Budweiser Brewing Co. APAC Ltd. (HK:1876)
:1876
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Budweiser Brewing Co. APAC Ltd.
(1876)
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Rating:63Neutral
Price Target:
HK$8.00
â–²(5.96% Upside)
Action:ReiteratedDate:03/14/26
The score is supported by a very strong balance sheet and solid underlying profitability, but is held back by weakening recent revenue/margins and declining free cash flow, alongside bearish technicals (price below key moving averages with negative MACD). Valuation is mixed: a strong dividend yield offsets only part of the relatively high P/E.
Positive Factors
Very strong balance sheet
Extremely low leverage and a large equity base provide durable financial flexibility. This conservatively financed balance sheet supports capex, dividend policy and weathering demand shocks without forcing asset sales or emergency financing, sustaining strategic optionality over months.
Negative Factors
Revenue contraction trend
Consecutive years of revenue decline weaken scale economics and signal demand softness or market share erosion. Sustained top-line weakness reduces leverage on fixed costs, pressures long-term growth prospects and limits the company's ability to expand or sustain higher-margin initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet
Extremely low leverage and a large equity base provide durable financial flexibility. This conservatively financed balance sheet supports capex, dividend policy and weathering demand shocks without forcing asset sales or emergency financing, sustaining strategic optionality over months.
Read all positive factors
Budweiser Brewing Co. APAC Ltd. (1876) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$99.54B
Dividend Yield5.59%
Average Volume (3M)15.31M
Price to Earnings (P/E)26.3
Beta (1Y)0.96
Revenue Growth-9.54%
EPS Growth-27.75%
CountryHK
Employees21,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.00
Shares Outstanding13,243,397,000
10 Day Avg. Volume9,122,965
30 Day Avg. Volume15,310,689
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)1.26
Price to Sales (P/S)2.23
P/FCF Ratio19.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$9.01Price Target Upside19.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.05
Revenue Forecast (FY)HK$5.93B
Budweiser Brewing Co. APAC Ltd. Business Overview & Revenue Model
Company Description
Budweiser Brewing Company APAC Limited, an investment holding company, produces, imports, markets, distributes, and sells beer primarily in China, South Korea, India, Vietnam, and the other Asia Pacific regions. The company offers a portfolio of a...
How the Company Makes Money
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Budweiser Brewing Co. APAC Ltd. Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a challenging situation with significant declines in China offset by strong performances and strategic advancements in India and South Korea. The company is focused on innovation and optimizing its market presence, but faces considerable headwinds in its Chinese operations.Positive Updates
Strong Performance in India
In the third quarter, India delivered double-digit revenue growth, translating into strong EBITDA performance. The Budweiser brand continued to grow ahead of the industry with the volume and revenue of the Premium and Super Premium portfolio increasing by double digits.
Negative Updates
Decline in China Market Performance
In China, third-quarter volumes decreased by 11.4%, and revenue decreased by 15.1%. The revenue per hectoliter decreased by 4.1%, and normalized EBITDA decreased by 17.4%, impacted by top line performance and operational deleverage.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Performance in India
In the third quarter, India delivered double-digit revenue growth, translating into strong EBITDA performance. The Budweiser brand continued to grow ahead of the industry with the volume and revenue of the Premium and Super Premium portfolio increasing by double digits.
Read all positive updates
Company Guidance
During the Budweiser Brewing Company APAC Limited's 2025 nine-month results announcement call, several key metrics and strategic initiatives were discussed. For the first nine months of 2025, total volumes decreased by 7%, while revenue was down by 6.6%. However, revenue per hectoliter saw a slight increase of 0.4%. The company's normalized EBITDA decreased by 7.7%, with a contraction in the EBITDA margin by 37 basis points. In the third quarter alone, total volumes and revenue fell by 8.6% and 8.4%, respectively, but revenue per hectoliter managed a small rise of 0.1%, facilitated by positive geographic mix in India and revenue management initiatives in APAC East. Despite challenges in China, Budweiser APAC aims to reignite growth and rebuild market share by enhancing its route to market, focusing on in-home channels, and increasing investments in mega brands like Budweiser, Harbin, and Corona. Efforts in innovation and digitization, such as expanding the BEES B2B platform to over 320 cities in China, are also pivotal to their strategy. Additionally, Budweiser APAC noted strong performance in India with double-digit revenue growth and solid results in South Korea, aided by successful product innovations like Cass 0.0 and Cass ALL Zero.Budweiser Brewing Co. APAC Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 44.94B | 48.51B | 53.54B | 50.73B | 52.76B |
| Gross Profit | 22.51B | 24.44B | 26.96B | 24.31B | 27.25B |
| EBITDA | 11.75B | 13.70B | 15.63B | 13.98B | 16.56B |
| Net Income | 3.81B | 5.64B | 852.00M | 7.15B | 7.38B |
Balance Sheet | |||||
| Total Assets | 114.99B | 114.78B | 126.76B | 124.85B | 129.61B |
| Cash, Cash Equivalents and Short-Term Investments | 22.56B | 22.27B | 24.72B | 19.71B | 15.98B |
| Total Debt | 2.16B | 1.58B | 331.00M | 2.12B | 1.58B |
| Total Liabilities | 34.60B | 35.25B | 42.04B | 40.30B | 43.21B |
| Stockholders Equity | 79.87B | 79.10B | 84.22B | 84.01B | 85.86B |
Cash Flow | |||||
| Free Cash Flow | 5.02B | 5.86B | 10.28B | 8.48B | 10.08B |
| Operating Cash Flow | 7.41B | 8.81B | 14.18B | 12.35B | 14.79B |
| Investing Cash Flow | -2.53B | -3.18B | -3.50B | -3.45B | -5.68B |
| Financing Cash Flow | -5.75B | -7.01B | -4.86B | -3.92B | -3.61B |
Budweiser Brewing Co. APAC Ltd. Technical Analysis
Neutral
7.55
Price Trends
7.64
Negative
7.77
Negative
8.02
Negative
Market Momentum
-0.11
Negative
55.04
Neutral
86.97
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1876, the sentiment is Neutral. The current price of 7.55 is above the 20-day moving average (MA) of 7.36, below the 50-day MA of 7.64, and below the 200-day MA of 8.02, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 55.04 is Neutral, neither overbought nor oversold. The STOCH value of 86.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1876.
