Morgan Stanley said in a research report that BUD APAC (01876.HK) -0.170 (-2.109%) Short selling $36.13M; Ratio 31.543% reported first-quarter revenue of USD1.49 billion, down 0.7% YoY, mainly due to a slight 0.1% YoY increase in volume and a mild decline in average selling price. The result was above the brokers forecast of USD1.45 billion. During the period, the India market delivered strong performance, while the decline in the China market narrowed.Normalized EBITDA for the first quarter fell 8.1% YoY to USD463 million, above the brokers estimate of USD457 million. Normalized EBITDA margin decreased 246 bps YoY to 31%. Gross margin edged up 1 bp YoY, while EBIT margin declined 164 bps YoY.Related News Citi Cuts BUD APAC (01876.HK) TP to HKD10.9, Lowers Earnings ForecastsLooking ahead, the broker expected the companys EBITDA growth to continue improving, mainly driven by a YoY recovery in sales volume in S Korea on a normalized base and YoY margin improvement in the China market. It maintained an Overweight rating with a TP of HKD9. (ss/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)
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