大行评级丨交银国际：维持百威亚太“买入”评级 目标价降至9.5港元

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Budweiser APAC (1876) with a target price adjusted to HKD 9.50, indicating that the current stock price reflects short-term sales pressures, with potential marginal improvement in Q4 and a supporting dividend yield exceeding 5% [1] Financial Performance - The company is expected to announce its Q3 2025 results on October 30, with projected group revenue declining by 6.4% year-on-year [1] - Adjusted EBITDA is anticipated to decrease by 14.4% year-on-year, while adjusted net profit attributable to shareholders is forecasted at USD 190 million, representing a 14.6% decline year-on-year [1] Market Dynamics - Core pressures are identified in the mainland China market, where the ready-to-drink channel remains weak, although this is partially offset by strong growth in the Indian market, price increases in the Korean market, and cost improvements [1]