---
title: "Morgan Stanley: Bud APAC's quarterly performance is weak but in line with expectations, maintains \"Overweight\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/275716385.md"
description: "JP Morgan released a report stating that BUD APAC's quarterly report met expectations, with revenue of USD 1.073 billion, lower than the market expectation of USD 1.08 billion. Adjusted EBITDA was USD 167 million, also below the market expectation of USD 183 million. Sales in the Chinese market fell by 11.4%, with sales volume down by 3.9%. The target price is set at 9 yuan, maintaining a \"buy\" rating"
datetime: "2026-02-12T07:18:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/275716385.md)
  - [en](https://longbridge.com/en/news/275716385.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/275716385.md)
generator: "portal-rs"
---

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

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