里昂：降百威亚太目标价至9.3港元 维持“跑赢大市”评级

Core Viewpoint - The report from Credit Lyonnais indicates that Budweiser APAC (01876) has shown continuous improvement in its Chinese operations for the second quarter, but anticipates challenges in the third quarter due to new restrictions on alcohol sales in official venues, ongoing inventory destocking, and a high revenue base from the previous year [1] Summary by Category Business Performance - Budweiser APAC's Chinese business has shown improvement in the second quarter [1] - The company is expected to face challenges in the third quarter due to new regulations affecting restaurant channels and inventory issues [1] Financial Projections - Credit Lyonnais has lowered the target price for Budweiser APAC from HKD 10.4 to HKD 9.3 while maintaining an "outperform" rating, which is supported by a dividend yield exceeding 5% [1] - The earnings forecast has been adjusted, with projected revenue and EBITDA declines of 6% and 9% respectively for 2025 [1]