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AB InBev's Asia-Pacific beer business, brewing and distributing Budweiser, Harbin and other brands across China, Korea and India.
AB InBev's Asia-Pacific beer business, brewing and distributing Budweiser, Harbin and other brands across China, Korea and India.
Brews and sells beer through distributors to bars, restaurants and shops, with China the main market and South Korea the other large one, and pushes higher-priced brands rather than volume. AB InBev owns most of the company and supplies its global brands, such as Budweiser. Listed in Hong Kong in 2019.
In one line: AB InBev's regional Asia-Pacific arm, majority-owned by the US/Belgian parent.
Moat: narrow (brand, distribution, scale). Global AB InBev brand portfolio and premium positioning give pricing power versus local mass-market beers.
Headquarters: Hong Kong / Shanghai, China · Founded: 2019 · Employees: 20,908
Size Bud Apac (1876.HK) is a Hong Kong Consumer Staples company (Beverages: Alcoholic) with a market value of $10.7B, the 160th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.38 on 6 Nov 2026.
Performance Over six months the shares fell 15.8%, against +10.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 2.8% over the last twelve months (peer median -0.2%); the operating margin is 15.0% (peer median 15.8%).
Valuation It trades at 20.1× forward earnings against a peer median of 16.2× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (9.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$45.3B | HK$44.9B | HK$48.7B | HK$53.7B | HK$50.7B |
| Revenue growth | — | -8% | -9% | +6% | — |
| Gross profit | HK$22.8B | HK$21.4B | HK$23.4B | HK$25.8B | HK$24.3B |
| EBITDA | HK$11.3B | HK$11.6B | HK$13.0B | HK$15.0B | HK$14.0B |
| Net income | HK$4.32B | HK$3.81B | HK$5.66B | HK$6.67B | HK$7.15B |
| Free cash flow | HK$7.18B | HK$5.02B | HK$5.89B | HK$10.3B | HK$8.48B |
| Capital expenditure | HK$2.30B | HK$2.39B | HK$2.96B | HK$3.90B | HK$3.87B |
| Total debt | n/a | HK$2.16B | HK$1.58B | HK$2.58B | HK$1.75B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bud Apac 1876.HK | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% |
| China Res Beer 0291.HK | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% |
| Tsingtao Brewery 0168.HK | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1876.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | +7.4% | 7th highest of 21 |
| 6-month return | -15.8% | +10.3% | 5th lowest of 21 |
| Distance from 52-week high | -18.9% | -12.1% | 9th lowest of 21 |
| Revenue growth (TTM) | -2.8% | -0.2% | 8th lowest of 20 |
| Operating margin | 15.0% | 15.8% | 9th lowest of 20 |
| Forward P/E | 20.1× | 16.2× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 1.8% | 9th least demanding of 19 |
| Growth delivered (Del g) | +0.7% | +7.3% | lowest of 19 |
| Hurdle (Req g minus delivered) | -1.6 pp | -7.6 pp | 6th most demanding of 19 |
| ROIC minus cost of capital | +0.4 pp | +5.2 pp | 6th lowest of 20 |
| EV / EBITDA | 5.8× | 11.6× | cheapest of 14 |
| Net debt / EBITDA | -1.6× | 1.8× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |