大行评级丨高盛：百威亚太第三季度有机销售额胜预期 评级“买入”

Core Insights - Goldman Sachs reported that Budweiser APAC's organic sales in Q3 declined by 8.4% year-on-year, which was better than the expected decline of 12.6% [1] - Standardized EBITDA was $438 million, with organic calculations showing a year-on-year decline of 6.9%, outperforming the expected $401 million (organic year-on-year decline of 15.8%) and market consensus of $407 million [1] Market Performance - In the Chinese market, organic revenue declined by 15.1%, and EBITDA on an organic basis fell by 17.4%, which was better than the expected declines of 17.9% and 26% respectively [1] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion on a low base [1] - The South Korean market performed better than the overall market, with sales remaining stable and average selling prices increasing by mid-single digits year-on-year due to revenue management measures and continuous new product launches [1] Investment Rating - The company is rated as "Buy" by Goldman Sachs, with a target price set at HKD 8.9 [1]