Citi: Budweiser Brewing Company APAC (01876.HK) expected to see a 7% year-on-year decline in third-quarter sales; the company expects to record US$82 million in tax and provisions.

Citi released a research report stating that Budweiser Brewing Company APAC (01876.HK) announced that it expects to record a total of US$82 million in withholding tax expenses from internal restructuring and provisions for receivables in India in the third quarter of this year. Citi released a research report stating that it forecasts the group's third-quarter sales to decline 7% year-on-year (China down 8%; East Asia Pacific market down 4%), and the group's organic EBITDA to decline 12% year-on-year (China down 15%; East Asia Pacific down 8%), and maintains a "Buy" rating on the stock with a target price of HK$10.8.