Citi: Target price for Budweiser APAC (01876.HK) slightly lowered to HKD 10.8, earnings forecast revised down.

According to Zhitong Caijing APP, Citigroup has released a research report stating that it has lowered its forecast for Budweiser APAC's (01876.HK) core net profit from 2026 to 2028 by 2%, primarily due to a 1% reduction in revenue forecast, reflecting weaker-than-expected performance in Chinas business in the second quarter of 2026. Because the company is expected to be unable to maintain its absolute per-share dividend level in 2027, the forecasts for per-share dividends from 2026 to 2028 have been re-benchmarked, assuming a payout ratio of 100%. The target price has been lowered from HKD 10.9 to HKD 10.8. It reiterates the ranking of the Chinese beer industry as China Resources Beer (00291.HK) > Budweiser APAC > Qingdao Beer (00168). All three have a rating of "Buy."