Goldman Sachs lifted its target price for Budweiser Brewing (BUD APAC)(01876) to HK$29 from HK$26 and maintained its "buy" rating.
The research house said BUD reported an in-line 2Q results. Looking forward, Goldman believes the steady recovery in China from nightlife channels and BUD's market share gain in the in-home channel should drive the company back to double-digit organic EBITDA growth in 2H.
Korea's gradually stabilizing business should no longer be a big drag into 2H either. With better growth visibility, Goldman sees scope for BUD APAC to re-rate and catch up with its local peers on valuation and stock performance.
It raised its EBITDA estimates by 1-2% for 2020-22 and now expects a 10% growth in 2H following by a strong 32% rebound in 2021.
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