According to Zhitong Finance APP, Credit Lyonnais released a research report stating that BUD APAC (01876) continued to show improvement in its China business during the second quarter, but expects to face challenges in the third quarter. This is attributed to anti-luxury regulations following alcohol bans at official occasions that have been affecting restaurant channels since June, ongoing channel inventory reduction, and a high revenue base for comparison.
The firm has lowered BUD APAC's target price from HK$10.4 to HK$9.3 while maintaining its "Outperform" rating. The dividend yield above 5% provides downside protection for the stock price. The firm also revised down its earnings forecast, now projecting revenue and EBITDA declines of 6% and 9% respectively for 2025.
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