Citi Cuts BUD APAC TP to HKD10.9, Lowers Earnings Forecasts
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Citi has lowered its target price for BUD APACfrom HKD11.4 to HKD10.9 due to weaker-than-expected revenue growth. The bank also reduced its core net profit forecasts for 2026 and 2027 by 5% each, and sales forecasts by 3% and 4%, respectively. Despite these adjustments, Citi maintains a Buy rating, applying a target EV/EBITDA multiple of 10x for West APAC operations and 8x for East APAC operations, reflecting BUD APAC's strong market position in China and slower growth in mature markets.
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