BOCOM INTL: Maintains target price of HK$8.9 and "Buy" rating on BUD APAC (01876).

BOCOM INTL released a research report stating that it maintains a target price of HK$8.9 and a "buy" rating for BUD APAC (01876). The bank stated that the first quarter performance exceeded market expectations, with sales returning to positive growth. Revenue decreased by 0.7% year-on-year to $1.493 billion, with overall sales increasing by 0.1% year-on-year for the first time in several quarters, mainly due to continued strong double-digit growth in the Indian market and further narrowing of sales decline in the Chinese market; normalized EBITDA decreased by 8.1% year-on-year to $463 million, with profit pressure mainly coming from investments in the company's channels and brands. Looking ahead to 2026, the management clearly sees stabilizing Chinese sales as a top priority, with channel expansion and product innovation strategies showing initial results. Combined with marketing for events like the World Cup, although short-term investments may affect profits, they are laying the foundation for long-term growth.