摩根大通发布研报称，更新百威亚太（01876）预测，以反映对第三季更审慎看法；现料第三季有机收入及EBITDA分别同比下跌11%及19%，较上半年的下跌1%及9%进一步恶化，并将目标价由6.5港元下调至6港元，维持“中性”评级。
业务方面，该行认为中国市场似乎进一步下行，需求复苏有限、台风干扰、去库存，以及持续的促销及市场推广开支，挤压增长及利润率；预期该市场有机收入及EBITDA分别同比跌15%及22%。韩国销量表现较行业为佳，但利润率面对商品及分销成本上升压力；料有机收入及EBITDA分别同比跌4%及12%。
该行指，两大市场均拖累第三季EBITDA，而潜在一次性项目可能进一步打击盈利，料第三季纯利同比下跌78%至4，000万美元。同时，该行将2026年每股盈利预测下调18%，2027至28年预测下调10%。
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