UBS has issued a research report stating that BUD APAC (01876) reported first-quarter revenue and normalized EBITDA of $1.493 billion and $463 million, respectively. This represents a year-on-year decline of 0.7% and 8.1%, but still surpassed the bank's and market consensus expectations by 3-6%. The decrease in revenue was primarily driven by a slight 0.1% increase in volume and a 0.8% drop in average selling price. The normalized EBITDA margin contracted by 2.2 percentage points compared to the previous year, which the bank attributes mainly to a 1.2 percentage point increase in the selling, general, and administrative expense ratio. UBS has set a target price of HK$8.60 for BUD APAC and maintains a "Buy" rating.

UBS noted its participation in BUD APAC's conference call. Looking ahead to the full year of 2026, management reaffirmed that volume growth is their top priority. Management also indicated that raw material costs for 2026 have been largely hedged and plans are in place to enhance operational efficiency through cost control measures.