BUD APAC (01876.HK) +0.030 (+0.318%) Short selling $67.98M; Ratio 43.073% was affected by unfavorable weather, high base and weaker-than-expected consumption sentiment, CCBI issued a research report saying.
Therefore, CCBI lowered its 2Q24 western APAC region revenue growth forecast for the Group to a 4% drop, and cut its sales volume and average price growth forecasts to a 5% decline and a 1% rise, respectively.
Related NewsJPM Trims BUD APAC (01876.HK) TP to $9.8, Rating Neutral
CCBI expected the Group's 2Q24 results to be weak. Despite lower raw material costs, CCBI chopped the Group's consolidated gross profit margin forecast for 2Q24 from 52.2% to 52% due to sales deleveraging.
Overall, CCBI reduced its FY2024 EBITDA forecast for BUD APAC by 3% to reflect lower average prices during the period and latest sales forecasts. CCBI trimmed its target price for the Group from $11.5 to $9.2, with rating kept at Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 16:25.)
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