大行评级丨里昂：百威亚太去年第四季度业绩大致符预期，评级“跑赢大市”

Core Viewpoint - The report from Credit Lyonnais indicates that Budweiser APAC's Q4 performance was largely in line with expectations, with organic revenue declining by 4% year-on-year and organic normalized EBITDA dropping by 25% [1] Group 1: Financial Performance - Organic revenue decreased by 4% year-on-year in Q4 [1] - Organic normalized EBITDA fell by 25% year-on-year, aligning with the bank's expectations and market consensus [1] - Net loss exceeded expectations due to higher-than-expected tax expenses [1] Group 2: Market Performance - The Chinese market continues to drag down overall performance, with revenue declining by 11% [1] - Sales volume decline has been narrowing consecutively, but investments in home channels and product mix changes did not yield positive results, leading to pressure on average selling prices [1] - Conversely, the markets in South Korea and India showed stable performance [1] Group 3: Dividends and Ratings - The proposed dividend is in line with expectations, suggesting a payout of 5.66 cents per share [2] - Credit Lyonnais set a target price of HKD 9 for Budweiser APAC and maintains a "Outperform" rating [1][2] - Key areas to monitor include macro policies, development of home channels, and marketing budgets [1]