BUD APAC(01876)

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百威亚太(01876):延续去库,务实调整
Huachuang Securities· 2025-08-01 04:16
Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1]. Core Insights - The company reported a total revenue of USD 3.14 billion for H1 2025, showing a year-on-year decline of 7.7% [1]. - Normalized EBITDA for the same period was USD 980 million, reflecting a decrease of 10.6% year-on-year [1]. - The normalized net profit attributable to shareholders was USD 470 million, down 14.1% compared to the previous year [1]. - In Q2 2025, total revenue was USD 1.68 billion, with a year-on-year decline of 4.6% [1]. - The report highlights ongoing inventory reduction and pragmatic adjustments in operations [1]. Financial Performance Summary - For 2024A, total revenue is projected at USD 6.246 billion, with a year-on-year growth rate of -9.0% [2]. - The net profit attributable to shareholders for 2024A is estimated at USD 726 million, reflecting a decline of 14.8% year-on-year [2]. - The earnings per share (EPS) for 2024A is expected to be USD 0.05, with a price-to-earnings (P/E) ratio of 19 [2]. - The company’s total market capitalization is approximately HKD 109.4 billion [3]. Regional Performance Insights - In the Asia Pacific West region, revenue declined by 2.7% year-on-year in Q2 2025, while normalized EBITDA showed a slight increase of 1.4% [6]. - The Asia Pacific East region experienced a revenue drop of 8.4% year-on-year in Q2 2025, primarily due to a high base effect and preemptive price increases [6]. - The report anticipates continued adjustments in Q3, with a potential return to stable growth in Q4 due to low base effects [6]. Future Outlook - The report projects a recovery in growth rates for Q4 2025, driven by ongoing adjustments and inventory management strategies [6]. - The normalized net profit forecasts for 2025, 2026, and 2027 are USD 762 million, USD 823 million, and USD 871 million respectively, corresponding to P/E ratios of 18, 17, and 16 [6].
百威亚太上半年收入减少5.6%至31.36亿美元,中国市场专注在非即饮渠道内带动高端化
Cai Jing Wang· 2025-08-01 04:11
Core Insights - Budweiser APAC reported a 5.6% decrease in revenue to $3.136 billion for the first half of 2025, with normalized EBITDA down 8% to $983 million [1] - The company experienced a 6.1% decline in sales volume, totaling 4.363 billion liters [1] Group 1: Financial Performance - In Q2 2025, sales volume in China decreased by 7.4%, and revenue fell by 6.4%, although revenue per hectoliter increased by 1.1% due to positive brand mix effects [1] - For the first half of 2025, sales volume decreased by 8.2%, with revenue and revenue per hectoliter down 9.5% and 1.4% respectively [1] - Normalized EBITDA margin increased by 86 basis points, despite a 4% decline in normalized EBITDA due to reduced revenue and other operating income, partially offset by cost management measures [1] Group 2: Market Strategy - The company made progress in its channel expansion strategy, focusing on premiumization in non-immediate consumption channels, which showed growth in both sales volume and revenue [1] - The contribution of high-end and super high-end product mix in non-immediate consumption channels has surpassed that of the corresponding contribution from the Chinese restaurant channel [1] Group 3: Digital Initiatives - The usage and coverage of the B2B distributor and customer interaction platform, BEES, have been steadily increasing, now reaching over 320 cities in China as of June 2025 [2] - The company continues to leverage technology to enhance commercial capabilities, optimize marketing channels, and strengthen customer relationships [2]
交银国际:予百威亚太(01876)目标价10.15港元 维持“买入”评级
智通财经网· 2025-08-01 03:29
