Jefferies published a research report, quoting Budweiser Asia Pacific management as saying that due to the reopening of the mainland in the first half of last year, the industry is expected to face another high base in the Chinese market next quarter; in addition, the bad weather also affected the South China region. Meanwhile, management remains confident about the profit margin prospects of the Korean market.

Jefferies expects Budweiser Asia Pacific to record a normalized EBITDA of about US$584 million in the second quarter, which represents a 1% natural increase, while sales are expected to drop 2.8%. The bank also lowered the Group's target price from HK$21.2 to HK$18.7, maintaining a “buy” rating. The bank also lowered the Group's earnings estimates for 2024 to 2026 by 11%, 7%, and 6% respectively to reflect the lowered sales forecasts and profit expansion estimates. It is also expected that the Group's business performance will improve in the second half of the year as the base effect declines.