Jinwu Financial News | According to the Fangzheng Securities Research Report, looking forward to the future, the bank believes that Budweiser Asia Pacific (01876) is the leading high-end beer in the Asia-Pacific region, has obvious advantages on the “brand+channel” side, and has a mature and sophisticated high-end style of play. Under the guidance of high-end strategy and the requirement for “profit+cash flow”, the company will continue to lead the high-end process in the Asia-Pacific market. It is expected that in '24, the sales base in China will gradually decline in Q3, and the trend of structural upgrading will continue. In terms of cost, due to increased productivity, favorable raw material costs, cost reduction and efficiency, etc., the company's cost per ton is expected to remain stable throughout the year. Meanwhile, the 23-year price increase in the Korean market is expected to continue to be realized on the reporting side, and the company's profitability is expected to continue to increase.
The bank expects the company to achieve revenue of 72.2/75.8/8.05 billion US dollars in 24-26, +5.0%/6.1% year over year, and realized net profit of 11.1/12.4/1.41 billion US dollars, +29.8%/12.0%/13.8% year over year, EPS was 0.08/0.09/0.11 US dollars/share respectively. The company's latest closing price corresponding to 2024-2026 PE was 17.77/15.86/13.94 times, giving it a “recommended” rating for the first time.