BUD APAC(01876) 光大证券·2024-11-03 06:25Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Insights - Budweiser APAC reported a revenue of 1.579 billion, also reflecting a year-on-year decrease of 6.2% [1] - In Q3 2024, revenue was 479 million [1] - The company experienced a decline in sales volume of 8.1% for the first three quarters and 11.4% in Q3 [1] - The average price per ton of beer increased by 2.2% year-on-year for both the first three quarters and Q3 [1] Regional Performance - In the Western region of Asia, Q3 revenue and EBITDA decreased by 15.1% and 25.9% year-on-year, respectively, with sales volume down 13.5% [1] - Conversely, the Eastern region of Asia saw revenue and EBITDA growth of 15.7% and 33.3% year-on-year in Q3, with sales volume up 3.9% [1] - In India, Budweiser's high-end and super high-end product lines achieved double-digit revenue growth, with high-end products accounting for over two-thirds of revenue [1] - In South Korea, Q3 sales volume grew in the single digits, contributing to a double-digit revenue increase for the first three quarters [1] Financial Forecasts and Valuation - The report lowers the net profit forecasts for 2024-2026 to 907 million, and $996 million, representing reductions of 15%, 13%, and 13% respectively [2] - The current stock price corresponds to a PE ratio of 17x for 2024, 15x for 2025, and 14x for 2026 [2] - The company is expected to maintain a competitive advantage in the high-end and super high-end segments [2]