Lyon: Lowering BUD APAC (01876) target price to 9.3 Hong Kong dollars, maintaining "outperform" rating.

Lyon released a research report stating that BUD APAC (01876) continued to improve its business in China in the second quarter, but is expected to face challenges in the third quarter. This is due to the impact of the official ban on alcohol in some occasions from June, affecting restaurant channels, continuous destocking of channels, and a high revenue base. The bank has lowered the target price for BUD APAC from 10.4 Hong Kong dollars to 9.3 Hong Kong dollars, maintaining a "outperform" rating, with a dividend yield of over 5% providing support for the downside of the stock price. At the same time, profit forecasts have been lowered, with revenue and EBITDA forecasted to decline by 6% and 9% respectively in 2025.