San Miguel Brewery Hong Kong Limited (0236.HK)

San Miguel Brewery Hong Kong Limited (0236.HK) — VMCI valuation read

San Miguel Brewery Hong Kong Limited sits at VMCI 70/100, with the Consumer Defensive sector median at 50. That 20-point spread is the first thing to note on 0236.HK: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on 0236.HK are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on 0236.HK: 0236.HK trades at 22.0x earnings, 22% above the Consumer Defensive median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Consumer Defensive median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of -1.4x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

0236.HK rose 2.7% over the trailing 7 days, with a -15.0% read on a 30-day basis.