BUD APAC(HK:01876) Ge Long Hui·2025-09-29 03:16Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's 2025 earnings forecast by 14% due to ongoing challenging market conditions, particularly in China where beer demand remains weak, impacting the company's premium and super-premium beer categories [1] Group 1: Earnings and Sales Forecast - The sales and operating profit forecasts for Budweiser APAC have been reduced by 7% and 13% respectively, reflecting the continued inventory destocking situation [1] - The earnings forecast for 2026 to 2027 has been adjusted downwards by 8% from the low base of 2025 [1] Group 2: Target Price and Rating - The target price for Budweiser APAC has been lowered from HKD 9.5 to HKD 9.3 [1] - The rating for Budweiser APAC remains "Overweight" despite the downgrades [1]