Budweiser Pacific (01876) is currently down 4.8% at HK$5.805, becoming the worst-performing blue chip. The stock has traded around 4.99 million shares, involving HK$292.5 million.

　　Jefferies released a research report stating that the outlook for Budweiser Pacific in the third quarter remains challenging, especially as beer demand in the Chinese market weakens further. Budweiser Pacific's performance is lagging behind the overall industry, leading to an evident deleveraging effect in operations. The Korean market is similarly weakening, while India remains a key growth engine. The brokerage expects the group's normalized EBITDA to plunge 33% to USD 306 million in the third quarter, lowering its target price by 10% from HK$8.4 to HK$7.5, while maintaining a "Buy" rating.

　　Jefferies noted that overall beer market demand in the third quarter of this year remains sluggish, primarily due to adverse weather conditions, slow recovery in the dining sector, and the closure of nightlife venues in certain regions. It expects Budweiser's performance to trail behind the industry average. Although the company has been increasing investment in at-home consumption channels, the contribution is not yet sufficient to offset the aforementioned negative factors. In addition, the company has been de-stocking during the period, with expected sales declines more significant than in the third quarter of 2025 (down 11.4%) and the second quarter of 2026 (down 9.7%).

　　Currently, the Hang Seng Index stands at 24,553, down 89 points or 0.4%, with main board turnover exceeding HK$28 billion. The国企 Index is at 8,188, down 28 points or 0.3%. The Hang Seng Tech Index is at 4,256, down 39 points or 0.9%.
 

Table showing performance of related stocks in the same sector

Stock (Code)	Current Price (HK$)	Change (%)
Budweiser Pacific (01876)	5.805	Down 4.76%
China Resources Beer (00291)	18.78	Down 0.48%
Tsingtao Beer (00168)	39.38	Down 0.56%

　(hc)