JPMorgan Adjusts Price Target for Budweiser APAC Lower, Keeps Neutral Stance

Stock News10:34

JPMorgan issued a research note indicating that BUD APAC (01876) delivered a weaker-than-expected performance in the second quarter. The firm forecasts a 1% year-on-year decline in organic revenue and an 8% drop in EBITDA, trends similar to those seen in the first quarter.

The bank noted that the China market continues to weigh on overall results, impacted by unfavorable weather and a slower-than-anticipated recovery in the food service channel. Both product volume and average selling price are expected to have decreased. Concurrently, expenses related to World Cup promotions and new product launches have increased, putting further pressure on profit margins.

JPMorgan projects that the group's full-year 2026 organic sales will be flat year-on-year, with EBITDA declining by 4%. The forecast for the compound annual growth rate from 2026 to 2028 is 3% for sales and 5% for EBITDA.

Consequently, the bank has lowered its earnings per share forecasts for the 2026-2028 period by 9%. It has also reduced its price target for the stock from HK$8.2 to HK$6.7, while maintaining a "Neutral" rating on the shares.

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