BUD APAC(HK:01876) 智通财经网·2025-10-31 08:07Core Viewpoint - UBS reports that Budweiser APAC (01876) is expected to see a decline in revenue and adjusted EBITDA for Q3 2025, with figures of $1.555 billion and $438 million respectively, representing year-on-year decreases of 8.8% and 8.6%, which are slightly below UBS's expectations by 1-3% but generally in line with market expectations [1] Financial Performance - Revenue for Q3 2025 is projected at $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 2025 is projected at $438 million, down 8.6% year-on-year [1] Earnings Forecast - UBS has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% due to ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The anticipated recovery is expected to be delayed until 2026 [1] Investment Rating - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends in 2025 [1] - The target price has been adjusted from HKD 9.07 to HKD 8.75 [1]