Budweiser Brewing drops most in 4 weeks as Q1 profit slips

China Resources Beer Holdings

08/05/2024 03:01

** Shares of Budweiser Brewing Co APAC Ltd  1876.HK  drop
4.4% to HK$10.94, set for biggest one-day pct fall since April 8
    ** Stock on track to snap a four-day rally and is the
fourth-biggest loser in Hang Seng Commerce & Industry Index
 .HSNC 
    ** The brewer's Q1 normalized profit attributable to equity
holders decreased 1% YoY, with revenue down 0.4% as total volume
fell 4.8% due to a soft industry in China and South Korea
    ** Rivals gain: China Resources Beer  0291.HK  up 0.5% and
Tsingtao Brewery  0168.HK  up 0.1%
    ** Hang Seng Consumption Index  .HSCGSI  slips 0.2% while
Hang Seng Commerce & Industry Index  .HSNC  climbs 0.8% and Hang
Seng Index  .HSI  adds 0.7%
    ** Budweiser Brewing's stock down 23.8% YTD

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