Morgan Stanley: Bud APAC's third-quarter sales met expectations, EBITDA performance exceeded concerns

AASTOCKS
2025.10.30 08:46

Morgan Stanley's report indicates that Budweiser APAC (01876.HK) will see a sales decline of 8.4% in the third quarter of 2025, with an average selling price slightly increasing by 0.1%, and a year-on-year volume decline of 8.6%. The Chinese market continues to face pressure, while the South Korean market performs steadily. It gives Budweiser APAC a rating of "Overweight" with a target price of HKD 9.3.

The standardized EBITDA profit margin organically grew by 46 basis points year-on-year to 28.2% in the third quarter. The gross profit margin organically increased by 42 basis points in the first nine months of 2025, while the EBIT profit margin organically decreased by 46 basis points.

In the Asia-Pacific West region, organic sales in the third quarter of 2025 fell by 12.0% (with a volume decline of 9.9% and an average selling price decline of 2.4%), and standardized EBITDA decreased by 11.9% year-on-year.

In the Asia-Pacific East region, organic sales in the third quarter of 2025 grew by 3.9% (with a volume decline of 0.6% and an average selling price increase of 4.5%), and standardized EBITDA increased by 8.7% year-on-year

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