交银国际：予百威亚太(01876)目标价10.15港元 维持“买入”评级

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]