星展：维持百威亚太“买入”评级 目标价下调至9.4港元

Core Viewpoint - DBS maintains a "Buy" rating for Budweiser APAC (01876) due to low valuation and attractive dividend yield, while lowering the target price from HKD 9.6 to HKD 9.4 [1] Financial Forecasts - DBS has reduced Budweiser APAC's earnings forecast for FY2025 by 11% due to weak performance in the Chinese market [1] - Earnings forecasts for FY2026 and FY2027 have been lowered by 5% each [1] Market Performance - The company is expected to face pressure on sales volume and average selling price in the Chinese market for Q3 this year [1] - Streamlined channel inventory is anticipated to pave the way for potential sales rebound in Q4 [1] - Budweiser APAC's performance in South Korea has been strong, supported by favorable brand and channel mix as well as price increase measures, leading to a significant rise in average selling price [1]