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<Research>JPM Cuts BUD APAC (01876.HK) TP to $8.9; 1Q Results a Mixed Bag
JP Morgan released a research report, covering BUD APAC (01876.HK), which charted an 11% YoY shrinkage in sales and a 19% YoY drop in profit for 1Q25, broadly in line with street c...
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<Research>JPM Cuts BUD APAC (01876.HK) TP to $8.9; 1Q Results a Mixed Bag
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JP Morgan released a research report, covering BUD APAC (01876.HK)  +0.190 (+2.199%)    Short selling $78.15M; Ratio 24.155%   , which charted an 11% YoY shrinkage in sales and a 19% YoY drop in profit for 1Q25, broadly in line with street consensus.

Excluding FX impacts, sales and EBITDA ebbed 7.5% and 11.2% YoY, respectively. The Chinese market was plagued by channel destocking pressures and on-trade weakness, while the South Korean market executed better.

Related NewsCCBI Cuts BUD APAC's TP to $9.4; Rating Kept Outperform
Looking ahead, JP Morgan predicted that the brewer's sales volume will continue to sink in 2Q25, with a recovery expected in 3Q25. The broker forecast full-year 2025 sales and EBITDA growth of 2.9% and 2.8% YoY, respectively.

It upheld a Neutral rating and lowered the target price on BUD APAC from HKD9.2 to HKD8.9, corresponding to an about 17x 2026E P/E.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-13 16:25.)

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