[ET Net News Agency, 26 February 2021] BOCI Research cut its target price for Budweiser
Brewing APAC (01876) to HK$30 from HK$30.2 and maintained its "buy" rating.
The research house said Bud APAC's 4Q 2020 results came in largely in-line with BOCI's
expectations. The tax expense amounted to US$77m in 4Q (implying 83.7% tax rate) arising
from tax audits and investigation on China/Korea business, which led to US$13m net profit
in 4Q versus US$69m by BOCI's estimates.
Generally, BOCI appreciates Bud APAC's continued upscale efforts in China, especially in
portfolio upgrade and e-commerce channel expansions, and looks forward to sustained
market share regain in Korea in 2021 by new innovation and launches, following the good
momentum in 4Q 2020. (KL)
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01876 BUD APAC
Nominal 
10.760 +0.040 (+0.373%) Research Report
26/02/2021 15:31
{I-bank focus}BOCI trims Bud APAC (01876) to HK$30; "buy"
| Remark: | Real time quote last updated: 25/04/2024 15:19 |
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