Thai Beverage - UOB Kay Hian 2022-11-28: Strong FY22 Performance As Economic Activity Ramps Up

Thai Beverage - Strong FY22 Performance As Economic Activity Ramps Up

Published:
THAI BEVERAGE PUBLIC CO LTD (SGX:Y92) | SGinvestors.ioTHAI BEVERAGE PUBLIC CO LTD (SGX:Y92)
  • Thai Beverage reported strong FY22 PATMI of Bt30.1b (+22.2% y-o-y), benefitting from the relaxation of domestic COVID-19 restrictions. The beer, food and NAB segments contributed to the strong bottom line growth, while the spirits segment was dragged by lower margins and flat volumes.
  • - Read this at SGinvestors.io -
  • Thai Beverage's share price is trading at an attractive -1.5 standard deviation to its mean P/E.

Thai Beverage (THBEV)'s FY22 results in line with expectations.

  • Thai Beverage (SGX:Y92) released its FY22 (Oct 2021 to Sep 2022) results with both revenue (+13.2% y-o-y) and PATMI (+22.2% y-o-y) surging to account for 99.1% and 102.0% of our full-year forecasts respectively. The strong top-and bottom line growths were boosted by strong performances in most business segments, driven by the relaxation of COVID-19 measures in both Thailand and Vietnam along with revived economic activity. EBITDA also grew 15.7% y-o-y as the beer and food segments outperformed. See Thai Beverage's announcement dated 25 Nov 2022.
  • - Read this at SGinvestors.io -
  • Ending the year with a bang. 4QFY22 outperformed as both revenue (+33.1% y-o-y) and EBITDA (+48.3% y-o-y) surged, largely due to the reopening of nightlife entertainment venues and revived economic activity.
  • With most COVID-19 restrictions removed, the beer segment was the clear outperformer, with revenue (+58.4% y-o-y) and EBITDA surging (+108.9% y-o-y) while the food segment’s revenue (+68.9% y-o-y) and EBITDA increased as well (+278.7% y-o-y). The spirits segment also benefitted as 4QFY22 revenue (+9.0% y-o-y) and EBITDA (+11.0%) grew, backed by higher consumption volumes for its higher-ASP brown spirits.

Spirits: Muted performance in line.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Llelleythan Tan UOB Kay Hian Research | https://research.uobkayhian.com/ 2022-11-28



Read also UOB's most recent report:
2024-02-15 Thai Beverage - 1QFY24 In Line As Margins Improve.

Previous report by UOB:
2024-01-05 Thai Beverage - No Direct Impact From Announced Tax Changes But Awaiting Further Clarity.

Price targets by 2 other brokers at Thai Beverage Target Prices.

Listing of research reports at Thai Beverage Analyst Reports.

Relevant links:
Thai Beverage Share Price History,
Thai Beverage Announcements,
Thai Beverage Dividends & Corporate Actions,
Thai Beverage News Articles





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