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DBS Cuts BUD APAC (01876.HK) TP to HKD9.4, Maintains Buy Rating
2025-06-30 11:37:48
Consumer demand in Mainland China for BUD APAC (01876.HK) has not yet shown substantial improvement, DBS Research Report suggested. However, due to a lower base, sales trends have gradually improved starting from 1Q25.

The broker expected the sales decline in APAC West to narrow to 6% in 2Q25. The ongoing shift from on-premise to home channels, paired with weak performance in high-tier cities, pressured the ASP. The broker anticipated a 2% shrinkage in ASP in APAC West for 2Q25, with full-year sales and ASP expected to drop by 3% and 2%, respectively.

The broker maintained a Buy rating on BUD APAC given lower channel inventory and the continued expansion of home channels. The target price was cut from HKD10.2 to HKD9.4.
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