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<Research>UBS Slightly Trims TP for BUD APAC (01876.HK) to HKD8.6, Expects Slower Recovery in CN Sales
Recommend 3 Positive 3 Negative 2 |
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BUD APAC (01876.HK) was expected to log a YoY decline of 6.1% in revenue and 9.8% in normalized EBITDA for 2025, at USD5.764 billion and USD1.588 billion, respectively, below street consensus, UBS Global Research's report said. This implied that revenue and normalized EBITDA for 4Q25 will fade by 4.2% and 24.7% YoY, to USD1.073 billion and USD167 million, respectively. The broker raised its revenue forecasts on the company for 2026-28 by 2-3%, mainly reflecting the expected appreciation of RMB. However, it expected the pace of sales recovery in the Chinese market to slacken and may be delayed until 2H26. The target price was slightly lowered from HKD8.75 to HKD8.6, with Buy rating kept. AASTOCKS Financial News Website: www.aastocks.com |
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