Core Viewpoint - Morgan Stanley predicts that Budweiser APAC's Q3 natural revenue and EBITDA will decline by 7% and 9% year-on-year, with a worsening trend compared to Q2's declines of 3.9% and 4.5% [1] Group 1: Market Performance - The Chinese market continues to drag down performance, with moderate demand affected by current anti-extravagance policies and intense promotions from delivery platforms [1] - The South Korean market also shows a slowdown in Q3 due to weakened consumer sentiment, although price increases in November 2024 and April 2025 are expected to provide support [1] Group 2: Future Projections - For 2025, Budweiser APAC's sales and EBITDA are forecasted to decline by 4.7% and 5.7% year-on-year, with a compound annual growth rate of 4.5% and 6.5% from 2025 to 2027, excluding exchange rate factors [1] - The company is expected to increase its dividend payout ratio to 125% to maintain a total dividend of $750 million in 2025, implying a dividend yield of 5.5%, which provides downside support for the stock price [1] Group 3: Rating and Target Price - Morgan Stanley maintains a "Neutral" rating on Budweiser APAC, lowering the target price from HKD 9 to HKD 8.5 [1]

摩根大通发布研报称，下调百威亚太(01876)目标价5.6%，从9港元下调至8.5港元，维持"中性"评级。 小摩下调对该公司EBITDA预测5-7%后，预计百威亚太2025年的销售额/EBITDA将同比下降 4.7%/5.7%，2025-2027年期间实现4.5%/6.5%的复合年增长率(扣除外汇基本)。小摩预计其派息比率将提 高至125%，以维持2025年7.5亿美元的总股息(与2024年持平)，这意味着5.5%的股息收益率将具有吸引 力，为股价下行提供支撑。 小摩预计，百威亚太2025年第三季度有机收入/EBITDA同比下降7%/9%，跌幅高于第二季度。中国市场 仍然是个拖累，反奢靡政策以及外卖促销活动加速整体市场需求的低迷。鉴于基数较低，小摩预计中国 市场EBITDA增长将在2025年第四季转正。由于消费情绪疲软，韩国市场2025年第三季也出现放缓。然 而，价格上升带来的利好对增长有帮助，这种势头或持续到2025年第四季。 ...

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"。 ...

奥本海默将农用设备生产商迪尔的目标价从566美元下调至512美元，维持"跑赢大市"评级。(格隆汇) ...

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]

RBC Capital将Figma的目标价从75美元下调至65美元，维持"与行业同步"评级。(格隆汇) ...