An analysis report from Jefferies indicated that BUD APAC's first-quarter normalized EBITDA reached $463 million, surpassing the firm's forecast by 2%. This outperformance was primarily driven by strong results in the Eastern Asia-Pacific region. Sales also exceeded expectations by 3%, supported by growth in both the Eastern and Western Asia-Pacific markets, with the Indian market showing particularly robust volume performance.

Regarding the China market, revenue for the quarter declined by 4%, mainly due to increased investments by the company to support wholesalers and to promote brand activities in household and emerging channels. Volume in China decreased by 1.5%, while normalized EBITDA saw a year-on-year decline of 10.9%. Management noted a slight improvement in the China market, with the rate of volume decline narrowing compared to the previous quarter. The firm has set a target price of HK$9.4 and maintains a 'Buy' rating on the stock.