大行评级｜花旗：下调百威亚太目标价至11.4港元，维持“买入”评级

Core Viewpoint - Citigroup has lowered Budweiser APAC's sales forecasts for 2025 to 2027 by 3%, 4%, and 4% respectively, reflecting a weaker-than-expected outlook for the second half of 2025 in China [1] - The 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, Citigroup has reduced Budweiser APAC's core net profit forecasts for 2025 to 2027 by 10%, 10%, and 9% respectively [1] - The target price for Budweiser APAC has been adjusted from HKD 12.4 to HKD 11.4, while maintaining a "Buy" rating [1] - Citigroup's preference order for the domestic beer industry remains unchanged, ranking China Resources Beer, Budweiser APAC, and Tsingtao Brewery [1]