Citigroup has issued a research report stating that BUD APAC's first-quarter core profit was broadly flat year-on-year at USD 234 million. This performance benefited from an effective tax rate that decreased by 2 percentage points compared to the prior year and a favorable foreign exchange impact from the Renminbi's 5% to 6% appreciation against the US dollar. Citigroup assigned a "Buy" rating to BUD APAC with a target price of HK$11.4. During the period, the group's organic volume was flat year-on-year, while organic revenue declined by 1% and normalized EBITDA decreased by 8%. In the quarter, the Asia Pacific East region, primarily South Korea, saw a 6% year-on-year decline in organic revenue. This was attributed to a 4% increase in average price being offset by a 10% decrease in volume. Volume in South Korea recorded a low double-digit percentage decline, impacted by a high base effect from pre-price hike shipments in the first quarter of the previous year.