The analyst rating for BUD APAC (01876.HK) remains a "Buy," despite a target price reduction from HKD9.4 to HKD9.2. This rating is supported by the expectation of stable year-over-year sales volume, even though the company delivered disappointing results for 4Q025, with a 4% decline in quarterly revenue and decreases in average product price and sales volume. However, Nomura anticipates challenges ahead, including pressure on profit margins due to rising raw material costs and ongoing promotional marketing activities. Additionally, they predict a decline in gross and EBIT margins in the coming years, along with lowered revenue and EBITDA forecasts.
