大行评级丨里昂：维持百威亚太“跑赢大市”评级，下调今明两年盈利预测

Core Viewpoint - The stock price reaction of Budweiser APAC after the announcement of Q4 2025 results was weak, attributed to sluggish performance in China, management's cautious outlook on the recovery of the dining channel in 2026, and uncertainties surrounding the dividend plan [1] Group 1: Company Performance - Budweiser APAC's management is focusing on home and O2O (online-to-offline) channels, but the recovery is expected to be gradual [1] - The company anticipates that sales recovery may be offset by additional investments and reductions in average selling prices [1] Group 2: Financial Forecasts - Citi has downgraded Budweiser APAC's earnings forecasts for the fiscal years 2026-2027 [1] - Despite the downgrade, the valuation has been moved forward by one year, maintaining the target price at HKD 9 [1] Group 3: Market Outlook - The outlook for the dining industry remains uncertain, with the company waiting for clear catalysts [1] - Positive news regarding the dining industry or O2O channels could present upside risks [1]