CLSA has issued a research report maintaining its "Outperform" rating on BUD APAC (01876) with a target price of HK$9, despite lowering its profit forecasts for the 2026-2027 fiscal years. The firm noted that while it pushed its valuation basis forward by one year, it is still awaiting clearer catalysts. Positive developments in the food service sector or O2O channels could present upside risks, though these may take time to materialize.

Following BUD APAC's weak stock performance after its Q4 2025 results, CLSA attributed the reaction to softness in the Chinese market, management's cautious outlook on food service recovery in 2026, and uncertainty around dividend plans.

The report expressed concerns over the uncertain recovery prospects for the food service industry. Although CLSA supports management's strategy to focus on home consumption and O2O channels, it expects the recovery to be gradual. Moreover, any rebound in sales volume may be offset by additional investments and potential declines in average selling prices.