Citi Rates BUD APAC Buy, TP HKD11.4
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Citi has rated BUD APACas a Buy with a target price of HKD11.4. The company reported a flat YoY core net profit of USD234 million for Q1, aided by a lower effective tax rate and foreign exchange gains. Organic sales volume remained flat, while organic revenue fell 1% and normalized EBITDA declined 8%. The APAC East region, particularly South Korea, saw a 6% decline in organic revenue, with a 10% drop in sales volume. Average selling prices increased by 4%.
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