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UBS lifts Tsingtao Brewery (00168) to HK$55.09
UBS Global Research lifted its target price for 
Tsingtao Brewery (00168) to HK$55.09 from HK$45.37, and maintained its "buy" rating.
  The research house raised its 2018/19 earnings estimates by 1%/7%, driven by higher ASP
assumptions. It believes price hikes since last December were not cost-driven and reflect
a structural change in the supply/demand balance.
  Trading at 8.4x 2019 EV/EBITDA, versus global peers' 16x, the stock still appears
undervalued, given a 2017-20 EBITDA CAGR of 23%. UBS said the recently announced 
collaboration between TB and Taobao in 2018 shows management's intention to rejuvenate the
brand image. 

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