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Tsingtao Brewery

DB:TSI
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TSI
DB
HK$69B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Tsingtao Brewery Company Limited, together with its subsidiaries, engages in the production, distribution, wholesale, and retail sale of beer products worldwide. The last earnings update was 57 days ago. More info.


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TSI Share Price and Events
7 Day Returns
0.4%
DB:TSI
1.7%
DE Beverage
1.2%
DE Market
1 Year Returns
47.5%
DB:TSI
5.4%
DE Beverage
0.4%
DE Market
TSI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tsingtao Brewery (TSI) 0.4% -5.3% 0.9% 47.5% 45.1% -1.4%
DE Beverage 1.7% 3.1% -0.3% 5.4% 33.7% 67.9%
DE Market 1.2% -1.3% -0.9% 0.4% 6.9% 24.4%
1 Year Return vs Industry and Market
  • TSI outperformed the Beverage industry which returned 5.4% over the past year.
  • TSI outperformed the Market in Germany which returned 0.4% over the past year.
Price Volatility
TSI
Industry
5yr Volatility vs Market

Value

 Is Tsingtao Brewery undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tsingtao Brewery to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tsingtao Brewery.

DB:TSI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TSI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.507 (1 + (1- 25%) (0.84%))
0.672
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:TSI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tsingtao Brewery is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:TSI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 5%)
2020 2,367.53 Analyst x7 2,254.87
2021 2,658.53 Analyst x6 2,411.55
2022 2,694.54 Est @ 1.35% 2,327.91
2023 2,721.94 Est @ 1.02% 2,239.69
2024 2,743.18 Est @ 0.78% 2,149.76
2025 2,760.03 Est @ 0.61% 2,060.05
2026 2,773.79 Est @ 0.5% 1,971.81
2027 2,785.37 Est @ 0.42% 1,885.82
2028 2,795.41 Est @ 0.36% 1,802.57
2029 2,804.38 Est @ 0.32% 1,722.30
Present value of next 10 years cash flows CN¥20,826.00
DB:TSI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥2,804.38 × (1 + 0.23%) ÷ (5% – 0.23%)
CN¥58,950.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥58,950.79 ÷ (1 + 5%)10
CN¥36,204.46
DB:TSI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥20,826.00 + CN¥36,204.46
CN¥57,030.46
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥57,030.46 / 1,350.98
CN¥42.21
DB:TSI Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:168)
1.107
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥42.21 x 1.107
HK$46.72
Non-primary Listing Adjustment Factor 1 share in DB:TSI represents 0.11538x of SEHK:168
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11538x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 46.72 x 0.11538
€5.39
Value per share (EUR) From above. €5.39
Current discount Discount to share price of €5.40
= -1 x (€5.40 - €5.39) / €5.39
-0.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Tsingtao Brewery is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tsingtao Brewery's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tsingtao Brewery's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TSI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CNY CN¥1.30
SEHK:168 Share Price ** SEHK (2019-10-11) in HKD HK$46.8
SEHK:168 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.904 CN¥42.29
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.67x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.64x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tsingtao Brewery.

DB:TSI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:168 Share Price ÷ EPS (both in CNY)

= 42.29 ÷ 1.30

32.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tsingtao Brewery is overvalued based on earnings compared to the DE Beverage industry average.
  • Tsingtao Brewery is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Tsingtao Brewery's expected growth come at a high price?
Raw Data
DB:TSI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 32.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
15%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.85x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

DB:TSI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 32.64x ÷ 15%

2.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tsingtao Brewery is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Tsingtao Brewery's assets?
Raw Data
DB:TSI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CNY CN¥14.03
SEHK:168 Share Price * SEHK (2019-10-11) in HKD HK$46.8
SEHK:168 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.904 CN¥42.29
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.57x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.72x
DB:TSI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:168 Share Price ÷ Book Value per Share (both in CNY)

