星展发表研究报告指，百威亚太中国内地消费者需求仍未见实质改善，但由于比较基数低，销售趋势于首季开始逐步改善，该行料亚太西部地区次季销量跌幅将收窄至6%。而即饮渠道持续转移至居家渠道，加上高线城市的疫弱表现，令平均售价承压。该行料亚太西部地区次季平均售价跌2%，预期全年销量及平均售价下跌3%及2%。韩国方面，该行料次季销量有中单位数跌幅，平均售价有低单位数增长，但因销量萎缩及相关成本去杠杆，次季亚太东部地区的EBITDA将承压。 该行将2025及26年的盈利预测分别下调12%及17%，因销量持续承压，以及短期内渠道转型对平均售价构成影响，但维持“买入”评级，因渠道库存较低，以及居家渠道持续扩张，目标价由10.2港元降至9.4港元。
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