6,646 7,548 8,228
Net income 1 1,852 2,201 3,155 3,711 4,268 4,918 5,570 6,091
Net margin 6.62% 7.93% 10.46% 11.53% 12.58% 13.86% 14.88% 15.63%
EPS 2 1.371 1.627 2.324 2.728 - 3.572 4.047 4.384
Free Cash Flow 1 2,861 3,679 4,441 3,141 1,882 3,794 4,884 5,373
FCF margin 10.22% 13.25% 14.72% 9.76% 5.55% 10.7% 13.04% 13.79%
FCF Conversion (EBITDA) 75.05% 84.13% 80.08% 51.67% 27.42% 55.74% 63.88% 64.55%
FCF Conversion (Net income) 154.49% 167.11% 140.75% 84.64% 44.1% 77.15% 87.68% 88.21%
Dividend per Share 2 0.5500 0.7500 1.100 - - 2.115 2.351 2.532
Announcement Date 3/29/20 3/5/21 3/28/22 3/22/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1
Net sales 1 11,433 15,679 12,081 18,291 8,480 3,395 11,876 10,065 19,273 9,837 3,062 12,899 10,706 10,886 21,592 9,386 2,958 12,345 10,663 11,296 21,353 10,152 3,159 13,427 -
EBITDA - - - - 1,602 - - 2,148 - 1,778 - - - - - - - - - - - - - - -
EBIT 1 - - - 3,281 1,632 -458.4 1,173 2,323 3,845 1,885 -729.5 1,156 1,961 2,641 4,602 1,987 -852.8 1,135 1,851 2,612 4,495 2,034 -1,061 930.7 -
Operating Margin - - - 17.94% 19.24% -13.5% 9.88% 23.08% 19.95% 19.16% -23.83% 8.96% 18.32% 24.26% 21.31% 21.17% -28.82% 9.19% 17.36% 23.12% 21.05% 20.03% -33.58% 6.93% -
Earnings before Tax (EBT) - - - - 1,645 -456.5 - 2,324 3,845 1,893 -732 1,161 - 2,640 4,604 1,991 -848.9 1,142 - - - - - - -
Net income 1 - 1,855 - - 1,195 -455.3 - 1,726 2,852 1,415 -556.4 858.5 - 1,974 3,426 1,482 -639.9 842.2 1,504 2,593 - 1,697 -1,036 - -
Net margin - 11.83% - - 14.09% -13.41% - 17.15% 14.8% 14.38% -18.17% 6.66% - 18.14% 15.87% 15.79% -21.63% 6.82% 14.1% 22.96% - 16.71% -32.8% - -
EPS 2 0.1640 1.373 0.2540 1.780 0.8810 -0.3370 0.5440 1.270 - 1.040 -0.4100 0.6290 - 1.449 2.515 1.088 - - 1.063 2.273 2.720 1.309 -1.160 0.9000 -
Dividend per Share 2 - - - - - - - - - - - - - - - - - - 0.5570 0.5570 - 0.5570 0.5570 - 0.6153
Announcement Date 3/29/20 8/30/20 3/5/21 8/25/21 10/28/21 3/28/22 3/28/22 8/25/22 8/25/22 10/26/22 3/22/23 3/22/23 4/24/23 8/27/23 8/27/23 10/27/23 3/26/24 3/26/24 - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 15,009 17,722 14,303 17,580 19,232 20,810 22,755 23,757
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,861 3,679 4,441 3,141 1,882 3,794 4,884 5,373
ROE (net income / shareholders' equity) 9.97% 11.1% 14.5% 15.3% 16.1% 16.8% 17.5% 17.5%
ROA (Net income/ Total Assets) 5.19% 5.59% 7.17% 7.66% 8.57% 9.41% 10% 10.4%
Assets 1 35,693 39,415 44,039 48,437 49,784 52,254 55,590 58,376
Book Value Per Share 2 14.20 15.10 16.90 18.70 - 21.90 23.70 25.70
Cash Flow per Share 2 2.970 3.660 4.450 3.590 - 4.330 4.630 5.330
Capex 1 1,155 1,275 1,602 1,738 895 1,290 1,336 1,366
Capex / Sales 4.13% 4.59% 5.31% 5.4% 2.64% 3.64% 3.57% 3.51%
Announcement Date 3/29/20 3/5/21 3/28/22 3/22/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tsingtao Brewery Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
26
Last Close Price
51.61 CNY
Average target price
68.4 CNY
Spread / Average Target
+32.54%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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