Financials Tsingtao Brewery Company Limited Shanghai S.E.

Equities

600600

CNE0000009Y3

Brewers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
81.96 ^CNY	+3.34%		+3.92%	+9.65%

Apr. 29	Tsingtao Brewery Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	South Korea's Beer Imports Plunge 20% Following Tsingtao Urination Incident	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	92,524	-	-
Enterprise Value (EV) ¹	51,119	97,501	94,892	103,142	65,044	72,856	69,662	68,764
P/E ratio	34.1 x	42 x	25.6 x	25 x	-	14.6 x	12.9 x	11.9 x
Yield	1.18%	1.1%	1.85%	-	-	3.99%	4.46%	4.82%
Capitalization / Revenue	2.36 x	4.15 x	3.62 x	3.75 x	2.48 x	2.6 x	2.48 x	2.38 x
EV / Revenue	1.83 x	3.51 x	3.15 x	3.21 x	1.92 x	2.05 x	1.86 x	1.77 x
EV / EBITDA	13.4 x	22.3 x	17.1 x	17 x	9.47 x	11 x	9.08 x	8.22 x
EV / FCF	17.9 x	26.5 x	21.4 x	32.8 x	34.6 x	18.4 x	14.2 x	12.8 x
FCF Yield	5.6%	3.77%	4.68%	3.05%	2.89%	5.42%	7.03%	7.83%
Price to Book	3.3 x	4.52 x	3.53 x	3.64 x	-	2.42 x	2.21 x	2.03 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	52.52	52.52	52.52
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	35,528	37,380	38,871
EBITDA ¹	3,813	4,373	5,546	6,078	6,865	6,600	7,671	8,367
EBIT ¹	2,698	3,250	4,455	5,001	5,737	5,850	6,878	7,587
Operating Margin	9.64%	11.71%	14.77%	15.54%	16.9%	16.47%	18.4%	19.52%
Earnings before Tax (EBT) ¹	2,727	3,240	4,479	5,006	5,746	6,634	7,571	8,268
Net income ¹	1,852	2,201	3,155	3,711	4,268	4,950	5,594	6,132
Net margin	6.62%	7.93%	10.46%	11.53%	12.58%	13.93%	14.96%	15.77%
EPS ²	1.371	1.627	2.324	2.728	-	3.587	4.063	4.419
Free Cash Flow ¹	2,861	3,679	4,441	3,141	1,882	3,950	4,899	5,386
FCF margin	10.22%	13.25%	14.72%	9.76%	5.55%	11.12%	13.11%	13.86%
FCF Conversion (EBITDA)	75.05%	84.13%	80.08%	51.67%	27.42%	59.85%	63.86%	64.37%
FCF Conversion (Net income)	154.49%	167.11%	140.75%	84.64%	44.1%	79.8%	87.58%	87.84%
Dividend per Share ²	0.5500	0.7500	1.100	-	-	2.094	2.342	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 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	2025 Q2
Net sales ¹	11,433	15,679	12,081	18,291	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	10,150	11,647	21,797	-	-	12,847	-	-
EBITDA	-	-	-	-	-	-	2,148	-	1,778	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	3,281	-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	2,156	2,604	4,417	2,077	-1,163	748	-	-
Operating Margin	-	-	-	17.94%	-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%	21.24%	22.36%	20.26%	-	-	5.82%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-456.5	-	2,324	3,845	1,893	-732	1,161	-	2,640	4,604	1,991	-848.9	1,142	-	2,971	5,129	-	-	1,431	-	-
Net income ¹	-	1,855	-	-	-455.3	-	1,726	2,852	1,415	-556.4	858.5	-	1,974	3,426	1,482	-639.9	842.2	1,597	2,488	3,838	1,736	-1,103	1,045	-	-
Net margin	-	11.83%	-	-	-13.41%	-	17.15%	14.8%	14.38%	-18.17%	6.66%	-	18.14%	15.87%	15.79%	-21.63%	6.82%	15.74%	21.36%	17.61%	-	-	8.13%	-	-
EPS ²	0.1640	1.373	0.2540	1.780	-0.3370	0.5440	1.270	-	1.040	-0.4100	0.6290	-	1.449	2.515	1.088	-	-	-	2.273	2.720	1.309	-1.160	0.9000	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.5570	-	0.5570	0.5570	-	0.6153	0.6153
Announcement Date	3/29/20	8/30/20	3/5/21	8/25/21	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	4/29/24	-	-	-	-	-	-	-

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	19,668	22,862	23,759
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,861	3,679	4,441	3,141	1,882	3,950	4,899	5,386
ROE (net income / shareholders' equity)	9.97%	11.1%	14.5%	15.3%	16.1%	16.7%	17.5%	17.6%
ROA (Net income/ Total Assets)	5.19%	5.59%	7.17%	7.66%	8.57%	9.6%	10.1%	10.5%
Assets ¹	35,693	39,415	44,039	48,437	49,784	51,449	55,636	58,532
Book Value Per Share ²	14.20	15.10	16.90	18.70	-	21.70	23.80	25.80
Cash Flow per Share ²	2.970	3.660	4.450	3.590	-	4.570	4.630	5.330
Capex ¹	1,155	1,275	1,602	1,738	895	1,501	1,362	1,361
Capex / Sales	4.13%	4.59%	5.31%	5.4%	2.64%	4.23%	3.65%	3.5%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

52.52 CNY

Average target price

69.04 CNY

Spread / Average Target

+31.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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