UBS Global Research lowered its target price for Budweiser Brewing APAC (01876) to HK$22.36 from HK$22.74 and maintained its "sell" rating.
The research house said BUD's FY2020 revenue/EBITDA of US$5,588mn/US$1,584mn missed UBS' estimates. EBITDA weakness was primarily due to increased commercial investment and
inventory reduction in China, which suggests increasing competition.
UBS continues to hold a negative view towards BUD APAC and views the current valuation as rich, given a lacklustre earnings growth outlook (18x 2022 EV/EBITDA versus 9% EBITDA CAGR during 2021-23).
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