里昂：百威亚太上季净亏损高于预期 派息符预期 予“跑赢大市”评级

Core Viewpoint - The report from Citi maintains a target price of HKD 9 for Budweiser APAC (01876) and rates it as "outperform" [1] Group 1: Financial Performance - 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%, which aligns with Citi's forecasts and market consensus [1] - The net loss was higher than expected due to tax expenses exceeding projections [1] Group 2: Market Analysis - The Chinese market continues to drag down overall performance, with revenue decreasing by 11% and sales volume experiencing a continuous narrowing of decline; however, investment in home channels and product mix changes did not yield positive results, leading to pressure on average selling prices [1] - Conversely, the group's performance in South Korea and India remains robust [1] Group 3: Key Focus Areas - Key areas of concern include macroeconomic policies, the development of home channels, and marketing budgets [1]