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Daiwa: Maintains a 'shareholding' rating for Bud APAC, cutting the target price to 12.5 Hong Kong dollars.
Morgan Stanley released a research report stating that the target price of Bud APAC (01876) has been lowered by 9.4%, from HK$13.8 to HK$12.5, while maintaining a "shareholding" rating. The bank indicated that the downward adjustment reflects a 2% reduction in earnings per share forecast for Bud APAC in 2024, and a 7% reduction in forecast for 2025-2026. This reflects: 1) a 2% reduction in forecast sales for 2024, as beer demand in China in the third quarter of this year is weaker than expected, with sales forecast for 2025-2026 reduced by 4-5%; 2) a forecasted decline in gross margin for 2024-2026, mainly due to lower sales of high-end products in China.
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