Morgan Stanley: Bud APAC's quarterly performance is weak but in line with expectations, maintains "Overweight" rating

AASTOCKS
2026.02.12 07:18

JP Morgan's research report pointed out that Bud APAC (01876.HK) announced a revenue of USD 1.073 billion for the last quarter of last year (organic revenue decreased by 4.2% year-on-year), compared to market expectations of USD 1.08 billion and Morgan Stanley's expectation of USD 1.07 billion; adjusted EBITDA was USD 167 million (organic revenue decreased by 24.7% year-on-year), lower than the market expectation of USD 183 million and also lower than Morgan Stanley's expectation of USD 202 million; adjusted net loss was USD 12 million. During the period, the group's sales in the Chinese market fell by 11.4%, with sales volume down by 3.9% (the decline narrowed, and market share stabilized), and organic average selling price decreased by 7.7% year-on-year, mainly due to increased investment in trade channels and home/emerging channels; the target price for the group is set at 9 yuan, with a rating of "Overweight."

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