大摩：下调百威亚太今明两年盈测 评级“增持”目标价维持9港元

Core Viewpoint - Morgan Stanley has revised its earnings forecasts for Budweiser APAC (01876), lowering its profit estimates for the next two years by 12% and 14% respectively, while maintaining an "Overweight" rating and a target price of HKD 9 [1] Group 1: Earnings Forecasts - The earnings forecast for Budweiser APAC for 2025 and guidance for 2026 have been incorporated into Morgan Stanley's predictions [1] - The bank has introduced a 2028 earnings per share estimate of 6 cents [1] Group 2: Price and Margin Adjustments - Average selling price forecasts for 2026 and 2027 have been reduced by 2% to 3% due to an increased share of household drinking channels in China [1] - This adjustment in average selling price has led to a decrease in gross margin forecasts for 2026 and 2027 by 1.1 and 2 percentage points respectively [1] Group 3: Expense Ratio Adjustments - The bank has increased its projections for the sales, general, and administrative expense ratios, reflecting investments in the changing channels in China and commercial investments in the eastern and western regions [1]