Citi released a research report sayingavetsxmc5.3, maintaining the "buy" rating of Tsingtao Brewery (00168), in the Chinese beer industry, the bank continues to prefer China Resources Beer (00291) as its industry's first choice, with a target price ranging from 89avetsxmc5.3.9 Hong Kong dollars was lowered to HK$84.5.

The report stated that the company's first-quarter results were worse than expected and its revenue performance was weak. Therefore, it lowered its net profit forecast for this year and next by 2% and 1% respectively. Sales growth was assumed to be 5% and 4%. It is expected that its advertising and promotion expenses may be lower than expected, which will help short-term profits, but will have a negative impact on its long-term brand value.