Hong Kong shares of China's Tsingtao jump most in 19 months on solid Q3

China Resources Beer Holdings

29/10/2021 03:47

** Hong Kong shares of Tsingtao Brewery Co Ltd  0168.HK 
rise 8.9% to HK$73.60, the biggest daily percentage gain since
March last year
    ** Stock hit the highest since July 22 on its second session
of gain
    ** Tsingtao's Shanghai shares surge 9.5% to 103.8 yuan,
highest since July 8 
    ** Shandong, China-based brewer says its Q3 net profit rose
6.4% from the same period a year ago while revenue down 3.01%
 urn:newsml:reuters.com:*:nP8N2RM02J
    ** Citi says Tsingtao's core net profit above expectation on
higher government grant but maintains "neutral" rating on the
stock amid concern over competitive pressures from China
Resources Beer  0291.HK  (CRB) and other international brands in
the premium segment
    ** Citi says it prefers CRB to Tsingtao in the China beer
sector, given CRB's much faster premiumization pace with more
margin improvement upside and higher earnings growth profile    
    ** Stock of China Resources Beer  0291.HK  rises 3.2% and
Budweiser Brewing Company APAC  1876.HK  climbs 1.7%  
    ** The Hang Seng consumer goods and services index  .HSCGSI 
slips 0.3%, while the Composite Industry Index tracking consumer
staples  .HSCICS  rises 1.1%
    ** The Hang Seng Composite Index  .HSCI  eases 0.3%, and the
benchmark index  .HSI  slides 0.4%
    ** As of last close, the stock had fallen 16.8% this year
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))