里昂：百威亚太(01876)上季净亏损高于预期 派息符预期 予“跑赢大市”评级

Core Viewpoint - Credit Suisse has set a target price of HKD 9 for Budweiser APAC (01876) and rated it as "Outperform" based on its fourth-quarter performance, which was largely in line with expectations despite a decline in organic revenue and EBITDA [1] Financial Performance - For the fourth quarter, Budweiser APAC reported an organic revenue decline of 4% year-on-year and an organic normalized EBITDA drop of 25%, which was in line with both Credit Suisse's expectations and market consensus [1] - The net loss was higher than expected due to tax expenses exceeding forecasts [1] Market Analysis - The Chinese market continues to negatively impact overall performance, with revenue decreasing by 11% and a continuous narrowing of sales decline; however, investments in home channels and product mix changes have not yielded positive results, leading to pressure on average selling prices [1] - Conversely, the South Korean and Indian markets showed stable performance [1] Dividend and Strategic Focus - The dividend payout met expectations, indicating a stable return to shareholders [1] - Key areas for attention include macroeconomic policies, the development of home channels, and marketing budgets [1]