Budweiser Brewing APAC hits 7-mth low as Jefferies trims PT, Chinese rivals slip

China Resources Beer Holdings

29/06/2023 08:33

** Shares of Budweiser Brewing Co APAC Ltd  1876.HK  fall as
much as 7.2% to HK$19.30, their lowest since November 28
    ** Stock on track for the biggest one-day pct drop since
July 29, 2022 if losses hold
    ** Second-biggest loser in Hang Seng Commerce & Industry
Index  .HSNC  and third-biggest decliner in Hang Seng Index
 .HSI 
    ** Jefferies maintains "buy" rating on the stock but trims
PT to HK$30 from HK$31 as it lowers earnings and sales estimates
for 2Q23 
    ** Jefferies says China's market remains the key driver in
sales and profitability for the brewer, offsetting a dismal
performance in S. Korea
    ** Chinese rivals also slide with China Resources Beer
 0291.HK  slipping 1.6% and Tsingtao Brewery's Hong Kong shares 
 0168.HK  down 0.9% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  slides 2%
and the Hang Seng Consumption Index  .HSCGSI  drops 2.7%
    ** The Hang Seng Composite Index  .HSCI  falls 1.3% and the
Hang Seng Index  .HSI  declines 1.4%
    ** As of last close, the stock had fallen 15.3% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))