小摩：降百威亚太(01876)目标价至7.9港元 维持“中性”评级

Core Viewpoint - Morgan Stanley forecasts that Budweiser APAC (01876) will experience a decline in natural sales and EBITDA by 6.4% and 8.6% respectively in 2025, followed by annual growth of 4% and 6% from 2026 to 2027 [1] Financial Projections - The target price for Budweiser APAC has been lowered from HKD 8.5 to HKD 7.9, while maintaining a "neutral" rating [1] - The expected dividend yield for the company is projected to reach 5.7%, providing downside support for its stock price [1] Recent Performance - For the fourth quarter of the previous year, Budweiser APAC's natural revenue is expected to decline by 5.4% year-on-year, with EBITDA dropping by 10.5%, compared to declines of 8.4% and 6.9% in the third quarter [1] Regional Business Insights - The company's business in China continues to show weakness, while growth in South Korea has slowed due to a high comparison base; strong growth in India has not been sufficient to boost overall group performance [1] - Despite increased advertising and promotional investments in home channels, sales and profits in China remain under pressure [1]