= 42.29 ÷ 14.03

3.01x

* Primary Listing of Tsingtao Brewery.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tsingtao Brewery is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Tsingtao Brewery's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Tsingtao Brewery has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Tsingtao Brewery expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tsingtao Brewery expected to grow at an attractive rate?
  • Tsingtao Brewery's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Tsingtao Brewery's earnings growth is expected to exceed the Germany market average.
  • Tsingtao Brewery's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TSI Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TSI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 15%
DB:TSI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 4.3%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TSI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TSI Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 30,736 3,595 2,381 17
2020-12-31 29,532 3,164 2,067 18
2019-12-31 28,225 2,876 1,771 18
2019-10-11
DB:TSI Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-06-30 27,972 3,626 1,750
2019-03-31 27,387 3,244 1,563
2018-12-31 26,575 3,992 1,422
2018-09-30 26,533 3,562 1,493
2018-06-30 26,368 2,978 1,417
2018-03-31 26,376 3,267 1,351
2017-12-31 26,277 2,312 1,263
2017-09-30 26,455 2,772 1,073
2017-06-30 26,423 2,705 1,123
2017-03-31 26,285 2,750 1,089
2016-12-31 26,106 2,971 1,043
2016-09-30 26,356 2,293 1,808

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tsingtao Brewery's earnings are expected to grow by 15% yearly, however this is not considered high growth (20% yearly).
  • Tsingtao Brewery's revenue is expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TSI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Tsingtao Brewery Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TSI Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.78 2.11 1.48 14.00
2020-12-31 1.54 1.70 1.34 14.00
2019-12-31 1.33 1.43 1.21 14.00
2019-10-11
DB:TSI Past Financials Data
Date (Data in CNY Millions) EPS *
2019-06-30 1.30
2019-03-31 1.16
2018-12-31 1.05
2018-09-30 1.11
2018-06-30 1.05
2018-03-31 1.00
2017-12-31 0.93
2017-09-30 0.79
2017-06-30 0.83
2017-03-31 0.81
2016-12-31 0.77
2016-09-30 1.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tsingtao Brewery is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tsingtao Brewery's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tsingtao Brewery has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Tsingtao Brewery performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tsingtao Brewery's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tsingtao Brewery's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Tsingtao Brewery's 1-year earnings growth exceeds its 5-year average (23.6% vs -7.5%)
  • Tsingtao Brewery's earnings growth has exceeded the DE Beverage industry average in the past year (23.6% vs -2%).
Earnings and Revenue History
Tsingtao Brewery's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tsingtao Brewery Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TSI Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 27,972.23 1,750.49 6,550.37 20.57
2019-03-31 27,387.41 1,562.57 6,444.01 20.48
2018-12-31 26,575.26 1,422.20 6,244.17 19.76
2018-09-30 26,532.89 1,493.28 6,270.10 19.85
2018-06-30 26,368.02 1,416.77 6,648.05 19.37
2018-03-31 26,376.17 1,350.86 6,915.13 21.69
2017-12-31 26,277.05 1,263.02 6,986.02 18.69
2017-09-30 26,454.95 1,072.93 6,817.19 11.64
2017-06-30 26,422.95 1,122.93 7,304.18 6.43
2017-03-31 26,284.66 1,088.94 7,215.27
2016-12-31 26,106.34 1,043.49 7,315.16
2016-09-30 26,356.09 1,807.86 7,453.38
2016-06-30 26,314.21 1,583.44 7,031.47
2016-03-31 27,318.02 1,726.02 7,107.18
2015-12-31 27,634.69 1,713.13 7,149.51
2015-09-30 27,627.80 1,555.92 6,927.83
2015-06-30 28,157.85 1,784.16 6,761.92
2015-03-31 28,819.67 1,925.40 6,882.93
2014-12-31 29,049.32 1,990.10 7,065.69
2014-09-30 29,834.82 1,987.97 7,259.45
2014-06-30 30,277.71 1,983.15 7,537.56
2014-03-31 29,387.01 2,071.06 7,564.21
2013-12-31 28,290.98 1,973.37 7,187.40
2013-09-30 28,178.86 2,241.15 7,057.61
2013-06-30 27,347.38 2,146.34 6,936.84
2013-03-31 26,493.69 1,796.28 6,470.78
2012-12-31 25,781.54 1,758.86 6,200.29

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tsingtao Brewery has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tsingtao Brewery used its assets less efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Tsingtao Brewery has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tsingtao Brewery's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tsingtao Brewery has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Tsingtao Brewery's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tsingtao Brewery's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tsingtao Brewery is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tsingtao Brewery's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Tsingtao Brewery's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 44.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tsingtao Brewery Company Filings, last reported 3 months ago.

