Lyon: Maintain the rating of "outperform" for Budweiser APAC, lower profit forecasts for this year and next year.

Lyon released a report stating that the stock price of AB InBev Asia Pacific weakened after the announcement of its fourth quarter performance in 2025. This may be due to weak business in China, conservative management attitudes towards the recovery of the food service channel in 2026, and uncertainty in the dividend plan. The bank believes that the outlook for the food service industry is unclear, despite agreeing with the management's focus on the household and online-to-offline channels. They expect the recovery to be a gradual process and that any increase in sales volume may be offset by additional investments and average price reductions. Lyon lowered its profit forecast for AB InBev Asia Pacific for the 2026-2027 fiscal years, but they also moved the valuation target forward by one year, maintaining a target price of 9 Hong Kong dollars and a "outperform the market" rating. The bank points out that they are still waiting for clear catalysts, and if there is good news in the food service industry or the online-to-offline channel, it may pose an upward risk.