Bocom International has issued a research report maintaining its price target for BUD APAC at HK$8.9 and a "Buy" rating. The firm noted that the company's first-quarter performance exceeded market expectations, with sales volume returning to positive growth. Revenue declined by 0.7% year-on-year to US$1.493 billion, while overall sales volume increased by 0.1% compared to the same period last year, marking the first positive growth in several quarters. This improvement was primarily driven by sustained strong double-digit growth in the Indian market and a further narrowing of sales declines in the Chinese market. Normalized EBITDA fell by 8.1% year-on-year to US$463 million, with profit pressures mainly attributed to investments in channel and brand development. Looking ahead to 2026, management has identified stabilizing sales in China as a top priority. Channel expansion and product innovation strategies have already shown initial results, complemented by marketing efforts around major sporting events such as the World Cup. Although short-term investments may impact profits, they are expected to lay the foundation for long-term growth.