Intact premiumisation in China
- Premiumisation in China intact with premium and super-premium beers leading a double-digit growth in total sales volume in 5M23
- Expect decent on-premise recovery to sustain and support a 7% ASP growth in APAC West FY23; overall GP margin to edge up by 1.8ppts
- Cut FY23/FY24F EBITDA by 11%/8% on near-term sales pressure in APAC East on a high base, as well as foreign currency impacts
- Maintain BUY with revised TP of HK$30.40; a potential earnings upside of c.7% in FY23 are yet to be factored in, assuming a 3% volume increase from El Nino impacts
