Bloomberg News

Tsingtao Shares Fall After Profit Misses Analyst Estimates

October 28, 2011

(Updates prices and adds Samsung target-price reduction in third paragraph.)

Oct. 28 (Bloomberg) -- Tsingtao Brewery Co. shares fell, set for the biggest decline in more than a year, in Hong Kong after the Chinese beermaker’s third-quarter net income missed analysts’ estimate.

The stock fell 7 percent to HK$40.60 as of 2:52 p.m. local time. The company’s Shanghai-listed shares dropped 1.9 percent to 33.55 yuan.

Third-quarter net income fell 0.9 percent to 674.2 million yuan from a year earlier. Heather Hsu, an analyst at Samsung Securities Asia Co., cut the target price on the shares to HK$53.56 from HK$57.53 and maintained a “buy” on the stock.

--Editor: Nick Gentle

To contact the reporter on this story: Eleni Himaras in Hong Kong at ehimaras@bloomberg.net

To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net


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