大华继显：百威亚太(01876)末季中国业务改善 目标价9.9港元

Core Viewpoint - Budweiser APAC (01876) reported a revenue of $1.073 billion for Q4 2025, reflecting a year-on-year decline of 4% due to a decrease in sales volume and average selling price by 0.7% and 4% respectively [1] Financial Performance - Normalized EBITDA for Q4 2025 was $167 million, down 25% year-on-year, with a corresponding profit margin of 15.6%, which represents a contraction of 425 basis points [1] Market Insights - In the Chinese market, there are signs of improvement in Q4 2025, with sales volume and market share stabilizing [1] Future Outlook - For 2026, the company aims to regain growth momentum, with an upward potential for the proportion of commercial investment relative to net income, while profit margin improvement is expected to be a long-term goal [1] Analyst Rating - The firm maintains a "Buy" rating with a target price of HKD 9.9 [1]