Budweiser Brewing Co APAC Ltd

01876: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bud APAC Earnings: Volume Decline Dragged Results; Reducing Fair Value by 6% but Remains Top Pick

Jacky Tsang

Feb 27, 2025

Narrow-moat Budweiser APAC’s 2024 earnings were below our estimates due to operating deleverage in the fourth quarter as sales volume was negatively affected by inventory destocking at distributors level. That said, we view the strategies laid out by management to pursue premiumization in the off-trade channels and gain market share in China constructively.

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Budweiser Brewing Co APAC Ltd

Bud APAC Earnings: Volume Decline Dragged Results; Reducing Fair Value by 6% but Remains Top Pick

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