Yamato: Budweiser Asia Pacific (01876.HK) remains cautious on its fourth quarter business in China, rated as "Buy".

Zhixin Financial APP learned that Daiwa released a research report stating that despite the challenging performance of Budweiser APAC's China business in the third quarter of 2025, and a significant slowdown compared to the base period, the company's management remains cautious about the fourth quarter sales performance in China. Looking ahead to the fourth quarter of 2025, the management of Budweiser APAC believes that its channel inventory levels are even lower than the industry average, but they do not expect rapid replenishment of inventory. Daiwa has given Budweiser APAC a "buy" rating.