With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its namesake Tsingtao brand. The company has a dominant position in its core market, Shandong province, which contributed over 60% of its revenue and net profit in 2022. Unlike other major brewers, Tsingtao Brewery's brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a mid-range to high-end market positioning and contributed over half of its volume whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio in recent years.

Financial Strength

10/10

Name	Current	Vs Industry
Cash-To-Debt	186.6
Equity-to-Asset	0.56
Debt-to-EBITDA	0.02
Interest Coverage	291.9
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.52	Distress Grey Safe
Beneish M-Score	-2.81	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

7/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	6.7
	3-Year EBITDA Growth Rate	15.9
	3-Year EPS without NRI Growth Rate	26.7
	3-Year FCF Growth Rate	-32
	3-Year Book Growth Rate	10
	Future 3-5Y EPS without NRI Growth Rate	21.1
	Future 3-5Y Total Revenue Growth Rate	4.84

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	79.18
	9-Day RSI	70.1
	14-Day RSI	64.37
	6-1 Month Momentum %	-6.97
	12-1 Month Momentum %	-32.91

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.75
	Quick Ratio	1.54
	Cash Ratio	1.25
	Days Inventory	52.06
	Days Sales Outstanding	1.51
	Days Payable	73.19

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	3.56
	Dividend Payout Ratio	0.61
	Forward Dividend Yield %	3.56
	5-Year Yield-on-Cost %	3.56
	Shareholder Yield %	0.37

Profitability Rank

8/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	38.66
	Operating Margin %	14.13
	Net Margin %	12.58
	FCF Margin %	3.55
	ROE %	15.85
	ROA %	8.48
	ROIC %	13.82
	ROC (Joel Greenblatt) %	49.53
	ROCE %	18.02
	Years of Profitability over Past 10-Year	10

GF Value Rank

10/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	16.17
	Forward PE Ratio	15.06
	PE Ratio without NRI	16.94
	Shiller PE Ratio	44.96
	Price-to-Owner-Earnings	37.33
	PEG Ratio	1.13
	PS Ratio	3.17
	PB Ratio	3.92
	Price-to-Tangible-Book	4.54
	Price-to-Free-Cash-Flow	93
	Price-to-Operating-Cash-Flow	38.75
	EV-to-EBIT	8.51
	EV-to-Forward-EBIT	11.51
	EV-to-EBITDA	8.51
	EV-to-Forward-EBITDA	9.28
	EV-to-Revenue	1.44
	EV-to-Forward-Revenue	1.87
	EV-to-FCF	59.14
	Price-to-Projected-FCF	2.31
	Price-to-Median-PS-Value	1.43
	Price-to-Peter-Lynch-Fair-Value	1.23
	Price-to-Graham-Number	2.31
	Price-to-Net-Current-Asset-Value	13.77
	Earnings Yield (Greenblatt) %	11.75
	FCF Yield %	1.75
	Forward Rate of Return (Yacktman) %	22.4

GF Value: $48.71

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