大摩：下调百威亚太目标价至9.3港元 降盈利预测

Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's (01876) 2025 earnings forecast by 14% due to ongoing challenging market conditions, particularly in China where beer demand remains weak in Q3 [1] Financial Projections - Sales and operating profit forecasts have been reduced by 7% and 13% respectively, reflecting the impact of weak demand on the company's premium and super-premium beer categories [1] - The earnings forecast for 2026 to 2027 has been adjusted downwards by 8% from the low base of 2025 [1] Target Price and Rating - The target price for Budweiser APAC has been lowered from HKD 9.5 to HKD 9.3, while maintaining an "Overweight" rating [1]