UBS lowers Bud APAC's target price to 8.75 yuan, maintains "Buy" rating

AASTOCKS
2025.10.31 03:48

UBS published a report stating that Budweiser APAC (01876.HK) is expected to have revenue and adjusted EBITDA of USD 1.555 billion and USD 438 million, respectively, in the third quarter of 2025, representing year-on-year declines of 8.8% and 8.6%, which are 1% to 3% lower than the bank's expectations and generally in line with market expectations.

The bank has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% to reflect the continued weakness in the Chinese market and limited visibility for the fourth quarter, expecting the recovery to be delayed until 2026. Based on the premiumization process in the household channel, attractive valuations, and robust cash reserves sufficient to support stable dividends in 2025, it maintains a "Buy" rating, with the target price reduced from HKD 9.07 to HKD 8.75

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