Tsingtao Brewery's Hong Kong shares rise on strong annual results, dividend

China Resources Beer Holdings

23/03/2023 06:01

** Hong Kong-listed shares of Tsingtao Brewery Co Ltd
 0168.HK  rise as much as 3.9% to HK$82.50, highest since March
14, and on track for a third consecutive session of gains
    ** The Chinese brewer says 2022 net profit up 17.6%
year-on-year to 3.71 bln yuan ($543.6 mln) with revenue rising
6.6% to 32.17 bln yuan, while it proposed a cash dividend of
1.30 yuan per share and a special dividend of 0.50 yuan each 
 urn:newsml:reuters.com:*:nP8N35L029
    ** Co says it will strengthen its beer sales amid cut-throat
competition and rising prices of malting barley, and drive
growth of high-end products, increase the scale of
mid-to-high-end products while accelerates market expansion
    ** Shanghai shares  600600.SS  gain 1%  
    ** Jefferies reiterates "buy" rating on Tsingtao, saying
4Q22 sales were lower than market expectations while net profit
was better than expected and the brokerage says it is positive
on the brewer's mid-term growth
    ** Stock of domestic rival Chinese Resources Beer  0291.HK ,
which owns Snow beer brand, climbs 1.1%
    ** Hang Seng Commerce & Industry Index  .HSNC  surges 2.6%
and Hang Seng Consumption Index  .HSCGSI  gains 0.7%
    ** Hang Seng Composite Index  .HSCI  climbs 1.5% and Hang
Seng Index  .HSI  rises 1.6%


    ($1 = 6.8255 Chinese yuan)

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