HK-listed Budweiser Brewing falls on Q3 earnings miss

China Resources Beer Holdings

31/10/2023 04:36

** Shares of Budweiser Brewing Company APAC Ltd  1876.HK 
fall 3.7% to HK$14.90, marking their biggest one-day drop since
Oct 13
    ** Stock on course to snap four straight sessions of gains
    ** BUD APAC's stock down 38.7% YTD 
    ** The brewer says its 9-month profit attributable to
shareholders down 5.4% YoY to $875 mln, while revenue up 11.5%
YoY to $5.56 bln 
    ** "In South Korea, we experienced a challenging operating
environment while seeing sequential improvement quarter over
quarter, followed by a recent price increase" - Jan Craps, CEO
and Co-Chair 
    ** Jefferies says BUD APAC's 3Q23 revenue and normalized
EBITDA were in line, but normalized net profit was lower than
estimate 
    ** BUD APAC's 1% YoY 3Q23 core net profit decline was below
our expectation given weaker-than-expected performance in South
Korea - Citi
    ** China's rivals also fall with Tsingtao  0168.HK  slipping
0.8%, China Resources Beer  0291.HK  down 3.8%

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