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<Research>UOB Kay Hian Sets BUD APAC's TP at HKD9.9 w/ Rating Buy; CN Operations Improve in 4Q
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BUD APAC (01876.HK)'s 4Q25 revenue slipped by 4% YoY to USD1.073 billion, primarily due to a 0.7% decline in volume and a 4% drop in average selling price, according to a report from UOB Kay Hian.

Meanwhile, BUD APAC's normalized EBITDA decreased by 25% YoY to USD167 million, with the corresponding profit margin narrowing by 425 bps to 15.6%. In the Chinese market, there were signs of improvement in the company's operations in 4Q25, with volume and market share stabilizing.

UOB Kay Hian maintained a Buy rating on BUD APAC, with a target price of HKD9.9.

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