Furui: EBITDA of Budweiser APAC (01876) in the first quarter exceeds expectations, rated as "Buy"

Wisdom Finance app learned that Credit Suisse released a research report stating that Anheuser-Busch InBev Asia Pacific (01876) had a normalized EBITDA of $463 million in the first quarter, 2% higher than expected, mainly driven by strong performance in the eastern region of the Asia Pacific. Sales exceeded expectations by 3%, driven by the eastern and western markets of the Asia Pacific, with particularly outstanding sales performance in the Indian market. In the Chinese market, revenue decreased by 4% in the quarter, mainly due to the company's increased investment to support wholesalers and promote brand activities in households and emerging channels. Sales volume decreased by 1.5% in the quarter, while normalized EBITDA decreased by 10.9% year-on-year. Management mentioned that the Chinese market has slightly improved, and the decline in sales volume is narrowing on a quarterly basis. The bank has a target price of HK$9.4 and a "buy" rating.