大行评级｜招商证券国际：维持百威亚太“中性”评级 需求拐点尚待确认

Group 1 - The core viewpoint of the report indicates that Budweiser APAC's profitability in the fourth quarter of last year was pressured by concentrated cost recognition and high base effects, but most negative impacts have been absorbed, and a demand turning point is yet to be confirmed [1] - The report states that the EBITDA forecasts for Budweiser APAC for 2025 and 2026 have been lowered by approximately 5% [1] - The rating for Budweiser APAC is maintained at "Neutral," with a target price set at HKD 7.5 [1]