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| HSI1 | 25,884.43 | 0.00 | -- |
| HSCEI1 | 8,612.15 | 0.00 | -- |
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2026-07-31 17:05:26 CMSI said in a report that BUD APAC (01876.HK)'s 2Q results reflected the trade-off between defending market share and profitability, with clear divergence in regional performance. Total shipment volume fell 4.1% YoY, revenue declined 2.1% YoY, while revenue per hectoliter rose 2.1% YoY. Adjusted EBITDA dropped 9.7% YoY, with EBITDA margin narrowing 210 bps to 27.6%. China operations dragged on results, while strong performances in South Korea and India were insufficient to drive a rerating. The China market remains the core issue. Shipment volume in 2Q fell 9.7% YoY, with no signs of recovery in the dine-in channel, and demand remained weak in July. Management maintained a cautious view on 3Q. Management confirmed that despite price hikes by certain competitors in some regions, the company has no plan to raise prices and will prioritize stabilizing shipment volume and rebuilding market share, with investments continuing into 2H26. In addition, aluminum prices rising 10% to 20% will bring hedging lag-related cost pressure in 2H26 and 2027. Management also acknowledged that if earnings do not improve, the current dividend may be difficult to sustain. The broker viewed the risk-reward profile as broadly balanced and maintained a Hold rating until an organic recovery in China becomes visible, while cutting the TP from HKD7.8 to HKD7.1. (ad/u) ~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |