大行评级｜瑞银：维持百威亚太“买入”评级 预期中国市场将于第四季度出现转机

Group 1 - UBS maintains a "Buy" rating for Budweiser APAC, citing progress in the premiumization of home channels and a robust cash balance, allowing for stable dividends through 2025, with a slight increase in target price from HKD 9.05 to HKD 9.07 [1] - The firm anticipates a turnaround in the Chinese beer market by Q4 2025, due to a low base and potential stabilization in average selling prices [1] - Given the expected decline in sales in China during the second half of 2025, earnings forecasts for 2025 to 2027 have been revised down by 3% to 2% [1]