CICC: Budweiser APAC's first quarter performance in line with expectations, full year performance expected to stabilize quarter by quarter.

According to the Zhitong Finance APP, CICC released a research report stating that Budweiser APAC (01876.HK) saw a 0.1% year-on-year increase in total sales in the first quarter, a 0.7% year-on-year decrease in revenue, a 0.8% year-on-year decrease in average selling price, and an 8.1% year-on-year decrease in EBITDA; performance met the bank's expectations. With the narrowing decline in sales in China, continued strength in India, and improved market share in Korea, the bank believes that the full-year performance is expected to stabilize quarter by quarter. Considering the company may increase investment moderately, the bank lowered its EBITDA forecast for 2026 and 2027 by 3% each, to $1.544 billion and $1.587 billion respectively. Due to the dividend yield supporting the stock price, the bank maintains a target price of HK$9.8 for Budweiser APAC and a "outperform" rating.