＜Research＞China Renaissance Cuts BUD APAC TP to $15.2; 2Q Dented by CN Mkt

　　In wake of the meager beer market in China, China Renaissance released a report, expecting that BUD APAC (01876.HK) -0.150 (-1.563%) Short selling $45.89M; Ratio 37.156% will see a 2.3% YoY decline in organic revenue growth in 2Q24E. Considering the high base last year and the weak beer market this year partly due to adverse weather, the 2Q24E of the China market segment may be a challenging quarter.

　　China Renaissance forecast that BUD APAC's normalized EBITDA will grow by 4.5% YoY in 2Q24E, thanks to cost efficiency and effective control of marketing expenses. The Buy rating was maintained on BUD APAC, with target price reduced from $16.52 to $15.2.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-03 16:25.)

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