Goldman Sachs: Reaffirms "buy" rating on BUD APAC (01876) and raises target price to 9.5 Hong Kong dollars.

Goldman Sachs released a research report stating that it reaffirmed a "buy" rating for BUD APAC (01876) with a slightly raised target price from 9.4 Hong Kong dollars to 9.5 Hong Kong dollars. The bank adjusted the group's sales forecast for 2025 to 2026 by 1% and lowered the gross profit margin forecast for the period, while also slightly adjusting its net profit forecast within 1%. The bank noted that BUD APAC focuses on household consumption penetration and premiumization to expand market share, with shareholder returns being a key pillar. Goldman Sachs noted that BUD APAC's stock price has reacted positively since the publication of its 2024 financial performance. The group stated that this year it will prioritize growth in market share and revenue in the Chinese region, and aims to further improve profitability in Korea through price increases and efficiency enhancements. The company also observed that retail sales remained stable with good inventory levels during the Lunar New Year period after controlling shipments, and believes that brand strategy and market positioning are key for this year.