（股份代號：1876） 批准截至2025年3月31日止三個月未經審核業績的 董事會委員會會議日期 百威亞太控股有限公司（「本公司」）宣佈，本公司董事會（「董事會」）委員會將於 2025年5月7日（星期三）（交易時段後）舉行會議，以考慮及批准截至2025年3月31 日止三個月的未經審核業績公告。 本公司預期將於2025年5月8日（星期四）上午七時正（香港時間）或前後發佈截至 2025年3月31日止三個月的未經審核業績公告。 承董事會命 百威亞太控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） 聯席公司秘書 朱隽清 香港，2025年4月23日 於本公告日期，本公司董事會包括聯席主席兼執行董事程衍俊先生、聯席主席兼 非執行董事鄧明瀟先生（John Blood先生及David Almeida先生為其替任董事）、 非執 ...

研究报告 Research Report 20 Apr 2025 百威亚太 Budweiser Brewing Co APAC (1876 HK) 进入深度调整期，期待改革释成效 Entering a period of deep adjustment, looking forward to the release of reform [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$8.44 目标价 HK$7.90 HTI ESG 3.7-3.0-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$111.77bn / US$14.40bn 日交易额 (3 个月均值) US$30.22mn 发行股票数目 13,243mn 自由流通股 (%) 13% 1 年股价最高最低值 HK$11.66-HK$6.94 注：现价 HK$8.44 为 2025 年 04 月 17 日收盘价 资料来源： Fa ...

BUDWEISER BREWING COMPANY APAC LIMITED 股份代號 : 1876 百威亞太控股有限公司 年度報告 2024 目錄 1 致股東函件 第2頁 2 2024主要數據 第4頁 3 首屈一指的泛亞 啤酒公司 第6頁 4 管理層討論與分析 第7頁 5 可持續發展 第19頁 6 企業管治報告 第26頁 7 董事會報告 第65頁 8 獨立核數師報告 第96頁 9 財務資料 第102頁 10 五年財務摘要 第175頁 11 公司資料 第176頁 12 釋義 第177頁 百威亞太控股有限公司 年度報告2024 1 致股東函件 各位股東： 2024年對百威亞太來說是好壞參半的一年。由於韓國及印度市場錄得強 勁增長及商業動能，我們區域佈局部分抵銷了中國行業的疲弱表現及不 利的渠道組合。 在中國，由於消費者在表現放緩的行業中消費意願疲弱、我們業務佈局 上更為著重的即飲渠道的人流減緩及消費減少，令我們的銷量受到影響。 在韓國，在凱獅的增長帶動下，我們的總市場份額達到至少10年以來的 最高水平。由於我們繼續受惠於持續的收入管理措施以及良好的品牌及 包裝組合，收入呈雙位數增長，而每百升收入呈高單位數增長。 ...

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC with a target price of HK$11.00, reflecting a potential upside of 27% from the current price of HK$8.66 [1][8]. Core Insights - The report indicates that Budweiser APAC's sales during the Chinese New Year were encouraging, with management stating that shipments to retailers matched last year's levels. The company is expected to achieve mid-single-digit volume growth in 2025, with a 3% increase in the Chinese market [6][13]. - A strategic shift has been announced, focusing on the "Core++" segment rather than ultra-premium products, aiming to enhance market share amidst a challenging macroeconomic environment [7][13]. - The company declared a dividend of $0.0566 per share, with a high payout ratio of 96%, which is expected to support long-term investor returns [7][8]. Financial Adjustments - The target price has been adjusted downwards from HK$11.60 to HK$11.00, while the earnings per share (EPS) estimates for 2025 and 2026 have been slightly increased by 0.7% and 1.9% respectively [2][8]. - Revenue forecasts for 2025 and 2026 have been raised by 2.0% and 3.2% respectively, reflecting better-than-expected recovery in beer sales in China [13][14]. - The normalized net profit for 2025 is projected at $887 million, with an adjusted net profit margin of 13.4% [10][14]. Market Performance - Budweiser APAC's stock has shown a 52-week range of HK$14.08 to HK$6.84, with a market capitalization of approximately $14.75 billion [1][8]. - The report highlights that the company's valuation is currently at a forward P/E of 21.1x for 2025, which is one standard deviation below the average of the past three years [15][17]. Strategic Focus - The management emphasizes that the strategic adjustment does not neglect high-end products but rather aims for a more comprehensive approach to current market conditions [7][8]. - The report suggests that the focus on the "Core++" segment will create significant synergies within Budweiser APAC's overall product portfolio [7][8].

