Jefferies Research raised its target price for Budweiser Brewing (BUD APAC)(01876) to HK$32 from HK$30 and maintained its "buy" rating.
The research house said BUD's 2Q results were better than market expectations. Jefferies expects EBITDA growth to turn positive in 3Q, helped by recovering demand from restaurant/night-life stores, healthier channel inventories, and a low base.
Jefferies revised up its earnings forecasts by 2-3% in 2020-21 to factor in margin
recovery. It forecast US$2,422mn/US$2,728mn EBITDA in 2021/2022.
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