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Budweiser Brewing nine-month revenue falls on weaker China demand

By Reuters News


Overview

  • Asia beer brewer's nine-month revenue declined 3.7% yr/yr amid adverse weather, China weakness

  • Net income attributable to equity holders for nine months fell yr/yr

  • Company says India and South Korea volume growth partially offset China softness


Outlook

  • Company says it is taking actions to support future volume recovery in China

  • Company focuses on channel expansion and premiumization to drive sales in China


Result Drivers

  • CHINA SOFTNESS - Co said performance in China was impacted by adverse weather and ongoing weakness in the on-premise channel

  • INDIA AND SOUTH KOREA GROWTH - Co said strong volume growth in India and continued market share gains in South Korea helped offset industry softness

  • COST ESCALATION AND OPERATIONAL DELEVERAGE - Co said increased costs and operational deleverage contributed to margin contraction


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

$4.62 bln

9M Net Income Attributable

$565 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the brewers peer group is "buy"

  • Wall Street's median 12-month price target for Budweiser Brewing Company APAC Ltd is HK$8.00, about 37.8% above its October 28 closing price of HK$5.81

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago


Reuters Recommended Reads

  • Oct 28 - New CEO says Heineken must do better even as Q3 sales top forecast

  • Oct 28 - Danish Brewer Carlsberg files updated papers for India unit's IPO

  • Oct 28 - China's Tsingtao Brewery nine-month revenue falls on domestic market pressure


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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