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百威亚太(01876.HK)2025年中报点评:延续去库 务实调整
Ge Long Hui· 2025-08-01 19:21
Core Viewpoint - The company reported a decline in revenue and profitability for the first half of 2025, with a total revenue of $3.14 billion, a normalized EBITDA of $980 million, and a normalized net profit of $470 million, reflecting year-on-year decreases of 7.7%, 10.6%, and 14.1% respectively [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of $1.68 billion, with a year-on-year decline of 4.6% in reported terms and 3.9% in organic terms [1] - The normalized EBITDA for Q2 2025 was $500 million, showing a year-on-year decrease of 5.7% in reported terms and 4.5% in organic terms [1] - The normalized net profit for Q2 2025 was $240 million, reflecting a year-on-year decline of 6.3% [1] Group 2: Regional Performance - In the Asia-Pacific West region, revenue declined by 2.7% year-on-year in Q2 2025, while normalized EBITDA showed a 1.4% organic growth due to a low base effect [1] - The China region continued to experience inventory reduction, with a revenue decline of 6.4% year-on-year in Q2 2025, driven by policy impacts and a focus on inventory reduction [1] - The Indian market showed strong growth in high-end and ultra-high-end products, offsetting the weak demand in China, contributing to a more stable performance in the Asia-Pacific West region [1] Group 3: Future Outlook - The company expects to continue its inventory adjustment in Q3 2025, with a potential return to normal growth in Q4 2025 due to low base effects [3] - The non-current drinking channel in China is being expanded, with high-end and ultra-high-end products gaining a larger share compared to current drinking channels [3] - The Indian region is anticipated to maintain its growth momentum, with double-digit growth in high-end and ultra-high-end products [3]
百威亚太(01876):延续去库,务实调整
Huachuang Securities· 2025-08-01 04:16
Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1]. Core Insights - The company reported a total revenue of USD 3.14 billion for H1 2025, showing a year-on-year decline of 7.7% [1]. - Normalized EBITDA for the same period was USD 980 million, reflecting a decrease of 10.6% year-on-year [1]. - The normalized net profit attributable to shareholders was USD 470 million, down 14.1% compared to the previous year [1]. - In Q2 2025, total revenue was USD 1.68 billion, with a year-on-year decline of 4.6% [1]. - The report highlights ongoing inventory reduction and pragmatic adjustments in operations [1]. Financial Performance Summary - For 2024A, total revenue is projected at USD 6.246 billion, with a year-on-year growth rate of -9.0% [2]. - The net profit attributable to shareholders for 2024A is estimated at USD 726 million, reflecting a decline of 14.8% year-on-year [2]. - The earnings per share (EPS) for 2024A is expected to be USD 0.05, with a price-to-earnings (P/E) ratio of 19 [2]. - The company’s total market capitalization is approximately HKD 109.4 billion [3]. Regional Performance Insights - In the Asia Pacific West region, revenue declined by 2.7% year-on-year in Q2 2025, while normalized EBITDA showed a slight increase of 1.4% [6]. - The Asia Pacific East region experienced a revenue drop of 8.4% year-on-year in Q2 2025, primarily due to a high base effect and preemptive price increases [6]. - The report anticipates continued adjustments in Q3, with a potential return to stable growth in Q4 due to low base effects [6]. Future Outlook - The report projects a recovery in growth rates for Q4 2025, driven by ongoing adjustments and inventory management strategies [6]. - The normalized net profit forecasts for 2025, 2026, and 2027 are USD 762 million, USD 823 million, and USD 871 million respectively, corresponding to P/E ratios of 18, 17, and 16 [6].
百威亚太(01876):2024年报点评:报表出清,换帅启程
Huachuang Securities· 2025-02-27 08:40
Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10, while the current price is HKD 8.66 [2][6]. Core Insights - The company reported a total revenue of USD 6.246 billion and normalized EBITDA of USD 1.807 billion for the year 2024, reflecting a year-on-year decline of 7.0% and 6.3% respectively. The normalized net profit attributable to shareholders was USD 778 million, showing a decrease of 15.2% [2][7]. - The fourth quarter results showed revenue and normalized EBITDA of USD 1.142 billion and USD 228 million respectively, with a year-on-year decline of 11.0% and 7.2% [2][7]. - The company plans to distribute a dividend of USD 750 million, which is a 7% increase, resulting in a payout ratio of 103.25% [2]. Financial Performance Summary - For the fiscal year 2024, Budweiser APAC's total sales volume decreased by 8.8%, with a significant decline in the Chinese market, where sales volume and price per ton saw year-on-year declines of 11.8% and 1.4% respectively [6][7]. - The company experienced a mixed performance across regions, with the Asia Pacific West region facing challenges while the Asia Pacific East region showed strong growth, particularly in South Korea [6][7]. - The overall gross margin for 2024 was 50.4%, with a slight year-on-year increase of 0.6 percentage points [6][7]. Future Outlook - Looking ahead to 2025, the company aims to prioritize market share recovery and has implemented significant management changes to drive this strategy. The new leadership is expected to bring renewed energy to the company's operations [6][7]. - The company plans to enhance its product offerings and increase marketing expenditures, particularly in key regions such as Fujian and Guangdong [6][7]. - The projected net profit for 2025 is adjusted to USD 815 million, with a corresponding PE ratio of 18 times [6][7].