Jefferies: BUD APAC 1Q Normalized EBITDA Beats; Strong India Sales
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Jefferies reported that BUD APACachieved a normalized EBITDA of USD463 million in Q1, exceeding expectations by 2%. Strong sales in eastern APAC, particularly in India, contributed to a 3% sales increase. However, revenue in China fell 4% due to increased investments, with a 1.5% decline in sales volume. Despite a 10.9% YoY drop in normalized EBITDA, management noted a slight improvement in the China market. Jefferies maintains a target price of HKD9.4 and a Buy rating.
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