Monthly Archives: October 2017

Tibet Water (1115.HK): Where is the Beer?

We initiate coverage on Tibet Water Resources Ltd (HKG.1115). 请参见下方的中文报告 Our main findings include: – Tibet Water is the most profitable brewer in the world, but we struggled to find its beer products in Tibet although the region represents 98% of its sales in the beer segment. – The brewery is mainly an OEM that […]