Budweiser APAC is the largest brewer in Asia by retail sales value and the second largest by volume, according to Euromonitor. After 10% of the business was listed on the Hong Kong exchange in 2019, parent company Anheuser-Busch InBev owns close to 90% of the company's equity.Budweiser APAC's largest markets are China (roughly 80% of 2023 revenue), South Korea (12%), and India (6%). The remaining 2% comprises Japan, New Zealand, and other export markets in the Asia-Pacific region. The company predominantly produces, imports, markets, distributes, and sells a portfolio of more than 50 beer brands, both owned and licensed, including global brands Budweiser, Stella Artois, and Corona along with multicountry brands and local brands such as Hoegaarden, Cass, and Harbin.

Financial Strength

7/10

Name	Current	Vs Industry	Vs History
Cash-To-Debt	9.57
Equity-to-Asset	0.66
Debt-to-Equity	0.03
Debt-to-EBITDA	0.35
Interest Coverage	N/A	N/A	N/A
Piotroski F-Score	N/A/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	2.48	Distress Grey Safe
WACC vs ROIC		WACC ROIC

Growth Rank

8/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	7.2
	3-Year EBITDA Growth Rate	8.7
	3-Year EPS without NRI Growth Rate	18.3
	3-Year FCF Growth Rate	18.5
	3-Year Book Growth Rate	0.6
	Future 3-5Y EPS without NRI Growth Rate	15.31
	Future 3-5Y Total Revenue Growth Rate	5.5

Momentum Rank

4/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	47
	9-Day RSI	43.13
	14-Day RSI	40.21
	6-1 Month Momentum %	-27.75
	12-1 Month Momentum %	-49.42

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	0.92
	Quick Ratio	0.82
	Cash Ratio	0.68
	Days Inventory	71.39
	Days Sales Outstanding	37.67
	Days Payable	304.1

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	4.49
	Dividend Payout Ratio	0.44
	3-Year Dividend Growth Rate	13.1
	Forward Dividend Yield %	4.49
	5-Year Yield-on-Cost %	4.38
	Shareholder Yield %	3.95

Profitability Rank

6/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	50.32
	Operating Margin %	18.38
	Net Margin %	11.68
	FCF Margin %	27.13
	ROE %	5.31
	ROA %	3.55
	ROIC %	4.32
	ROC (Joel Greenblatt) %	30.68
	ROCE %	8.19
	Years of Profitability over Past 10-Year	7

GF Value Rank

8/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	13.69
	Forward PE Ratio	14.73
	PE Ratio without NRI	13.63
	Price-to-Owner-Earnings	10.85
	PS Ratio	3.23
	PB Ratio	1.45
	Price-to-Tangible-Book	6.09
	Price-to-Free-Cash-Flow	11.9
	Price-to-Operating-Cash-Flow	8.63
	EV-to-EBIT	13.63
	EV-to-Forward-EBIT	8.28
	EV-to-EBITDA	13.63
	EV-to-Forward-EBITDA	5.75
	EV-to-Revenue	2.64
	EV-to-Forward-Revenue	1.78
	EV-to-FCF	9.72
	Price-to-Graham-Number	1.92
	Earnings Yield (Greenblatt) %	7.34
	FCF Yield %	8.42

GF Value: HK$23.95

HKSE:01876

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