HK Stock Market Move | BUD APAC (01876) falls nearly 3%, expects to record approximately US$52 million in non-underlying withholding tax expense; Citi remains cautious on the second-half outlook.

BUD APAC (01876) fell nearly 3%, down 2.05% as of press time to HK$5.96, with turnover of HK$62.4334 million. On the news front, BUD APAC recently announced that for the quarter ended September 30, 2026, the group conducted an internal restructuring involving certain mainland China subsidiaries to improve capital efficiency, and expects to record approximately US$52 million in non-underlying withholding tax expense. Citi forecasts that BUD APAC's third-quarter sales will fall 7% year-on-year and group organic EBITDA will fall 12% year-on-year. In addition, Citi cut its core net profit forecasts for BUD APAC for 2026 to 2028 by 10%, 13% and 11% respectively, due to a 2% downward revision in sales forecasts for each year, while maintaining a cautious view on the second-half outlook. The bank lowered the target EV/EBITDA multiple for the West Asia Pacific business (which is skewed toward China) from 10x to 8x its 2026 forecast, the same as East Asia Pacific, to reflect continued industry weakness.