Tsingtao Brewery has seen its rating raised. JP Morgan has upped the Chinese brewer's rating to "overweight" from "neutral", saying that the company is a long-term growth story.

The US investment bank also said in a recent research note that Tsingtao is likely to emerge as the potential winner in China's beer industry consolidation marathon.

JP Morgan set a target price of HK$8.35 for the stock.