Budweiser Brewing APAC's CFO Change May Signal Parent's Revival Push — Market Talk

Morningstar lowers its 2025 earnings estimates for Budweiser APAC by 15% following soft 3Q results, analyst Jacky Tsang says in a note. He also trims 2026-2029 forecasts by 5%-6%, citing a weaker 2025 base and tempered expectations for volume recovery. Tsang expects higher marketing investments to lift operating costs in the near term but sees them as essential to sustaining the company's market share. In the long run, the beer company's broad global brand portfolio should help it maintain a competitive edge in delivering differentiated offerings as consumer demand diversifies, he adds. Morningstar lowers its fair value estimate by 4% to HK$14.40, noting that market sentiment may remain subdued in the near term given the earnings headwinds. Shares were last at HK$7.88.(jason.chau@wsj.com)

Revenue and volumes declined year-over-year due to ongoing weakness in China, but India and South Korea delivered strong growth and margin expansion. Normalized EBITDA and profit fell, with management focusing on premiumization, digital expansion, and cost control.

Original document: Budweiser Brewing Co. APAC Ltd. [1876] Earnings Release — Oct. 30 2025

Budweiser APAC's 3Q revenue will likely decline amid weakness in China, Deutsche Bank analyst Han Zhang says. China sales volumes were likely weighed down by a multitude of headwinds, including an alcohol ban for official meals plus slow industry-wide growth. Average selling price could also slip, says Zhang, citing factors like the company's shift to in-home sales, including increasing promotions for certain premium brands. The brewer likely did better in South Korea, with DB seeing scope for a rise in revenue thanks to price hikes and stronger premium sales. All told, DB cuts its 2025-2027 forecasts for the company by about 5% on average to reflect volume weakness in China and South Korea. It cuts the stock's target to HK$11.50 from HK$12.00 but maintains a buy rating. (jason.chau@wsj.com)