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Research
Research Alert: Ab Inbev Q1 Tops Estimates; Corona Momentum, Volume Recovery Support Outlook
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ABI reported Q1 2026 organic revenue growth of 5.8%, beating consensus of 3.0%, supported by revenue per hectoliter growth of 4.5% and a volume increase of 0.8% vs. expected decline of 0.5%. Underlying EPS of USD0.97 surpassed consensus of USD0.89 and the prior year's USD0.81, representing the highest Q1 performance in company history. We believe ABI's megabrands momentum, with combined revenues growing 8.2%, led by Corona's 16% growth outside its home market, demonstrates competitive positioning strength with market share gains in 75% of its markets. Management maintained 2026 EBITDA growth guidance of 4-8%, in line with its medium-term outlook and consensus of 5.1%, with capex expected at USD3.5-4.0B. The Beyond Beer segment accelerated with 37% revenue growth, while gross margin expanded 76 bps to 56.6% despite EBITDA margin contracting 15 bps due to increased marketing investments. We remain confident in ABI's growth trajectory given its global portfolio strength and resilient market positioning.
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US Markets
HSBC Affirms Midterm Targets as First-quarter Revenue Offsets Higher Credit Losses
HSBC (HSBA.L) upheld its midterm outlook on Tuesday as higher fee and interest income compensated for greater expected credit losses and operating expenses.For the three months ended March 31, profit after tax attributable to ordinary shareholders of the parent edged up year over year to $6.94 billion from $6.93 billion as revenue growth from wealth fees and net interest income partly offset higher impairment charges, operating expenses, and other one-off losses. Pretax profit slipped to $9.38 billion from $9.48 billion.Net interest income jumped annually to $8.95 billion from $8.3 billion, led by deposit balance growth and lower market interest rates. Net fee income also rose to $3.72 billion from $3.32 billion.The British lender's net operating income was $17.32 billion, up from $16.77 billion a year ago, thanks to firm-wide revenue growth across each of its four main businesses. The annualized return on average tangible equity decreased to 17.3% from 17.9%.Against this backdrop, the board declared an unchanged first interim dividend for 2026 of $0.1 per share and affirmed group financial targets for an RoTE of at least 17%, excluding notable items, for 2026 to 2028.For 2026, HSBC updated its expectations for banking net interest income to $46 billion from at least $45 billion on the back of an improved interest rate outlook. The company also flagged an expected credit losses charge of 45 basis points as a percentage of average gross loans, higher than the guidance in February of 40 basis points."The Group is well positioned to manage the changes and uncertainties prevalent within the global environment in which we operate, including in relation to the conflict in the Middle East," HSBC said. The company warned that it could expect a mid-to-high single-digit percentage adverse impact on its pretax profit in a severe stress scenario that includes higher oil prices, rising inflation, a material slowdown in GDP and rising unemployment, among others.
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International
ASEAN Manufacturing Growth Slows to Nine-Month Low in April, S&P Global Says
ASEAN's manufacturing sector expanded at a slower pace in April, with growth easing to a nine-month low as price pressures intensified, according to data released by S&P Global on Tuesday.The S&P Global ASEAN Manufacturing Purchasing Managers' Index fell to 50.7 in April from 51.8 in March, marking the weakest reading since July but extending the current expansion streak to nine months.New order growth slowed to an eight-month low, while production growth eased further and moved close to stagnation. New export orders declined for a second straight month at the fastest pace since last July.Firms cut employment for the first time in eight months, while purchasing activity increased.On the price front, input cost inflation surged to its highest level since March 2022, while output prices rose at the fastest pace in 49 months, reflecting stronger cost pass-through by firms.Despite challenges and weak historical levels, business confidence stayed positive in April, with manufacturers expecting production to grow over the next year, the report said.
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