M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Budweiser APAC (1876 HK) 4Q23 a slight miss; S. Korea undershoot Target Price HK$14.5 Stripping off mainly the US$66mn tax provision, Bud APAC 4Q results came in (Previous TP HK$16.9) c.3%/6% below us/consensus. Operations in South Korea (esp. home channel) Up/Downside 14.2% looked increasingly challenging upon the return of Japanese brands, with Current Price HK$12.7 volume consecutively edging down by MSD% since 3Q23 (1H23: ...