Citibank: Lowers Budweiser Asia Pacific (01876) target price to HK$10.8

The Zhitong Finance App learned that Citibank released a research report saying that it has lowered the expected core net profit forecast for Budweiser Asia Pacific (01876) by 2% from 2026 to 2028, mainly due to a 1% reduction in revenue forecasts, reflecting that the Chinese business for the second quarter of 2026 fell short of expectations. As the company expects or is unable to maintain its absolute dividend per share level in 2027, the expected dividend per share forecast for 2026 to 2028 has been re-benchmarked, assuming a 100% dividend ratio. The target price was reduced from HK$10.9 to HK$10.8. It was reiterated that the Chinese beer industry ranked China Resources Beer (00291) > Budweiser Asia Pacific > Green Beer (00168). All three ratings are “buy.”