DB:TSI Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 19,728.39 466.56 18,044.83
2019-03-31 19,536.95 310.23 15,469.17
2018-12-31 18,689.95 297.21 13,764.65
2018-09-30 19,404.15 298.51 15,370.94
2018-06-30 18,557.72 286.20 14,566.63
2018-03-31 18,485.01 272.08 13,049.63
2017-12-31 17,774.50 284.00 10,594.02
2017-09-30 18,361.55 288.66 11,815.37
2017-06-30 17,590.79 331.79 12,760.33
2017-03-31 17,485.98 301.66 9,953.56
2016-12-31 16,879.14 304.09 9,334.49
2016-09-30 17,728.68 329.90 10,723.95
2016-06-30 16,664.89 357.37 10,699.88
2016-03-31 16,698.82 478.44 8,943.41
2015-12-31 16,166.01 812.96 8,454.04
2015-09-30 16,318.69 442.34 9,140.31
2015-06-30 15,807.37 352.43 10,308.35
2015-03-31 15,733.23 381.04 7,929.52
2014-12-31 15,287.28 437.30 6,462.34
2014-09-30 15,434.01 337.59 9,162.93
2014-06-30 14,653.33 324.40 10,023.69
2014-03-31 14,451.14 1,845.54 8,319.97
2013-12-31 13,873.47 1,903.13 8,593.26
2013-09-30 14,119.23 1,558.16 10,709.40
2013-06-30 13,346.23 1,880.89 10,078.23
2013-03-31 13,294.08 2,011.77 8,391.10
2012-12-31 12,783.43 2,011.21 7,164.72
  • Tsingtao Brewery's level of debt (2.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (2.2% vs 2.4% today).
  • Debt is well covered by operating cash flow (777.1%, greater than 20% of total debt).
  • Tsingtao Brewery earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Tsingtao Brewery's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tsingtao Brewery has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Tsingtao Brewery's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.14%
Current annual income from Tsingtao Brewery dividends. Estimated to be 1.66% next year.
If you bought €2,000 of Tsingtao Brewery shares you are expected to receive €23 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tsingtao Brewery's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Tsingtao Brewery's dividend is below the markets top 25% of dividend payers in Germany (3.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TSI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TSI Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.85 12.00
2020-12-31 0.69 13.00
2019-12-31 0.58 13.00
2019-10-11
DB:TSI Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-07-25 0.480 1.094
2018-03-27 0.420 1.254
2017-07-19 0.350 1.163
2016-07-04 0.390 1.408
2015-07-23 0.450 1.689
2014-03-25 0.450 1.039
2013-04-26 0.400 0.865
2013-03-27 0.400 0.992
2012-03-30 0.260 0.708
2012-03-29 0.260 0.761
2011-07-19 0.180 0.514
2010-04-12 0.160 0.466
2009-08-07 0.220 0.722
2009-04-09 0.250 1.255

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Tsingtao Brewery's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Tsingtao Brewery's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tsingtao Brewery afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tsingtao Brewery has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Tsingtao Brewery's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ke Huang
COMPENSATION CN¥643,735
AGE 57
TENURE AS CEO 7.3 years
CEO Bio

Mr. Ke Xing Huang, EMBA has been the Chief Executive Officer of Tsingtao Brewery Company Limited since June 28, 2012 and its Chairman since May 17, 2018. Mr. Huang served as President at Tsingtao Brewery Group Company Ltd., since June 28, 2012 until May 17, 2018. Mr. Huang served as Vice President at Tsingtao Brewery Group Company Ltd., since December 15, 2011. He served as Vice President at Tsingtao Brewery Co., Ltd until December 15, 2011. He served as General Manager of tsingtao Brewey Engineering Co. Ltd. and served as its Assistant to President and Head of Strategic Investment Department. He has experience in Strategic , investing and M&A Management in the beer industry. He has been an Executive Director of Tsingtao Brewery Company Limited since June 25, 2013. Mr. Huang is a senior engineer with EMBA at Guanghua School of Management of perking university.

