Bud APAC (01876) dropped more than 2%, down 1.94% at HK$5.565 as of press time, with a turnover of HK$24.7952 million.

On the news front, on October 4, Bud APAC announced that for the quarter ended September 30, 2026, the group conducted an internal restructuring involving certain mainland China subsidiaries to improve capital efficiency, and is expected to record approximately US$52 million in non-underlying withholding tax expenses. The group also made a prudent provision of approximately US$30 million for overdue receivables from the Telangana State Beverages Corporation in India, which is reported as a scope change year-on-year and has no impact on organic growth, and the group will continue to pursue the amounts.

The above matters will have a negative impact on the group's profit attributable to equity holders for the three months ended September 30, 2026.

Citi released a research report forecasting that the group's third-quarter sales will fall 7% year-on-year and organic EBITDA will decline 12% year-on-year, while maintaining a "Buy" rating on the stock with a target price of HK$10.8.

On the China business, Citi expects sales volume to fall 8% year-on-year, average selling price to rise 0.5% year-on-year, sales to decline approximately 8% year-on-year, gross profit to fall 11% year-on-year, and normalized organic EBITDA to decline 13% year-on-year.

For East Asia Pacific (mainly South Korea), Citi expects sales volume to fall 3% year-on-year, average selling price to decline 2% year-on-year, sales to fall 5% year-on-year, gross profit to decline 7% year-on-year, and normalized organic EBITDA to fall 9% year-on-year.