大行评级丨里昂：百威亚太第三季业绩略胜预期 目标价降至9港元

Core Viewpoint - The report from Credit Lyonnais indicates that Budweiser APAC's Q3 performance slightly exceeded expectations, primarily driven by stronger-than-expected growth in the South Korean market, while the Chinese market remains under pressure. The future outlook hinges on the potential recovery of the Chinese market in the coming year, with uncertainties surrounding consumer sentiment and market competition leading to low visibility for recovery [1] Revenue and Profit Forecasts - Credit Lyonnais has revised Budweiser's revenue forecasts for 2025 to 2027 down by 1.3%, 2%, and 3% respectively, and profit forecasts down by 0.3%, 9.8%, and 11% [1] - The target price has been adjusted from HKD 9.3 to HKD 9, while maintaining an "outperform" rating [1] Market Performance Insights - The Chinese market is expected to continue dragging down overall sales and profit margins in Q4 [1] - The South Korean market is benefiting from price increases and product mix upgrades, which are anticipated to sustain growth [1]