大行评级丨星展：微降百威亚太目标价至9.4港元 仍维持“买入”评级

Core Viewpoint - Despite anticipated sales and average price pressures in the Chinese market for Budweiser APAC in Q3, streamlined channel inventory may pave the way for potential sales rebound in Q4 [1] Group 1: Market Performance - Budweiser APAC's performance in South Korea is strong, driven by favorable brand and channel mix along with price increase measures, significantly supporting average price uplift [1] Group 2: Financial Forecasts - DBS has lowered its earnings forecast for Budweiser APAC by 11% for FY2025, and by 5% for FY2026 and FY2027 [1] Group 3: Investment Rating - Despite the lowered earnings forecasts, the company maintains a "Buy" rating due to low valuation and attractive dividend yield, with the target price adjusted from HKD 9.6 to HKD 9.4 [1]