CLSA: BUD APAC 1Q China Volume Decline Narrows, Rating Outperform
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CLSA's report on BUD APACindicates a narrowing 1.5% decline in China's sales volume in 1Q, with overall organic revenue down 0.7% YoY, slightly better than expectations. Revenue rose 2.2% YoY to USD 1.493 billion, exceeding forecasts. Normalized EBITDA fell 4.5% YoY to USD 463 million, while net profit decreased 3.4% YoY to USD 226 million, both surpassing market expectations. CLSA maintains an Outperform rating with a target price of HKD 9.
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