Nomura: Lowers BUD APAC (01876) target price to HK$7.8, maintains "Buy" rating.

Nomura released a research report stating that it expects BUD APAC (01876) to record another weak performance in the third quarter, with continued weakening in the China market and mediocre growth momentum in the South Korea market, partly offset by sustained rapid growth in the India market; it lowered the company's target price from HK$8.6 to HK$7.8, maintaining a "Buy" rating, and believes the current valuation is not expensive. The bank expects BUD APAC's third-quarter revenue and normalized EBITDA to decline by 9% and 20% year-on-year respectively, and as no turnaround is seen in the short term, its trend of sluggish sales and EBITDA growth is expected to continue into the fourth quarter.