CICC: Downgrades BUD APAC target price to HKD 8.6, expects clearer growth strategy to help stabilize its China business
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CITIC International lowered the target price for BUD APAC to HKD 8.6 due to its weak performance and cautious sales outlook, with net profit estimates for 2025-2026 expected to be revised down by 11%/3%. Despite the sluggish performance in the Chinese market, management is advancing channel upgrades and core brand investments, which are expected to gradually regain market share. The report also noted that the trend towards premiumization in the Indian market will drive revenue growth in the Asia-Pacific region by 1.5% in 2026
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