Tsingtao Brewery Full Year 2023 Earnings: EPS: CN¥3.14 (vs CN¥2.74 in FY 2022)

Tsingtao Brewery (HKG:168) Full Year 2023 Results

Key Financial Results

• Revenue: CN¥33.9b (up 5.5% from FY 2022).
• Net income: CN¥4.26b (up 15% from FY 2022).
• Profit margin: 13% (up from 12% in FY 2022). The increase in margin was driven by higher revenue.
• EPS: CN¥3.14 (up from CN¥2.74 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Tsingtao Brewery Earnings Insights

The primary driver behind last 12 months revenue was the Shandong Area segment contributing a total revenue of CN¥24.4b (72% of total revenue). Notably, cost of sales worth CN¥20.9b amounted to 62% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Sales & Marketing costs, amounting to CN¥4.58b (52% of total expenses). Explore how 168's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Beverage industry in Hong Kong.

Performance of the Hong Kong Beverage industry.

The company's shares are up 8.4% from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for Tsingtao Brewery (1 shouldn't be ignored!) that you should be aware of before investing here.

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