Investment Rating - The report maintains an "Accumulate" rating for Budweiser APAC (1876.HK) with a current price of HKD 8.33 [1] Core Views - The report highlights a continued trend of strong performance in the eastern regions while the western regions face challenges, with a dividend payout ratio exceeding expectations [1][8] - Budweiser APAC's 2024 revenue is reported at USD 6.246 billion, reflecting a year-on-year decline of 8.9%, while normalized EBITDA is USD 1.813 billion, down 14.8% year-on-year [5][11] - The company is focusing on high-end and super high-end product strategies, expanding its distribution cities from 220 in 2023 to 235 in 2024 [7][8] Summary by Sections Revenue Performance - For the full year 2024, Budweiser APAC achieved revenue of USD 6.246 billion, with a year-on-year decline of 8.9% and normalized EBITDA of USD 1.813 billion, down 14.8% [5][11] - In Q4 2024, the company reported revenue of USD 1.142 billion, with a year-on-year decline of 11% [5] Regional Performance - Eastern region showed strong growth in Q4 2024 with revenue up 7.8% and volume up 8.5%, while the western region faced a 17% decline in volume [6][7] - The Chinese market continued to struggle in Q4 2024, with a volume decline of 18.9% due to inventory reduction and unfavorable channel mix [7] Management Changes and Dividend Policy - A new CEO, Cheng Yanjun, will take office on April 1, 2025, indicating a commitment to improving the Chinese business [8] - The board proposed a dividend of USD 750 million for the 2024 fiscal year, a 7% increase year-on-year, with a payout ratio of 103% [8] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to USD 795 million and USD 861 million, respectively, reflecting a 12% and 14% reduction [8][11] - The current stock price corresponds to a PE ratio of 18x for 2025, 16x for 2026, and 15x for 2027, indicating a favorable outlook in the high-end market segment [8][11]

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10, while the current price is HKD 8.66 [2][6]. Core Insights - The company reported a total revenue of USD 6.246 billion and normalized EBITDA of USD 1.807 billion for the year 2024, reflecting a year-on-year decline of 7.0% and 6.3% respectively. The normalized net profit attributable to shareholders was USD 778 million, showing a decrease of 15.2% [2][7]. - The fourth quarter results showed revenue and normalized EBITDA of USD 1.142 billion and USD 228 million respectively, with a year-on-year decline of 11.0% and 7.2% [2][7]. - The company plans to distribute a dividend of USD 750 million, which is a 7% increase, resulting in a payout ratio of 103.25% [2]. Financial Performance Summary - For the fiscal year 2024, Budweiser APAC's total sales volume decreased by 8.8%, with a significant decline in the Chinese market, where sales volume and price per ton saw year-on-year declines of 11.8% and 1.4% respectively [6][7]. - The company experienced a mixed performance across regions, with the Asia Pacific West region facing challenges while the Asia Pacific East region showed strong growth, particularly in South Korea [6][7]. - The overall gross margin for 2024 was 50.4%, with a slight year-on-year increase of 0.6 percentage points [6][7]. Future Outlook - Looking ahead to 2025, the company aims to prioritize market share recovery and has implemented significant management changes to drive this strategy. The new leadership is expected to bring renewed energy to the company's operations [6][7]. - The company plans to enhance its product offerings and increase marketing expenditures, particularly in key regions such as Fujian and Guangdong [6][7]. - The projected net profit for 2025 is adjusted to USD 815 million, with a corresponding PE ratio of 18 times [6][7].

