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CICC Keeps Outperform on BUD APAC, Reduces Earnings Forecast
2026-02-13 10:07:50
BUD APAC (01876.HK) has announced its 2025 results, with the 4Q25 revenue/ volume/ average price/ EBITDA declining by 4.2%/ 0.7%/ 3.5%/ 24.7% YoY (all YoY changes are organic growth rates), according to a CICC report.

As for BUD APAC's China operations, the company's revenue/ volume/ average price/ EBITDA decreased by 11.4%/ 3.9%/ 7.7%/ 42.3% YoY. The performance continued to adjust, in line with CICC's expectations.

Considering that BUD APAC may moderately ramp up investment, CICC cut its 2026 EBITDA for the company by 7.1% to USD1.593 billion and estimated the 2027 EBITDA at USD1.637 billion.

CICC kept BUD APAC's target price at HKD9.8 and its rating as Outperform.
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