HSBC: Cuts AB InBev Asia Pacific (01876.HK) Target Price to HK$8.9, Maintains "Neutral" Rating.

According to the Wisdom Finance app, JPMorgan Chase released a research report stating that the first-quarter sales and profits of Budweiser APAC (01876.HK) fell by 11% and 19% respectively compared to the same period last year, which is roughly in line with market expectations. Excluding exchange rate factors, sales and EBITDA fell by 7.5% and 11.2% year-on-year, with the Chinese market facing pressure from channel destocking and weak performance in the food and beverage channel, while the Korean market performed relatively well. Looking ahead, JPMorgan predicts that Budweiser's sales volume in China will continue to decline in the second quarter of 2025, only turning positive in the third quarter. The group's full-year sales and EBITDA are expected to increase by 2.9% and 2.8% year-on-year, maintaining a "neutral" rating with a target price lowered from 9.2 Hong Kong dollars to 8.9 Hong Kong dollars, corresponding to a forecasted P/E ratio of about 17 times in 2026.