[Citi: Lowers the target price of Tsingtao Brewery Co., Ltd. to HK$68.55 and maintains a "buy" rating] On September 11, Citigroup issued a research report stating that considering that the growth of the mainland beer industry in the peak season from the second to the third quarter was slower than expected, the bank will reduce the sales forecast of Tsingtao Beer Co., Ltd. (00168) by 6% and 7% respectively this year and next, and the net profit forecast by 2% and 5%. Based on a valuation of 10 times forecast EV/EBITDA in 2026 (in line with the weighted average of global peer market capitalization, originally 12 times to reflect industry weakness), the bank lowered the target price from HK$76.1 to HK$68.55 and maintained a "buy" rating. The bank maintains the relative ranking of industries unchanged, followed by China Resources Beer (00291), Budweiser Asia Pacific (01876) and Tsingtao Beer, all rated "buy".