virtualpinballcabinet| Big Bank Rating| Goldman Sachs: Downgraded Budweiser Asia Pacific target price to HK$14.6 to maintain "Buy" rating

Goldman Sachs released a research report thatVirtualpinballcabinetBudweiser Asia Pacific mentioned several key points at its results conference for the first quarter of fiscal year 2024. Among them, the company's brand in the Chinese marketVirtualpinballcabinetThe high-end development remains stable and the regional expansion trend remains stable; the difficult comparison basis of sales in the first quarter of this year, coupled with unstable weather conditions in the core areas of business development, will continue to affect the performance in the second quarter; with the further decline in aluminum prices and the continued slowdown in barley costs, there may be more cost drivers for the rest of the year.

In addition, Goldman Sachs fine-tuned Budweiser Asia Pacific's sales forecast for fiscal year 2024-2026 by less than 1 per cent. The trend of weak sales in China is offset by the strong strength of the South Korean market. In response to the stronger-than-expected profit margin in South Korea, the bank also raised its EBITDA forecast for the eastern Asia-Pacific region for fiscal year 2024-2026. And due to the recent changes in weather conditions, the EBITDA forecast for the western Asia-Pacific region for fiscal year 2024-26 has been lowered.

Goldman also said that the company remained agile in business investment, so it cut its profit forecast for fiscal year 2024-2026 by about 2%, while lowering its target price from 14.Virtualpinballcabinet.9 Hong Kong dollars down to 14Virtualpinballcabinet.6 Hong Kong dollars, maintaining the "buy" rating.