CEO Compensation
  • Ke's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ke's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Tsingtao Brewery management team in years:

4.7
Average Tenure
56
Average Age
  • The tenure for the Tsingtao Brewery management team is about average.
Management Team

Ke Huang

TITLE
Chairman & CEO
COMPENSATION
CN¥644K
AGE
57
TENURE
7.3 yrs

Wei Fan

TITLE
President
COMPENSATION
CN¥587K
AGE
60
TENURE
1.4 yrs

Zhu Yu

TITLE
Executive Director & CFO
COMPENSATION
CN¥539K
AGE
57

Rui Wang

TITLE
VP & Executive Director
COMPENSATION
CN¥529K
AGE
53

Qiuyan Hou

TITLE
Head of Accounting

Sun Hong

TITLE
Head of Law Affairs Department and Employee Representative Supervisor
COMPENSATION
CN¥442K
AGE
44

Zhi Cai

TITLE
President of Marketing Center
COMPENSATION
CN¥333K
AGE
52
TENURE
2 yrs

Rui Xiang Zhang

TITLE
Head of Equity Management Department & Company Secretary
AGE
55
TENURE
8.2 yrs

Chao Xue

TITLE
Asst. to President of Mfg Center
COMPENSATION
CN¥550K
AGE
61
Board of Directors Tenure

Average tenure and age of the Tsingtao Brewery board of directors in years:

3.5
Average Tenure
55.5
Average Age
  • The tenure for the Tsingtao Brewery board of directors is about average.
Board of Directors

Ke Huang

TITLE
Chairman & CEO
COMPENSATION
CN¥644K
AGE
57
TENURE
1.4 yrs

Wei Fan

TITLE
President
COMPENSATION
CN¥587K
AGE
60
TENURE
3.3 yrs

Zhu Yu

TITLE
Executive Director & CFO
COMPENSATION
CN¥539K
AGE
57
TENURE
5.3 yrs

Rui Wang

TITLE
VP & Executive Director
COMPENSATION
CN¥529K
AGE
53
TENURE
1.3 yrs

Sun Hong

TITLE
Head of Law Affairs Department and Employee Representative Supervisor
COMPENSATION
CN¥442K
AGE
44

Zeng Biao Yu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥120K
AGE
64
TENURE
3.7 yrs

Gang Li

TITLE
Chairman of Board of Supervisors
AGE
58

Xing Jiang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥60K
AGE
47
TENURE
1.3 yrs

