Citi: Budweiser APAC (01876.HK) Q3 organic EBITDA 12% below expectations; maintains "Buy" rating and HK$8.7 target price

Citi released a research report stating that it maintains a "Buy" rating and a target price of HK$8.7 for Budweiser APAC (01876.HK). The company's organic EBITDA in the third quarter fell 23% year-on-year, 12% below both the bank's and market expectations, mainly due to China sales volume and EBITDA margin both falling short of expectations, although revenue performance was broadly in line with expectations.