Investment Rating - The report downgrades Budweiser APAC to "Hold" with a target price of HKD 9.36, reflecting a potential upside of 8.1% from the current price of HKD 8.66 [1][3]. Core Views - The report indicates that the Chinese beer market is unlikely to see significant improvement in demand until 2025, with sales, revenue, and profit margins expected to remain under pressure in the short term [1]. - The company's strategy to focus on high-end and core++ products may not yield immediate benefits, and the high revenue share from ultra-premium products could negatively impact overall sales performance [1]. - Despite having clear product and channel plans for 2025, the ability to translate these into improved performance remains uncertain [1]. - Following a significant stock price increase, the current valuation (19x 2025 P/E) is considered less attractive [1]. Sales and Market Performance - In Q4 2024, Budweiser APAC's sales in China fell sharply by 18.9% year-on-year, worsening from a decline of 14.8% in Q3 2024 [1]. - The company plans to focus on high-end products, particularly the Budweiser brand, while being more selective in investments in ultra-premium brands [1]. - The shift towards high-end family channels may further tilt the channel structure away from on-premise consumption [1]. Regional Insights - In South Korea, Budweiser APAC recorded high single-digit sales and revenue growth in Q4 2024, with management confident that price increases will drive growth and margin recovery [1]. - The company raised prices for high-end and ultra-premium products by 8.1% in November 2024, which is expected to significantly benefit revenue and profit margins in 2025 [1]. Financial Projections - Revenue for 2025 is projected at USD 6.134 billion, a decrease of 1.8% from 2024, with net profit expected to rise to USD 790 million, reflecting an 8.8% increase [7][16]. - The report anticipates EBITDA margins to recover to pre-pandemic levels in the South Korean market, supported by price increases and operational efficiency improvements [1][2].

Investment Rating - The report assigns a "Buy" rating for Budweiser APAC (1876 HK) with a target price of HKD 9.78, indicating a potential upside of 24.7% from the current price of HKD 7.84 [1][2][6]. Core Insights - The overall performance is led by strong results in the South Korean and Indian markets, with an increase in dividend payout ratio reflecting future operational confidence [2][6]. - For 2024, Budweiser APAC reported a revenue of USD 6.246 billion, a decline of 8.9% year-on-year, with normalized EBITDA at USD 1.807 billion, down 10.7% [6][16]. - The company faced challenges in the China market, with a significant drop in sales and revenue due to increased competition and changing consumer behavior [6][16]. - The Indian market showed robust growth, particularly in the premium segment, achieving nearly 20% growth in high-end products and doubling market share over the past five years [6][16]. - The South Korean market performed exceptionally well, with high single-digit sales growth leading to double-digit revenue growth, driven by product mix optimization and market share expansion [6][16]. - The report maintains a positive long-term growth outlook for Budweiser APAC, particularly as consumer spending recovers in China, supported by strong performance in South Korea [6][16]. Financial Overview - Revenue projections for Budweiser APAC show a recovery trend, with expected revenues of USD 6.563 billion in 2025, growing to USD 7.181 billion by 2027 [5][16]. - Net profit is projected to rebound to USD 837 million in 2025, with a further increase to USD 1.067 billion by 2027 [5][16]. - The company’s dividend yield is expected to remain attractive, with a payout ratio increasing to 96% in 2024, up from 82% in 2023 [6][16]. - The report highlights a significant increase in the number of distribution cities to 235, enhancing market reach and operational efficiency [6][8].

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC [2] Core Insights - Budweiser APAC reported a revenue of USD 6.246 billion for 2024, a year-on-year decline of 7%. The net profit attributable to shareholders was USD 726 million, down 14.8% year-on-year. The company proposed a dividend increase from 5.29 cents per share in 2023 to 5.66 cents in 2024, totaling USD 750 million, with a payout ratio of 103.25% [7] - The report anticipates a recovery in demand in 2025, contingent on improved conditions in the restaurant and nightlife sectors, which could lead to a rebound in beer sales [7] - The company is focusing on expanding its high-end product offerings and increasing its distribution channels, with the number of cities served growing to 235 by the end of 2024 [7] Financial Data and Profit Forecast - Revenue projections for Budweiser APAC are as follows: - 2023: USD 6.856 billion - 2024: USD 6.246 billion - 2025E: USD 6.665 billion - 2026E: USD 6.971 billion - 2027E: USD 7.191 billion - Net profit forecasts are: - 2023: USD 852 million - 2024: USD 726 million - 2025E: USD 788 million - 2026E: USD 838 million - 2027E: USD 881 million - The report indicates a projected PE ratio of 19 for 2025, 18 for 2026, and 17 for 2027 [6][8]

