Tsingtao Brewery's Hong Kong shares jump most in over 5 months on H1 results beat

China Resources Beer Holdings

26/08/2022 06:23

** Hong Kong shares of Tsingtao Brewery Co Ltd  0168.HK 
jump as much as 9.4% to HK$80.60, marking the biggest daily pct
rise since March 16
    ** Stock hit highest since Aug. 2
    ** Shandong-based brewer  600600.SS  says its 6-month net
profit rises 18.1% from a year ago period to 2.85 bln yuan
($415.79 mln) with revenue rising 5.4% to 19.3 bln yuan
 urn:newsml:reuters.com:*:nP8N2ZY04D
    ** Daiwa reiterates "outperform" rating on the stock and
lifts TP to HK$78 from HK$68.40, saying 1H22 beat expectations
on average selling price increase and selling cost control while
seeing 2H22 industry-wide volume growth to benefit from hot
weather 
    ** Tsingtao's Shanghai shares jump 9.6% to 110.2 yuan,
highest since July 2021 
    ** Citi says Tsingtao's 2Q22 net profit growth beat but it
still prefers China Resources Beer  0291.HK  among Chinese
brewers, given China Resources Beer's better position in
premiumization and higher headroom in margin improvement via
further premiumization 
    ** Stock of China Resources Beer climbs 2.7%
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.2%,
index on consumer staples  .HSCICS  surges 1.8%, and Hang Seng
Index  .HSI  climbs 0.7%



($1 = 6.8545 Chinese yuan renminbi)

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