The Zhitong Finance App learned that Budweiser Asia Pacific (01876) fell by more than 7%. As of press release, it was down 7.09% to HK$655, with a turnover of HK$250 million.
According to the news, Budweiser Asia Pacific recently announced its interim results up to the end of June 2026. The company achieved revenue of US$3.171 billion in the first half of the year, a year-on-year decrease of 1.4% on an endogenous basis; adjusted EBITDA fell 8.9% to US$926 million. Operating pressure increased further in the second quarter, with revenue falling 2.1% year on year to US$1,678 billion; sales fell 4.1% year on year, and EBITDA profit margin fell 229 basis points year on year to 27.6%. The drag mainly comes from the Chinese market. In the second quarter, sales volume in China fell 9.7% year on year, revenue fell 8.6%, and adjusted EBITDA fell 15.9%. Overall performance was weaker than the group average.
Yamato believes that although the base period for the same period last year was low, the company's sales volume in China in the third quarter will still be under pressure, and the performance may fall short of market expectations. As the stock price rebounded more than 15% in July, its valuation was more reasonable, so the rating was downgraded from “buy” to “hold”, and the target price was lowered from HK$9.2 to HK$7. The report points out that management was cautious about sales in China in the third quarter, stressing that there was no significant improvement in the catering channel in July, and that channel inventory levels may continue to decline slightly in the second half of the year.