Sales Performance - Total sales volume for the fiscal year 2024 decreased by 8.8% to 84.811 million hectoliters, primarily impacted by weak performance in the Chinese market, partially offset by strong growth in Korea and India [5]. - In the fourth quarter of 2024, total sales volume and revenue decreased by 12.7% and 11.0%, respectively, significantly affected by performance in China, but partially offset by strong performance in Korea [15]. - For the fiscal year 2024, Budweiser Brewing Company APAC Limited reported a volume decline of 11.8%, attributed to weakened consumer spending and a focus on immediate consumption channels [23]. - Total sales volume for Q4 2024 was 13,613 thousand liters, a decrease of 12.7% compared to Q4 2023's 15,667 thousand liters [94]. - In Q4 2024, Budweiser Brewing Company APAC Limited reported a volume decline of 12.7% on an organic basis and 13.1% on a reported basis [99]. - For the fiscal year 2024, the company experienced an organic volume decline of 8.8% and a reported decline of 8.6% [99]. Revenue and Profitability - Revenue for the fiscal year 2024 declined by 7.0% to $6.246 billion, with a 2.0% increase in revenue per hectoliter, driven by revenue management initiatives in Eastern Asia and favorable product mix in various Asian countries [9][14]. - In the fourth quarter of fiscal year 2024, the company experienced a 17.0% decline in volume in the Western Asia Pacific region, with normalized EBITDA decreasing by 20.4% [20]. - The company maintained a net cash position of $2.9 billion at the end of fiscal year 2024, a decrease of $274 million from the end of fiscal year 2023 [18]. - The comprehensive income for 2024 was $56 million, significantly lower than $594 million in 2023 [42]. - The company reported a net profit of $750 million for 2024, a decrease of 14.77% compared to $880 million in 2023 [47]. - The company's operating cash flow for 2024 was $1,134 million, down 37.24% from $1,811 million in 2023 [49]. - Revenue for Q4 2024 was $1,142 million, down 11.0% from $1,293 million in Q4 2023 [94]. - Gross profit for Q4 2024 was $521 million, reflecting a decline of 14.0% from $617 million in Q4 2023 [94]. - The normalized profit attributable to equity holders decreased from $917 million in fiscal year 2023 to $778 million in fiscal year 2024 [11][14]. - The normalized effective tax rate increased from 33.5% in fiscal year 2023 to 35.3% in fiscal year 2024, primarily due to changes in the country mix [7]. Dividends and Shareholder Returns - The board proposed a final dividend of 5.66 cents per share for 2024, an increase from 5.29 cents in 2023, reflecting a 7% increase in total dividends [3][5]. - The board proposed a dividend of $750 million for fiscal year 2024, representing an increase of 7% compared to the previous year [18]. - The company plans to maintain or increase dividend amounts annually to maximize total shareholder returns [36]. - The company paid dividends of $698 million to Budweiser APAC shareholders in 2024, an increase of 39.6% from $500 million in 2023 [49]. Market Strategy and Growth Initiatives - The company plans to focus on product portfolio and channel selection to drive growth in 2025, alongside digitalizing marketing channels to create value [5]. - The company aims to leverage its strong market presence in Korea and India to counterbalance challenges faced in the Chinese market [13]. - The company aims to leverage its strong brand portfolio and marketing channels to regain market share growth in China, targeting the increasing middle-income households [33]. - The company views India as the next growth driver, focusing on premium and super-premium product categories [33]. - The company is committed to exploring suitable acquisition opportunities to accelerate growth in Southeast Asia and other markets [35]. Sustainability and Corporate Governance - The company aims for sustainability goals, including a 65% reduction in carbon emissions intensity per hectoliter compared to 2017 levels [19]. - The company emphasized its commitment to high standards of corporate governance, adhering to the corporate governance code, with one exception regarding the separation of roles between the chairman and CEO [79]. Financial Position and Assets - Total assets decreased to $14,778 million in 2024 from $16,234 million in 2023, a decline of approximately 8.9% [44]. - Total non-current liabilities decreased to $605 million in 2024 from $735 million in 2023, reflecting a reduction of 17.67% [45]. - Current liabilities also decreased to $3,933 million in 2024, down 15.43% from $4,649 million in 2023 [45]. - The total equity and liabilities of the company stood at $14,778 million in 2024, down from $16,234 million in 2023, reflecting a decrease of 8.93% [45]. Operational Metrics - Normalized EBITDA for the fiscal year 2024 decreased by 6.3% to $1.807 billion, with a normalized EBITDA margin increasing by 21 basis points to 28.9% [10][14]. - The normalized EBITDA margin for the total group was 28.9% in 2024, down from 29.5% in 2023 [59]. - The normalized diluted earnings per share (EPS) for 2024 was 5.85 cents, compared to 6.91 cents in 2023, reflecting a decline of about 15.3% [72]. - The effective tax rate increased from 34.4% in 2023 to 36.3% in 2024 [68]. - The company recognized other operating income of $115 million in 2024, compared to $107 million in 2023, reflecting an increase of approximately 7.5% [62].