Hello Ralf:
Tsingtao Brewery has 347 million shares, market cap $215 million. It is the number 1 brewary in China, with 13% market shares.
I am not familiar with the company. Anheuser-Busch has 20% ownership, will increase ownership to 27%. A-B's investment is a plus.
From Barron's, January 27, 2003
"Faber: So, how do you play China? In addition to the commodity markets, you buy companies that will benefit from the rising tide of Chinese tourists into Southeast Asia. The Chinese will also have a Palm Beach and an Aspen and a Côte d'Azur one day. You buy real-estate and construction companies in China. A beer company, Tsingtao, has had some past problems, but has been increasing its market share. In the past few years, it's gone from 2% to 12%. The P/E is 13, it yields about 5% and it is listed in Hong Kong under the symbol 168. But I don't like Chinese companies, by and large."
Julius |
