大华继显：百威亚太末季中国业务改善 目标价9.9港元

Core Viewpoint - Budweiser APAC (01876) reported a revenue of $1.073 billion for Q4 2025, representing a 4% year-on-year decline, primarily due to a 0.7% drop in sales volume and a 4% decrease in average selling price [1] Group 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 contracted by 425 basis points [1] - The company aims to restore growth momentum in 2026, 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] Group 2: Market Insights - In the Chinese market, there are signs of improvement in Q4 2025, with sales volume and market share stabilizing [1] Group 3: Analyst Rating - The firm maintains a "Buy" rating with a target price of HKD 9.9 [1]