[ET Net News Agency, 31 July 2020] Morgan Stanley raised its target price for Budweiser
Brewing (BUD APAC)(01876) to HK$31 from HK$28 and maintained its "overweight" rating.
The research house said BUD recorded mid-single-digit volume growth in May and June in
China, and also recorded its highest monthly volume on record in China with healthy
channel inventory.
Morgan expects a gradual recovery in the nightlife channel (80% opening rate as of the
end of June, versus 90% in the restaurant and 100% in in-home channels) to support
high-single-digit volume growth with an improvement in pricing in 2H.
Morgan increased its 2021-22 reported earnings by 4-5% and normalized EBITDA by 3-4%,
respectively, factoring in stronger-than-expected recovery. (KL)
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01876 BUD APAC
Nominal 
11.000 -0.160 (-1.434%) Research Report
31/07/2020 15:15
{I-bank focus}Morgan raises BUD APAC (01876) to HK$31
| Remark: | Real time quote last updated: 30/04/2024 17:59 |
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