---
title: "Jefferies: BUD APAC  1Q Normalized EBITDA Beats; Strong India Sales"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285297684.md"
description: "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."
datetime: "2026-05-06T02:18:58.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285297684.md)
  - [en](https://longbridge.com/en/news/285297684.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285297684.md)
generator: "portal-rs"
---

# Jefferies: BUD APAC  1Q Normalized EBITDA Beats; Strong India Sales

Jefferies said in a research report that BUD APAC (01876.HK) -0.070 (-0.861%) Short selling $48.72M; Ratio 37.702% recorded normalized EBITDA of USD463 million in the first quarter, 2% above the broker's expectations, mainly driven by strong performance in the eastern APAC region. Sales were 3% higher than expected, supported by both eastern and western APAC markets, with particularly strong sales volume growth in India.

In the China market, revenue declined 4% during the quarter, mainly due to increased investment to support wholesalers and to promote brand activities in at-home and emerging channels. Sales volume fell 1.5% during the period, while normalized EBITDA decreased 10.9% YoY. Management noted that the China market saw slight improvement, with the sales decline narrowing QoQ. The broker maintains a TP of HKD9.4 and a Buy rating.(ss/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-05 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.

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