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CASTLE MALTING NEWS en colaboración con www.e-malt.com Spanish
08 April, 2024



Brewing news China: Budweiser Brewing Co. APAC shares sharply lower amid Q1 results concerns

Budweiser Brewing Co. APAC shares are sharply lower amid concerns over its first-quarter results as subdued Chinese consumer sentiment continues to hurt consumption the Market Screener reported on April 8.

The stock fell as much as 7.3% in the morning on April 8 and were last down 6.4% at 10.50 Hong Kong dollars (US$1.34), taking this year's losses to 28%.

Budweiser's management, in a investors' call after the market closed on April 5, said its China sales volumes in March were weaker than in the first two months of the year, according to Citi. China sales represent about 40% of the first quarter volumes, said Citi analysts led by Xiaopo Wei in a note to clients.

That doesn't bode well the first quarter results for the company, a unit of Anheuser-Busch InBev, which are typically announced in May.

Budweiser's first-quarter performance is also likely to be hit by last year's high base and sales volume pressure as weakness in the economy curbs spending by price-sensitive lower-income consumer groups, Citi's report said, citing the management.

Management added that South Korean sales were also likely to be weak due to last year's high base of comparison, Citi said.

The company's revenue in the first quarter of last year were strong as consumption in China and the rest of Asia picked up with the lifting the pandemic-related curbs.

Jefferies also expects first-quarter sales volumes in China to be under pressure and forecasts they will fall 6%. Still, analysts at the investment bank said gross profits will likely to be lifted by the company's shift toward higher-premium products.





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