Hong Kong: Kingway Brewery's FY04 performance "was one of the best in the sector" in terms of sales growth and margin improvement, says DBS Vickers; expects earnings to grow at CAGR of 18% for FY04-06, Dow Jones Newswires posted on April 19. Keep stock as buy, 20% PER valuation discount vs Tsingtao Brewery (0168.HK) translates into target price of HK$3.25; adds further involvement from Heineken possible. Stock +0.9% at HK$2.90 midday.

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