BUD APAC(HK:01876) 智通财经网·2025-08-01 06:57Core 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 consumption in official settings, ongoing inventory destocking, and a high revenue base from the previous year [1] Summary by Relevant Sections - 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] - Target Price and Ratings - Credit Lyonnais has lowered the target price for Budweiser APAC from HKD 10.4 to HKD 9.3 [1] - The rating remains "Outperform," supported by a dividend yield exceeding 5%, which provides a buffer against potential stock price declines [1] - Earnings Forecast - The earnings forecast has been revised downwards, with projected revenue and EBITDA for 2025 expected to decline by 6% and 9% respectively [1]