---
title: "JP Morgan lowered the target price for BUD APAC to HKD 7.9, with a dividend yield of 5.7%, limiting the downside potential of the stock price"
description: "JP Morgan lowered the target price for BUD APAC to 7.9 yuan, expecting a 5.4% year-on-year decline in natural revenue for the fourth quarter of 2022 and a 10.5% drop in EBITDA. Weak performance in Chi"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272215021.md"
published_at: "2026-01-12T03:57:10.000Z"
---

# JP Morgan lowered the target price for BUD APAC to HKD 7.9, with a dividend yield of 5.7%, limiting the downside potential of the stock price

> JP Morgan lowered the target price for BUD APAC to 7.9 yuan, expecting a 5.4% year-on-year decline in natural revenue for the fourth quarter of 2022 and a 10.5% drop in EBITDA. Weak performance in China, slowing growth in South Korea, and strong growth in India failed to improve overall performance. It is expected that natural sales and EBITDA will decline by 6.4% and 8.6% respectively by 2025, with average annual growth of 4% and 6% from 2026 to 2027. The dividend yield is expected to be 5.7%, providing downside support for the stock price, maintaining a "Neutral" rating

JP Morgan published a research report indicating that Bud APAC (01876.HK) is expected to see a natural revenue decline of 5.4% year-on-year in the fourth quarter of last year, with EBITDA dropping by 10.5%, compared to declines of 8.4% and 6.9% in the third quarter, respectively.

JP Morgan stated that Bud APAC's business in China remains weak, growth in South Korea has slowed due to a high base, and strong growth in India has not been able to drive the group's performance. Although the company has increased its advertising and promotional investments in the home channel, sales and profits in China are still under pressure.

The bank expects Bud APAC's natural sales and EBITDA to decline by 6.4% and 8.6% respectively in 2025, with average annual growth of 4% and 6% recorded from 2026 to 2027. Additionally, the bank expects the company's dividend yield to reach 5.7%, providing downside support for its stock price, maintaining a "neutral" rating, and lowering the target price from HKD 8.5 to HKD 7.9

### Related Stocks

- [01876.HK - BUD APAC](https://longbridge.com/en/quote/01876.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.