Sheng Lin Ben

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥120K
AGE
53
TENURE
5.3 yrs

Min Jiang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥120K
AGE
54
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
09. Oct 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 04. Oct 19 04. Oct 19 3,888,291 €5.47 €21,252,885
26. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 23. Sep 19 23. Sep 19 -1,400,761 €5.60 €-7,841,531
09. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 04. Sep 19 04. Sep 19 665,025 €0.22 €148,759
05. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 02. Sep 19 02. Sep 19 -2,752,050 €6.17 €-16,970,748
03. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 29. Aug 19 29. Aug 19 1,983,367 €6.04 €11,981,197
29. Aug 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Aug 19 26. Aug 19 -1,130,921 €5.93 €-6,703,040
26. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 21. Aug 19 21. Aug 19 728,797 €5.99 €4,363,424
21. Aug 19 Sell Fidelidade - Companhia de Seguros, S.A., Asset Management Arm Company 19. Aug 19 19. Aug 19 -11,545,800 €5.84 €-67,462,933
21. Aug 19 Sell Fosun International Holdings Ltd. Company 19. Aug 19 19. Aug 19 -18,454,200 €5.84 €-107,829,206
21. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 16. Aug 19 16. Aug 19 930,632 €6.08 €5,662,309
06. Aug 19 Buy J.P. Morgan Asset Management, Inc. Company 01. Aug 19 01. Aug 19 1,018,005 €5.31 €5,405,582
02. Aug 19 Sell J.P. Morgan Asset Management, Inc. Company 30. Jul 19 30. Jul 19 -213,913 €5.35 €-1,143,570
31. Jul 19 Buy J.P. Morgan Asset Management, Inc. Company 26. Jul 19 26. Jul 19 245,885 €5.39 €1,324,390
26. Jul 19 Sell J.P. Morgan Asset Management, Inc. Company 23. Jul 19 23. Jul 19 -217,550 €5.64 €-1,227,050
17. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 12. Jul 19 12. Jul 19 1,150,501 €5.44 €6,253,455
11. Jul 19 Sell J.P. Morgan Asset Management, Inc. Company 08. Jul 19 08. Jul 19 -724,000 €5.52 €-3,993,237
05. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 02. Jul 19 02. Jul 19 798,553 €5.74 €4,580,063
03. Jul 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 28. Jun 19 28. Jun 19 -446,803 €5.63 €-2,515,741
03. Jul 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 28. Jun 19 28. Jun 19 -148,461 €5.63 €-835,915
03. Jul 19 Buy J.P. Morgan Asset Management, Inc. Company 28. Jun 19 28. Jun 19 4,000 €5.63 €22,522
02. Jul 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 27. Jun 19 27. Jun 19 629,252 €5.65 €3,555,816
24. Jun 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 20. Jun 19 20. Jun 19 -580,000 €5.55 €-3,219,750
24. Jun 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 20. Jun 19 20. Jun 19 40,000 €5.55 €222,052
24. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 20. Jun 19 20. Jun 19 -398 €5.55 €-2,209
24. Jun 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Jun 19 19. Jun 19 185,022 €5.44 €1,007,050
17. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 12. Jun 19 12. Jun 19 -683,900 €5.47 €-3,741,243
27. Mar 19 Buy Baillie Gifford & Co. Company 26. Mar 19 26. Mar 19 178,000 €3.72 €661,590
26. Mar 19 Sell Baillie Gifford & Co. Company 25. Mar 19 25. Mar 19 -114,000 €3.71 €-422,565
21. Mar 19 Buy Baillie Gifford & Co. Company 20. Mar 19 20. Mar 19 106,000 €3.81 €403,374
19. Mar 19 Sell J.P. Morgan Asset Management, Inc. Company 14. Mar 19 14. Mar 19 -9,954,910 €3.66 €-36,414,729
12. Mar 19 Sell J.P. Morgan Asset Management, Inc. Company 07. Mar 19 07. Mar 19 -2,872,175 €3.74 €-10,736,776
28. Jan 19 Sell T. Rowe Price Group, Inc. Company 24. Jan 19 24. Jan 19 -516,000 €3.82 €-1,971,719
14. Jan 19 Buy T. Rowe Price Group, Inc. Company 10. Jan 19 10. Jan 19 740,000 €3.65 €2,699,692
14. Dec 18 Sell T. Rowe Price Group, Inc. Company 12. Dec 18 12. Dec 18 -260,000 €3.58 €-931,994
06. Dec 18 Sell J.P. Morgan Asset Management, Inc. Company 03. Dec 18 03. Dec 18 -731,062 €3.64 €-2,658,453
03. Dec 18 Buy J.P. Morgan Asset Management, Inc. Company 28. Nov 18 28. Nov 18 57,917 €3.56 €205,970
20. Nov 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Nov 18 15. Nov 18 -36,000 €3.55 €-127,786
20. Nov 18 Sell J.P. Morgan Asset Management, Inc. Company 15. Nov 18 15. Nov 18 -424,704 €3.55 €-1,507,540
X
Management checks
We assess Tsingtao Brewery's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tsingtao Brewery has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Tsingtao Brewery Company Limited, together with its subsidiaries, engages in the production, distribution, wholesale, and retail sale of beer products worldwide. It operates through seven segments: Shandong Region; South China Region; North China Region; East China Region; Southeast China Region; Hong Kong, Macau and Other Overseas Region; and Finance Company. The company sells its beer products primarily under the Tsingtao Beer and Laoshan Beer brands. It also provides wealth management, and agency collection and payment services; and construction and logistics services. The company was founded in 1903 and is headquartered in Qingdao, the People's Republic of China.

Details
Name: Tsingtao Brewery Company Limited
TSI
Exchange: DB
Founded: 1903
HK$7,936,209,061
1,350,982,795
Website: http://www.tsingtao.com.cn
Address: Tsingtao Brewery Company Limited
Tsingtao Beer Tower,
May Fourth Square,
Qingdao,
Shandong Province, 266071,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 168 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 26. Jul 1993
OTCPK TSGT.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 26. Jul 1993
DB TSI Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 26. Jul 1993
SHSC 168 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 26. Jul 1993
SZSC 168 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 26. Jul 1993
OTCPK TSGT.Y SPON ADR CL H Pink Sheets LLC US USD 08. Apr 1996
SHSE 600600 Domestic Shares Shanghai Stock Exchange CN CNY 01. Nov 1993
XSSC 600600 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 01. Nov 1993
Number of employees
Current staff
Staff numbers
39,320
Tsingtao Brewery employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/11 21:46
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/04
Last earnings filing: 2019/08/15
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.