Core Viewpoint - The report from CMB International suggests a target price of HKD 10.15 for Budweiser APAC (01876) based on a 20x P/E ratio for 2026, indicating that the current stock price reflects recent sales weakness and is considered attractive for investment, maintaining a "Buy" rating [1] Financial Performance - The company has adjusted its revenue forecasts for 2025-2027 down by 6-7%, and EBITDA and net profit forecasts have been reduced by 9-13% and 11-18% respectively [1] - For the first half of 2025, the company's performance was generally in line with expectations, with a narrowing decline in the second quarter [1] - The adjusted net profit decreased by 14.1%, with second-quarter revenue, sales volume, and EBITDA dropping by 3.9%, 6.2%, and 4.5% year-on-year, respectively [1] Market Outlook - The company plans to continue focusing on expanding non-ready-to-drink channels in the mainland market, with expectations of marginal recovery in the second half of the year as the base effect diminishes [1]
交银国际:予百威亚太目标价10.15港元 维持“买入”评级
Zhi Tong Cai Jing· 2025-08-01 03:25
Core Viewpoint - The report from CMB International suggests a target price of HKD 10.15 for Budweiser APAC (01876) based on a 20x P/E ratio for 2026, indicating that the current stock price reflects recent sales weakness and is considered attractive for investment, maintaining a "Buy" rating [1] Financial Performance - The company has adjusted its revenue forecasts for 2025-2027 down by 6-7%, and EBITDA and net profit forecasts have been reduced by 9-13% and 11-18% respectively [1] - For the first half of 2025, the company's performance was generally in line with expectations, with a narrowing decline in the second quarter [1] - The adjusted net profit decreased by 14.1%, with second-quarter revenue, sales volume, and EBITDA dropping by 3.9%, 6.2%, and 4.5% year-on-year, respectively [1] Market Outlook - The company plans to continue focusing on expanding non-ready-to-drink channels in the mainland market, with expectations of marginal recovery in the second half of the year as the base effect improves [1]
招商证券国际:维持百威亚太(01876)目标价8.7港元 评级“持有”
智通财经网· 2025-08-01 02:48
Core Viewpoint - Budweiser APAC (01876) has seen a significant decline in net profit expectations for the first half of 2025, with a projected decrease of 24%, indicating a general market sentiment of lowered profitability [1] Financial Performance - Budweiser APAC's second-quarter performance was largely in line with expectations, but sales in key markets like China and South Korea have generally contracted [1] - Despite a slight increase in average selling prices due to product upgrades, this was insufficient to offset the impact of declining sales [1] Market Position - The management of Budweiser APAC has made efforts to steer the business in the right direction; however, these efforts appear inadequate to reverse the decline in market share as a premium brand during China's consumption upgrade cycle [1]
大行评级|里昂:下调百威亚太目标价至9.3港元 维持“跑赢大市”评级
Ge Long Hui· 2025-08-01 02:35
里昂发表报告指,百威亚太第二季中国业务持续改善,但预期第三季将面临挑战,因为部分官方场合禁 酒后的反奢侈规定自六月起影响餐厅渠道、渠道持续去库存,以及收入基数较高。该行对百威亚太目标 价由10.4港元下调至9.3港元,维持"跑赢大市"评级,高于5%股息率为股价下行空间提供保障;同时下 调盈利预测,目前预测2025年营收及Ebitda跌幅分别为6%和9%。 ...
中金:维持百威亚太目标价9.80港元 维持“跑赢大市”评级
Zhi Tong Cai Jing· 2025-08-01 01:45
Core Viewpoint - CICC has downgraded Budweiser APAC's EBITDA forecasts for 2025 and 2026 by 6% to $1.679 billion and $1.771 billion respectively, due to weak demand in the China region [1] Group 1: Financial Performance - The company's 2Q25 performance met market expectations, with revenue, sales volume, average selling price (ASP), and EBITDA showing year-on-year changes of -3.9%, -6.2%, +2.4%, and -4.5% respectively [2] - In the China market, revenue, sales volume, ASP, and EBITDA experienced year-on-year declines of -6.4%, -7.4%, +1.1%, and -4.0% respectively [2] Group 2: Regional Insights - In the China region, sales volume decreased by 6.4% year-on-year, but the decline rate narrowed, attributed to inventory reduction and channel structure adjustments [3] - ASP in the China region increased by 1.1% year-on-year, benefiting from product mix optimization, with high-end and super high-end products gaining a larger share in