Qingdao beer rises 3% Goldman Sachs to raise earnings forecasts

A 70% per cent increase in the medium-term net profit of Tsingtao beer has rebounded this morning, with shares now up 3.05% to HK $27, trading 863,500 shares.　　Goldman Sachs issued a report saying it maintained its neutral rating, but raised its target price from HK $22.8 to HK $26.8, only slightly at a discount to market prices. Goldman Sachs pointed out that green beer estimated 09 medium-term earnings can increase by 60% to 70%, better than the bank's market expectations. Because of the belief that the Green beer optimization product mix and gross Profit margin improvement, its 09-11 annual earnings forecast to increase by 16.5% to 17.6%, to RMB 0.87, 1.07 and 1.27 yuan.