Tsingtao has performed strongly in a China consumer survey carried out by brokerage Morgan Stanley. The results led the broker to increase its rating on Tsingtao Brewery Co Ltd to "equal-weight". The broker's analysts also upped the target price on the stock of China's largest brewer to HKD8.7

Morgan Stanley conducted a China Consumer Survey, where 2,100 Chinese individuals, including 500 beer drinkers, were asked about awareness, penetration, perception of quality, and taste. Tsingtao came out well ahead of other national brands in those criteria, Morgan Stanley said.

"Tsingtao's strong scorecard from our China Consumer Survey gives us greater confidence in the company's growth potential through its brand leverage," the brokerage said in a research note. "We believe Tsingtao needs to spend little incremental capex to capture additional volume growth in the next two years."