Budweiser Brewing Company APAC Ltd: 2Q26 Results Preview: China Still Facing Challenges

Research evidence excerpt

Budweiser Brewing Company APAC Ltd: 2Q26 Results Preview: China Still Facing Challenges

are not the equivalent of buy,

hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a

buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.

Other Material Investment Services

Coverage Universe Investment Banking Clients (IBC)

Clients (MISC)

Stock Rating % of Rating % of Total Other

Count % of Total Count % of Total IBC Count

Category Category MISC

Overweight/Buy 1542 42% 465 51% 30% 707 43%

Equal-weight/Hold 1571 43% 369 40% 23% 723 44%

Not-Rated/Hold 3 0% 0 0% 0% 1 0%

Underweight/Sell 551 15% 86 9% 16% 201 12%

Total 3,667 920 1632

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the

last 12 months. Due to rounding off of decimals, the percentages provided in the "% of total" column may not add up to exactly 100 percent.

Analyst Stock Ratings

Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next

12-18 months.

Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over

the next 12-18 months.

Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage