Citi has lowered its 2025-27 sales forecasts for BUD APAC due to a less favorable outlook for its China business in the second half of 2025, particularly because the Lunar New Year will arrive later than usual in 2026, which is expected to negatively impact 4Q25 sales. Additionally, weakened operating leverage has led Citi to reduce its core net profit forecasts for the same period. Despite these adjustments, Citi has maintained a Buy rating for BUD APAC, although the target price has been cut from HKD12.4 to HKD11.4.
