Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's earnings and sales forecasts due to challenging market conditions, particularly weak beer demand in China during Q3, affecting its premium and super-premium beer categories [1][2]. Summary by Category Earnings Forecast - Budweiser APAC's earnings forecast for 2025 has been reduced by 14% [1][2]. - The earnings forecasts for 2026 and 2027 have also been lowered by 8% based on the low base from 2025 [1][2]. Sales and Operating Profit - Sales and operating profit forecasts for Budweiser APAC have been adjusted downwards by 7% and 13%, respectively [1][2]. Target Price and Rating - The target price for Budweiser APAC has been decreased from HKD 9.5 to HKD 9.3, while the rating remains "Overweight" [1][2].

Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's (01876) 2025 earnings forecast by 14% due to ongoing challenging market conditions, particularly in China where beer demand remains weak in Q3 [1] Financial Projections - Sales and operating profit forecasts have been reduced by 7% and 13% respectively, reflecting the impact of weak demand on the company's premium and super-premium beer categories [1] - The earnings forecast for 2026 to 2027 has been adjusted downwards by 8% from the low base of 2025 [1] Target Price and Rating - The target price for Budweiser APAC has been lowered from HKD 9.5 to HKD 9.3, while maintaining an "Overweight" rating [1]

Core Viewpoint - Morgan Stanley has downgraded Budweiser APAC's 2025 earnings forecast by 14% due to ongoing challenging market conditions, particularly in China where beer demand remains weak, impacting the company's premium and super-premium beer categories [1] Group 1: Earnings and Sales Forecast - The sales and operating profit forecasts for Budweiser APAC have been reduced by 7% and 13% respectively, reflecting the continued inventory destocking situation [1] - The earnings forecast for 2026 to 2027 has been adjusted downwards by 8% from the low base of 2025 [1] Group 2: Target Price and Rating - The target price for Budweiser APAC has been lowered from HKD 9.5 to HKD 9.3 [1] - The rating for Budweiser APAC remains "Overweight" despite the downgrades [1]