BUD APAC (01876) reported a 0.1% year-on-year increase in total volume for the first quarter. Revenue saw a slight decline of 0.7% compared to the previous year, while the average selling price decreased by 0.8%. EBITDA fell by 8.1% year-on-year. These results were in line with expectations. With a narrowing decline in volume in China, sustained strength in the Indian market, and market share improvements in South Korea, the full-year performance is expected to stabilize quarter by quarter. Considering the company may moderately increase investments, the EBITDA forecasts for 2026 and 2027 have been revised down by 3% each, to $1.544 billion and $1.587 billion, respectively. Supported by the dividend yield, the target price for BUD APAC is maintained at HK$9.8, alongside an "Outperform" rating.