CICC: Maintains "Outperform" rating for AB InBev Asia Pacific (01876) with a target price of 9.80 Hong Kong dollars.

Wisdom Financial APP learned that Zhongjin released a research report stating that considering the weak demand in the Chinese region, it has respectively lowered the EBITDA of Budweiser APAC (01876) in 2025/2026 by 6%/6% to 17.88/18.86 billion US dollars. The current stock price corresponds to a 6.3/5.8 times EV/EBITDA in 2025/26. Considering Budweiser APAC's leading position in the high-end beer market, the bank maintains a target price of HK$9.80 per share, corresponding to a 7.6/7.0 times EV/EBITDA in 2025/26, with a 15.8% upside potential from the current stock price, and maintains an outperform industry rating.