China: Tsingtao Brewery ratings lifted by +1.2%, World Cup effect is limited

Tsingtao Brewery ratings increased by 1.2% at HK$8.70 with 160,000 shares changing hands; DBS Vickers says the impact from potential rise in demand for beer during World Cup would be limited, short-lived, Dow Jones Newswires said July 07.

It forwardly commented that "continuous pressure on margin, which means that growth for core earnings is likely subdued." DBS Vickers notes that counter remains expensive at valuation of 28X FY07 PE. It keeps fully valued rating, target price of HK$9.00/share. The support is tipped at HK$7.30, with resistance at HK$11.30.

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