The Zhitong Finance App learned that France and Pakistan released a research report saying that they gave Budweiser Asia Pacific (01876) a “buy” rating and lowered the net profit forecast for 2024 by 4%, taking into account the decline in sales, but the profit estimates for 2025 to 2028 remained largely unchanged. The reduction in sales forecasts and the negative impact of the exchange rate were the same reasons for the bank's sales reduction. The reasonable value was lowered from HK$18.5 to HK$17.5.

According to the report, Budweiser Asia Pacific's beer sales volume and average sales price in the first quarter were lower than the market and the bank's expectations, but the increase in earnings before interest, taxes, depreciation and amortization (EBITDA) exceeded expectations. China's industrial disadvantages and tough competition have dragged down revenue, but the expansion of gross margins has boosted EBITDA growth, particularly in South Korea.