Budweiser Brewing Co. APAC Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$83.22B | 13.36 | 14.96% | 4.69% | 1.51% | 5.50% | |
68 Neutral | HK$85.06B | -8.03 | 1.45% | 3.42% | -0.31% | 10.85% | |
64 Neutral | HK$534.88B | 30.61 | 42.43% | 1.73% | 4.14% | 7.35% | |
63 Neutral | HK$99.54B | 26.31 | 5.74% | 5.59% | -9.54% | -27.75% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
54 Neutral | HK$478.17M | 6.04 | 10.82% | 4.07% | 2.77% | -110.76% |
* Consumer Defensive Sector Average
HK:1876
Budweiser Brewing Co. APAC Ltd.
7.55
-0.42
-5.23%
HK:0291
China Resources Beer (Holdings) Co
26.22
2.40
10.09%
HK:0168
Tsingtao Brewery Co
50.85
-1.81
-3.44%
HK:9633
Nongfu Spring Co., Ltd. Class H
47.56
15.80
49.75%
HK:0236
San Miguel Brewery HK Ltd.
1.28
0.61
91.04%
Budweiser Brewing Co. APAC Ltd. Corporate Events
Budweiser APAC Grants Over 22 Million Share-Based Awards to Staff
Feb 16, 2026
Budweiser Brewing Company APAC has granted up to 11.6 million locked-up shares and 10.6 million restricted stock units to eligible employees under its share-based compensation plan. The awards, which allow staff to take annual bonuses in shares at...
Budweiser APAC Lifts Caps on AB InBev Import Licensing Fees
Feb 12, 2026
Budweiser Brewing Company APAC has set new annual caps on fees payable by AB InBev under existing import licensing arrangements, raising the limits to USD220 million for 2026 and USD253 million for 2027. The caps relate to an Importation Framework...
Budweiser APAC Proposes Final 2025 Dividend of USD 0.0566 Per Share
Feb 11, 2026
Budweiser Brewing Company APAC Limited has recommended a final ordinary dividend of USD 0.0566 per share for the financial year ended 31 December 2025. Key dates including the ex-dividend date, record date, payment date, and the Hong Kong dollar e...
Budweiser APAC Keeps Dividend as China Weakness Weighs on 2025 Results
Feb 11, 2026
Budweiser Brewing Company APAC Limited reported weaker financial results for 2025, with volumes down 6.0% to 79.7 million hectolitres and revenue falling 6.1% to 5.76 billion USD, largely due to underperformance in China. Normalized EBITDA decline...
Budweiser APAC Sets February Board Meeting to Approve 2025 Results and Consider Final Dividend
Jan 30, 2026
Budweiser Brewing Company APAC Limited has scheduled a board committee meeting for 11 February 2026, after trading hours, to review and approve its audited financial results for the year ended 31 December 2025 and to consider whether to recommend ...
Budweiser APAC Reshapes Board as AB InBev CFO Joins as Non-Executive Director
Dec 31, 2025
Budweiser Brewing Company APAC Limited has announced a series of board changes effective 1 January 2026, including the resignation of non-executive director and Audit and Risk Committee member Nelson Jamel, who is leaving to pursue other opportuni...
Budweiser APAC Sets 2026 Board Line-up and Committee Structure
Dec 31, 2025
Budweiser Brewing Company APAC Limited announced the composition of its seven-member board of directors effective 1 January 2026, led by co-chairs Executive Director Yanjun Cheng and Non-executive Director Michel Doukeris, supported by a structure...
Leadership Change at Budweiser Brewing APAC: New CFO Appointed for 2026
Dec 17, 2025
Budweiser Brewing Company APAC Ltd. announced a CFO transition effective April 1, 2026, with the departure of Ignacio Lares after 18 years of service and the appointment of Bernardo Novick. Novick’s extensive global experience in finance, pr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.