Citi lowered its core net profit forecasts for BUD APAC for 2026 and 2027 by 5% each due to weaker-than-expected revenue growth. It also reduced its sales forecasts by 3% and 4%, respectively, and cut the target price from HKD 11.4 to HKD 10.9 while maintaining a Buy rating. The bank's valuation reflects BUD APAC's strong position in the premium market in China, despite slower growth in other regions.
