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Budweiser APAC(1876): reported weak results for the first quarter of 2026. While total sales volume increased slightly by 0.1% to 19.737 billion liters, organic revenue declined by 0.7% to US$1.493 billion, impacted by increased investment in the Chinese market and reduced operating income. Normalized EBITDA decreased significantly by 8.1% year-on-year to US$463 million, and the profit margin also narrowed by 246 basis points to 31.0%. Profit attributable to equity holders was US$226 million, lower than US$234 million in the same period last year. Looking ahead to 2026, the company prioritizes restoring growth. The Chinese market has seen proactive inventory reduction for six consecutive quarters, and management expects commercial investments related to events such as the World Cup to boost sales in the second and third quarters.
Nvidia's market capitalization surpassed the $5 trillion mark
News of the US-Iran peace talks entering the "final mile" has been circulating wildly in the market. Although Iranian officials have made cautious statements, the market had already reacted in advance, significantly reducing energy risk aversion and causing a sharp drop in oil prices. The three major US stock indices all closed higher, with the Nasdaq hitting a new record high. Nvidia's market capitalization surpassed the $5 trillion mark, and AI chip stocks remain the core driver of the market's upward trend. Overall, the market is currently in a period of dual benefits from "de-escalation of tensions" and "technology growth," with bulls dominating in the short term. However, the risk of volatility due to the fluctuating progress of the peace talks should be carefully monitored.
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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