BUD APAC(HK:01876) Zhi Tong Cai Jing·2025-10-30 09:44Core Viewpoint - Morgan Stanley reports that Budweiser APAC (01876) third-quarter sales met expectations, while EBITDA performance exceeded concerns [1] Group 1: Sales Performance - In Q3 2025, Budweiser APAC's sales decreased by 8.4%, with a slight increase in average selling price by 0.1% and a year-on-year volume decline of 8.6% [1] - The Chinese market continues to face pressure, while the South Korean market shows stable performance [1] Group 2: EBITDA and Profitability - The standardized EBITDA margin in Q3 2025 saw an organic growth of 46 basis points to 28.2% [1] - For the first nine months of 2025, the gross margin increased organically by 42 basis points, while the EBIT margin decreased organically by 46 basis points [1] Group 3: Regional Performance - In the Asia Pacific West region, Q3 2025 organic sales fell by 12.0%, with volume down 9.9% and average selling price down 2.4%, leading to a standardized EBITDA decline of 11.9% [1] - In the Asia Pacific East region, Q3 2025 organic sales grew by 3.9%, with volume down 0.6% but average selling price up by 4.5%, resulting in a standardized EBITDA increase of 8.7% [1]