J.P. Morgan has released a research report forecasting that BUD APAC's (01876) organic sales and EBITDA are projected to decline by 6.4% and 8.6%, respectively, in 2025, before recording average annual growth of 4% and 6% from 2026 to 2027. Additionally, the bank anticipates the company's dividend yield could reach 5.7%, providing downside support for its share price; it maintains a "Neutral" rating while lowering the target price from HK$8.5 to HK$7.9. The report estimates that BUD APAC's organic revenue fell 5.4% year-on-year in the fourth quarter of last year, with EBITDA dropping 10.5%, compared to declines of 8.4% and 6.9% in the third quarter. J.P. Morgan indicated that BUD APAC's China business remains persistently weak, growth in South Korea has slowed due to a higher base, and robust growth in India has been insufficient to drive overall group performance. Despite increased advertising and promotional investments in the home channel, the company's volume and profitability in China continue to face pressure.