BUD APAC(HK:01876) Zhi Tong Cai Jing·2025-10-30 07:59Core Insights - Goldman Sachs reports that Budweiser APAC (01876) showed strong revenue performance in the Asia-Pacific East region for Q3, with organic revenue growth of 3.9% and organic EBITDA growth of 8.7%, surpassing the bank's expectations of 1.1% and 7.0% respectively [1] - The company maintains a "Buy" rating with a target price of HKD 8.9 [1] Group 1: Financial Performance - For Q3 2025, Budweiser APAC's organic sales decreased by 8.4%, better than Goldman Sachs' forecast of a 12.6% decline; standardized EBITDA was USD 438 million, with an organic decline of 6.9%, outperforming the expected USD 401 million (15.8% decline) [1] - The standardized EBITDA margin was reported at 28%, compared to the expected 26.9% [1] - Group-level organic EBIT fell by 6.1%, while standardized net profit was USD 204 million, a 9.3% year-on-year decline, better than the expected USD 182 million (19.1% decline) [1] - Q3 net profit was USD 185 million, down 8% year-on-year, primarily due to weak revenue [1] Group 2: Regional Performance - The Asia-Pacific West region's revenue declined by 12%, with organic EBITDA down 11.9%, outperforming Goldman Sachs' expectations of a 16.5% and 23% decline respectively [2] - In the Chinese market, organic revenue fell by 15.1% and organic EBITDA by 17.4%, better than the expected declines of 17.9% and 26% [2] - Average selling price decreased by 4.1%, with sales volume down 11.4%, although there was an expansion in household consumption, negatively impacted by brand mix due to destocking [2] - The Indian market achieved double-digit revenue growth and significant EBITDA margin expansion from a low base [2]