China: Tsingtao Brewery down 1.2% at HK$8.35 after slightly lower-than-expected FY04 results, Dow Jones Newswire posted on April 12. SHK Financial cuts stock from hold to sell as stock trading at 31.5X FY05 PER "is overvalued" relative to growth potential; notes operating margin down 0.56 ppt, which disappointing as "long expected synergies are still out of the picture." Separately, CSFB keeps underperform call. Volume increases to HK$18.2 million vs 5-day average of HK$4.5 million; immediate support likely at day's low of HK$8.30.

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