[ET Net News Agency, 7 May 2021] Goldman Sachs lifted its target price for Budweiser
APAC (01876) to HK$30 from HK$29 and reiterated its "buy" rating.
Following Bud APAC's better than expected 1Q result, the research house remains
constructive on the recovery trend into 2021. Goldman sees the ASP hike in China, solid
momentum into 2Q, and a more diversified premium/super-premium portfolio as the key
positives from results/briefing.
Together with the better mix improvement, Goldman expects mid- to high-single-digit ASP
growth for the rest of 2021. It revised up Bud's 2021-23 EBITDA forecasts by 2-4% to
reflect the 1Q result. (KL)