[ET Net News Agency, 26 February 2021] Daiwa Research lifted its target price for
Budweiser Brewing APAC (01876) to HK$29.2 from HK$27 and upgraded its rating to
"outperform" from "hold".
The research house cited management noting that the sales momentum built in 4Q 2020 has
continued into 1Q 2021. During the Lunar New Year, consumers stayed in coastal regions and
tier-1 cities instead of returning to their home provinces, which resulted in some
pressure on sales volumes in Northeastern China but supported growth in Southern and
Eastern markets. Daiwa sees this as positive for the product mix and ASP.
Meanwhile, its market share has continued to improve QoQ since 2Q 2020, pandemic-related
precautions pressured sales from 4Q 2020 until restrictions gradually eased in February
2021. Daiwa lowered its 2021-22 revenue and EPS estimates by 2% and 6-8%, respectively,
due to weaker ex-China sales volumes and higher tax and selling expenses. (KL)
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01876 BUD APAC
Nominal 
10.040 +0.020 (+0.200%) Research Report
26/02/2021 14:14
{I-bank focus}Daiwa upgrades Bud APAC (01876) to HK$29.2
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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