Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's target price by 5.6% from HKD 9 to HKD 8.5, maintaining a "Neutral" rating [1] Financial Projections - The company’s EBITDA forecast has been reduced by 5-7%, with expected sales and EBITDA for 2025 projected to decline by 4.7% and 5.7% year-on-year, respectively [1] - For the period of 2025-2027, a compound annual growth rate (CAGR) of 4.5% for sales and 6.5% for EBITDA is anticipated, excluding foreign exchange effects [1] Dividend Expectations - The dividend payout ratio is expected to increase to 125% to maintain a total dividend of USD 750 million for 2025, which is consistent with 2024, resulting in an attractive dividend yield of 5.5 that may support the stock price [1] Market Performance Insights - In Q3 2025, organic revenue and EBITDA are expected to decline by 7% and 9% year-on-year, respectively, with a more significant drop compared to Q2 [1] - The Chinese market continues to be a drag due to anti-extravagance policies and promotional activities that have accelerated the overall market demand slump [1] - Despite a low base, EBITDA growth in the Chinese market is expected to turn positive in Q4 2025 [1] - The South Korean market is also experiencing a slowdown in Q3 2025 due to weak consumer sentiment, although price increases are providing some positive momentum that may continue into Q4 2025 [1]

大和将万科H股目标价从6.15港元下调至4.70港元。 ...

大摩发表报告指，由于市况仍然严峻，将百威亚太2025年盈利预测下调14%，同时将销售额及经营利润 预测分别下调7%及13%，以考虑到中国于第三季啤酒需求持续疲弱，影响到公司的高端和超高端啤酒 类别，而去库存情况仍在持续。大摩将百威亚太2026至2027年盈利预测从2025年的低基数下调8%，目 标价相应由9.5港元下调至9.3港元，评级"增持"。 ...

Core Viewpoint - Oppenheimer has lowered the target price for agricultural equipment manufacturer Deere from $566 to $512 while maintaining an "Outperform" rating [1] Company Summary - The target price adjustment reflects a more cautious outlook on Deere's performance in the agricultural equipment sector [1] - The "Outperform" rating indicates that the company is still expected to perform better than the market average despite the price reduction [1]

高盛将新思科技的目标价从700美元下调至600美元，维持"买入"评级。(格隆汇) ...

Core Viewpoint - Wells Fargo has lowered the target price for Dow Chemical from $32 to $30 while maintaining an "Outperform" rating [1] Related Events - Deutsche Bank has also reduced the target price for Dow Chemical to $22 [1]

Core Viewpoint - Bank of America Global Research has lowered the target price for Texas Instruments (TXN.US) from $218 to $208 [1] Company Summary - The target price adjustment reflects a more cautious outlook on Texas Instruments' performance in the semiconductor industry [1]

Core Viewpoint - UBS has lowered the target price for GitLab from $73 to $60 while maintaining a "Buy" rating [1] Group 1 - The adjustment in target price reflects a reassessment of GitLab's market position and future growth potential [1]

Core Viewpoint - RBC Capital has lowered the target price for Figma from $75 to $65 while maintaining a "market perform" rating [1] Group 1 - The target price adjustment reflects a more cautious outlook on Figma's performance in the current market environment [1] - The "market perform" rating indicates that Figma is expected to perform in line with the broader industry trends [1]

Group 1 - UBS has lowered Adobe's target price from $430 to $400 while maintaining a "Neutral" rating [1]