non-immediate consumption channels [3] - The Indian market continued to show double-digit growth in revenue, while the Korean market faced pressure due to preemptive stocking and market weakness, leading to a decline in EBITDA margin [4] Group 3: Future Outlook - For 2H25, the company expects stabilization and gradual improvement, with a focus on dealer interests in the China region and low channel inventory [5] - The company plans to expand non-immediate consumption channels and invest in high-end products in Korea and India to enhance profitability [5] - Cost-wise, raw material prices are expected to remain low, which may support profit margin recovery [5]
中金:维持百威亚太(01876)目标价9.80港元 维持“跑赢大市”评级
智通财经网· 2025-08-01 01:40
Core Viewpoint - CICC has downgraded Budweiser APAC's EBITDA forecasts for 2025 and 2026 by 6% to $1.679 billion and $1.771 billion respectively, due to weak demand in the China region [1] Group 1: Financial Performance - 2Q25 results met market expectations with revenue, volume, ASP, and EBITDA showing year-on-year changes of -3.9%, -6.2%, +2.4%, and -4.5% respectively [2] - In China, revenue, volume, ASP, and EBITDA saw declines of -6.4%, -7.4%, +1.1%, and -4.0% year-on-year [2] Group 2: China Market Analysis - In 2Q25, China's sales volume decreased by 6.4% year-on-year, but the decline rate narrowed compared to previous quarters, attributed to inventory reduction and channel structure adjustments [3] - The ASP in China improved by 1.1% year-on-year due to product mix optimization, with high-end and super high-end products gaining a larger share in non-immediate consumption channels [3] Group 3: Regional Performance - The Indian market continued to show double-digit growth in 2Q25, while the Korean market faced challenges due to preemptive stocking and market weakness, leading to a decline in sales volume [4] - In the Asia-Pacific East region, revenue, volume, ASP, and EBITDA experienced year-on-year declines of -8.4%, -10.4%, +2.2%, and -26.5% respectively [4] Group 4: Outlook for 2H25 - The company expects stabilization and gradual improvement in performance, with a focus on dealer interests in China and low channel inventory levels [5] - The company plans to continue investing in high-end products in Korea and leverage high-end and super high-end products in India for growth [5] - Cost expectations for barley and other raw materials remain low, which may support profit margin recovery [5]
百威亚太业绩下跌收窄 新掌门“纠偏”进行时
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-31 23:30
调整进行时:品牌年轻化、非现饮发力 新掌门指挥下,百威亚太有了止跌的迹象。 7月31日早间,百威亚太披露了2025年上半年业绩:收入31.36亿美元,正常化除息税折旧摊销前盈利9.83亿美元,销量436.3万千升。 三项核心经营数据依然是全部下滑,比去年同期分别下降了5.6%、8%、6.1%(内生口径)。但21世纪经济报道记者注意到,对比一季度,二 季度百威亚太的收入、盈利有止跌趋势,每百升收入重回增长。 今年4月,在百威体系29年的程衍俊,接替在位多年的杨克,成为百威亚太新任CEO。此次半年报也成为新掌门人上任后的首份成绩单。 在核心的中国市场,二季度百威亚太加强了对百威啤酒、哈尔滨啤酒两大核心品牌的投入,继续大力转向非即饮渠道,此外结合成本管控措 施,收入、盈利跌幅出现放缓。 31日上午开盘后,百威亚太一度涨超5%,但截至收盘跌5.82%。其接下来如何尽快在中国恢复增长,将是下半年的重要KPI。 图片来源:视觉中国 在换帅前,百威亚太去年下半年"加速下行"。 连续两个季度,百威亚太销量、盈利都出现两位数下滑,第四季度在中国更是出现近19%的大幅下滑。这一跌幅,超出了中国啤酒市场的平均 水平。 而到了今年, ...
百威亚太上半年销量下降6.1%
Bei Jing Shang Bao· 2025-07-31 16:05
Core Insights - Budweiser APAC Holdings Limited reported a revenue of $3.136 billion for the first half of 2025, a year-on-year decline of 5.6% [1] - The company achieved a net profit of $409 million and a sales volume of 4.3628 million kiloliters, which represents a 6.1% decrease compared to the previous year [1] Performance Summary - In China, the company's sales volume decreased by 8.2%, with revenue and revenue per hectoliter declining by 9.5% and 1.4% respectively [1] - The second quarter saw a sales volume reduction of 7.4% and a revenue decrease of 6.4%, attributed to ongoing weaknesses in business layout and channel performance [1] - In South Korea, despite a weak industry performance, the company continued to outperform the market across various channels [1] - Growth momentum in India is accelerating, with Budweiser brand growth outpacing the industry [1]