Thai Beverage - Strong Rebound Post Lockdown
- Thai Beverage (SGX:Y92) saw a strong rebound in 1QFY22 as its key geographies emerged from lockdown – revenue/EBITDA rose 59%/94% q-o-q.
- We are confident of continued recovery as the economy reopens further; price hikes and prudent cost management should help uphold its margins.
- Reiterate ADD call on Thai Beverage and SOP-based target price of S$0.91.
- Thai Beverage remains our consumer sector top pick as we believe it is a laggard recovery play – it trades at an undemanding valuation of 13.7x CY22F P/E (1.4 standard deviation below its 10-year historical mean), below regional peers’ 27.5x.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-14 2022-02-14
Previous report by CGS-CIMB:
2021-11-26 Thai Beverage - Cheers To A Better Year Ahead
Target prices by 3 other brokers at Thai Beverage Target Prices.
Listing of broker reports at Thai Beverage Analyst Report.
Thai Beverage Share Price History,
Thai Beverage Announcements,
Thai Beverage Dividends & Corp Actions,
Thai Beverage News Articles