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<Research>JPM Keeps Neutral on BUD APAC; CN Operations Weigh On Quarterly Results
Recommend 1 Positive 1 Negative 2 |
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BUD APAC (01876.HK) experienced a 25% YoY decline in EBITDA for 4Q25, 12% below market consensus, according to JPMorgan's research report. The company's sales also dropped by 4% YoY. JPMorgan blamed Bud China for being the main drag, as it recorded 11% and 42% YoY decreases in sales and EBITDA because of increased promotional activities and significant deleveraging effects. On the positive side, however, Bud China has shown improved sales momentum since 4Q25, and it aims to rekindle growth in FY26 by ramping up investment in at-home consumption distribution capabilities. JPMorgan forecasts the group's sales and EBITDA to grow by 3.4% and 5.4% YoY in 2026. JPMorgan has kept a Neutral rating on BUD APAC, with a target price of HKD7.9. AAStocks Financial News |
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