Furui released a research report sayingbingolotteryticket, maintain Budweiser Asia Pacific (01876)"Buy" ratingbingolotteryticket, lowered the annual earnings forecasts from 2024 to 2026 by 11%, 7%, and 6% respectively to reflect the lowered sales forecast and profit expansion estimates. It is also expected that as the base effect abates, the group's business performance will improve in the second half of the year., with the target price from 21bingolotteryticket.2 Hong Kong dollar lowered to 18bingolotteryticket.7 Hong Kong dollars.
The report quoted Budweiser Asia Pacific management as saying that due to the reopening of the mainland in the first half of last year, the industry is expected to face a high base in the Chinese market in the next quarter; and severe weather has also affected South China. At the same time, management remains confident in the profit margin prospects of the Korean market. Furry expects Budweiser to record normalized EBITDA of approximately US$584 million in the Asia-Pacific second quarter, which means a natural growth of 1%, while sales are expected to fall by 2.8%.