Budweiser APAC (1876.HK): Data Update: Factoring in announced one-off non-underlying withholding tax charge and India-related provision

Goldman Sachs published a data update on Budweiser APAC (1876.HK). Bud APAC announced two non-operational headwinds that will weigh on 3Q26 earnings: 1) an internal restructuring of its China mainland subsidiaries, expected to trigger a one-off non-underlying withholding tax charge; and 2) an expected provision against overdue trade receivables from a state beverages corporation in the State of Telangana, India. Together these items imply a meaningful negative impact on profit attributable to shareholders for the quarter, and the India-related provision is non-tax-deductible. Management emphasized that both charges appear non-core in nature with no impact on organic growth. On earnings, factoring in the non-recurring net profit impact, GS lowers its 2026E reported NP forecast while keeping 2027E-28E estimates unchanged;