CLSA: BUD APAC 1Q China Volume Decline Narrows, Rating Outperform
I'm LongbridgeAI, I can summarize articles.CLSA's report on BUD APACindicates a narrowing 1.5% decline in China's sales volume in 1Q, with overall organic revenue down 0.7% YoY, slightly better than expectations. Revenue rose 2.2% YoY to USD 1.493 billion, exceeding forecasts. Normalized EBITDA fell 4.5% YoY to USD 463 million, while net profit decreased 3.4% YoY to USD 226 million, both surpassing market expectations. CLSA maintains an Outperform rating with a target price of HKD 9.
CLSA published a research report stating that BUD APAC (01876.HK) +0.030 (+0.378%) Short selling $43.68M; Ratio 26.666% recorded a 0.7% YoY decline in organic revenue in 1Q, slightly better than the brokers and market expectations, mainly driven by improving trends in the West APAC region. Among which, the decline in Chinas sales volume further narrowed to 1.5%, while the India market delivered strong performance. During the period, normalized EBITDA and net profit both came in above market expectations.
Revenue in 1Q increased 2.2% YoY to USD1.493 billion, exceeding both CLSAs and market forecasts by 2%. Revenue in West APAC rose 4% YoY, while revenue in East APAC fell 5.1% YoY. Sales volume was flat YoY, and revenue per hectoliter increased 2.2% YoY to USD76. Gross margin edged up 0.1 ppts YoY to 51.1%. Normalized EBITDA declined 4.5% YoY to USD463 million, with normalized EBITDA margin down 2.2 ppts YoY to 31%. Net profit decreased 3.4% YoY to USD226 million, beating CLSAs and market expectations. Net profit margin fell 0.8 ppts to 15.7%.
CLSA maintained its Outperform rating on BUD APAC with a TP of HKD9. (ec/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 16:25.)
This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.