Bud APAC 1876

Bud APAC 1876

Postby winston » Tue Sep 24, 2019 2:18 pm

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<IPO News>BUD APAC (01876.HK) Priced at Lower End of Offer Price Range; Exercises Offer Size Adjustment Option

BUD APAC (01876.HK) announced that, in connection with the Global Offering, the Offer Price has been determined at HK$27 per Offer Share, the lower end of the offer price range (HK$27-30).

The size of the Global Offering was increased from an initial 1.262 billion Offer Shares to 1.452 billion Offer Shares in order to cover additional market demand.

BUD APAC estimated to raise about HK$39.2 billion, intending to apply all of the proceeds to repay debt.

The listing in the shares of BUD APAC will commence next Monday (30 September).

JPMorgan and Morgan Stanley are the sponsors of BUD APAC.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Mon Jan 13, 2020 11:32 am

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JPM Initiates BUD APAC (01876.HK) at Overweight, TP $34

2019/11/04

JPMorgan initiated BUD APAC (01876.HK) at Overweight, for its leadership in Chinese, South Korean, Indian and Vietnamese markets by its 2018 sales value.

Based on normalized EBITDA, BUD APAC is one of the most profit-making brewers in Asia last year.

Leveraging its worldwide platform and over 50 brands under best practices, BUD APAC is well positioned to facilitate its premiumization trend.

The brewer's target price was set at $34.

AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Mon Jan 13, 2020 11:35 am

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Citi Initiates BUD APAC (01876.HK) at Buy, TP $33

2019/11/04

BUD APAC (01876.HK) is the largest brewer by retail sales value in Asia, while Asia-Pacific is the biggest beer consumption area as well as the fastest-growing region in 2018, opined Citigroup.

As one of the most profitable Asian brewers, BUD APAC gained a position in both premium and super premium fields, with unique and diversified investment opportunities.

The company also has high-growth prospects in immature beer markets (e.g. China, India, Vietnam) and stable performance in mature markets.

Overall, BUD APAC was initiated at Buy, with a target of $33.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Mon Jan 13, 2020 11:37 am

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M Stanley Initiates BUD APAC (01876.HK) at Overweight with $35 TP

2019/11/04

BUD APAC (01876.HK) is the most capable among peers to leverage the premiumization of Asian beer market, Morgan Stanley opined, who believed the brewer could continue to seize market shares on the existing premium position.

The 2018E-2021E premium market share of over 40% of the group in mainland China should become a key growth driver.

Morgan Stanley initiated BUD APAC at Overweight with target price of $35.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Mon Jan 13, 2020 1:41 pm

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Budweiser APAC Reports Nine Months 2019 Results

HIGHLIGHTS YEAR TO DATE 1

Revenue grew by 3.1% and revenue per hectoliter (hl) by 5.7% in 9M19, driven by continued
success of our premiumization strategy.

We estimate that in China, Budweiser is the #1 Premium brand and Corona is the #1 Super Premium brand by volume

Normalized EBITDA grew by 13.9% with margin expansion by 329 bps to 34.6% in 9M19.

This was driven by the strong growth of 20.3% in APAC West in 9M19, partially offset by a challenging 3Q19 in APAC East

Our Super Premium portfolio continued to perform very well with strong double-digit volume growth

Our Premium portfolio led by Budweiser grew volume by low single digits in 9M19, despite softness in 3Q19 in the nightlife channel in China, where Budweiser has a leading position

We partnered with the United Nations Institute for Training and Research (UNITAR) and local
authorities, including the China Alcoholic Drinks Association, Ministry of Public Security and
Shanghai Traffic Police Bureau, to promote responsible drinking across Asia Pacific

http://iis.aastocks.com/20191025/003620080-0.PDF
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Re: Bud APAC 1876

Postby winston » Mon Feb 10, 2020 1:50 pm

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Feb 4, 2020

<Research Report>UBS Initiates BUD APAC (01876.HK) at Neutral with $26.02 TP

UBS initiated BUD APAC (01876.HK) at Neutral, saying the stock trading at 15.3x 2021E EV/EBITDA represented a 5% premium over international peers, thanks to higher Chinese exposure and potential APAC M&A activities.

The report furthered the brewer's shares tracked downward adjustment after posting estimate-missing 3Q19 results, factoring in market concern on the company's short-term outlook.

UBS' target price on BUD APAC was $26.02.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Fri Apr 03, 2020 1:42 pm

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Mar 17, 2020

<Research Report>JPM Axes BUD APAC (01876.HK) TP to $29; Rated Overweight

After hosting a post-results conference call for BUD APAC (01876.HK), JP Morgan cited in its report the management's remarks that China's segment is not deteriorating, while South Korea's is being upset on the COVID-19 epidemic and market rivalry.

For this, the broker trimmed the brewer's sales/ EBITDA forecasts to -5.8%/ -11.9% in 2020 and +16.5%/ +29.1% in 2021.

The target price was cut to $29 from $31 with rating kept Buy.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Fri Apr 03, 2020 1:44 pm

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Feb 28, 2020

<Research Report>Daiwa Axes BUD APAC (01876.HK) TP to $26.3; Rated Outperform

Daiwa commented in its report that BUD APAC (01876.HK) will likely take a severe blow in terms of 1Q20 revenue from novel coroavirus outbreak, for which 2020-21E EPS estimates were revised down by 12-15%.

The broker reiterated Outperform on BUD APAC, given upbeat views on long-term outlook of Chinese beer market and BUD APAC's pricing capability, at the target price $26.3, axed from $31.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Fri Apr 03, 2020 1:45 pm

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Feb 28, 2020

<Research Report>C Suisse Sinks BUD APAC (01876.HK) TP to $25.5; Rated Neutral

Credit Suisse commented in its research report that BUD APAC (01876.HK) delivered FY19 results largely in-line, where normalised EBITDA grew 11%, with organic growth of 1.8%.

The broker retained Neutral on BUD APAC at the target price $25.5, sunk from $26.2, with earnings estimates revised down by 2-3%.

Source: AAStocks Financial News
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Re: Bud APAC 1876

Postby winston » Fri Apr 03, 2020 1:46 pm

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Feb 28, 2020

<Research Report>M Stanley Trims BUD APAC (01876.HK) TP to $30; Kept Overweight

Morgan Stanley trimmed 2020/21 earnings forecasts on BUD APAC (01876.HK) by 23%/10%, reflecting the COVID-19 epidemic in China and South Korea.

The brewer was retained at Overweight, with target cut from $32 to $30.

The key to determining the overall plague impact is China's market recovery pace in March and April, the broker opined.

Source: AAStocks Financial News
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