BUZZ-HK-listed Budweiser Brewing falls on Q3 earnings miss

Reuters2023-10-31

** Shares of Budweiser Brewing Company APAC Ltd fall 3.7% to HK$14.90, marking their biggest one-day drop since Oct 13

** Stock on course to snap four straight sessions of gains

** BUD APAC's stock down 38.7% YTD

** The brewer says its 9-month profit attributable to shareholders down 5.4% YoY to $875 mln, while revenue up 11.5% YoY to $5.56 bln

** "In South Korea, we experienced a challenging operating environment while seeing sequential improvement quarter over quarter, followed by a recent price increase" - Jan Craps, CEO and Co-Chair

** Jefferies says BUD APAC's 3Q23 revenue and normalized EBITDA were in line, but normalized net profit was lower than estimate

** BUD APAC's 1% YoY 3Q23 core net profit decline was below our expectation given weaker-than-expected performance in South Korea - Citi

** China's rivals also fall with Tsingtao slipping 0.8%, China Resources Beer down 3.8%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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