BUD APAC(HK:01876) Ge Long Hui·2026-01-20 07:19Group 1 - Citi has lowered Budweiser APAC's (1876.HK) sales forecasts for 2025, 2026, and 2027 by 3%, 4%, and 4% respectively, reflecting a weaker outlook for the second half of 2025 in China [1] - The bank anticipates that sales in the fourth quarter of last year will also be negatively impacted due to the later timing of the Lunar New Year in 2026 [1] - Due to weakened operating leverage, Citi has reduced Budweiser APAC's core net profit forecasts for 2025, 2026, and 2027 by 10%, 10%, and 9% respectively [1] Group 2 - The target price for Budweiser APAC has been adjusted from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] - Citi's preference order for the Chinese beer industry remains unchanged, ranking China Resources Beer (0291.HK) first, followed by Budweiser APAC and Tsingtao Brewery (0168.HK) [1]