Thai Beverage - Phillip Securities 2023-05-15: No Fizz In The Beer

Thai Beverage - No Fizz In The Beer

Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • Thai Beverage (SGX:Y92)'s 1H23 revenue and PATMI at 49%/52% of our FY23e forecasts. 2Q23 PATMI growth of 3.4% was driven by growth in spirits but dragged down by a major decline in beer earnings.
  • 2Q23 beer volumes were down 10% y-o-y. Sabeco volume declined by double-digits due to distributors de-stocking and slowdown in economic growth. Consumer sentiment in Vietnam is weak, especially for the industrial sector.
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  • Our recommendation is upgraded from ACCUMULATE to BUY due to recent weakness of Thai Beverage's share price. The target price of S$0.80 is unchanged.

The Positive

Better product mix and selling price for spirits.

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  • There remain ample production capacity in spirits and capital expenditure is minimal. Raw material cost from molasses is expected to rise this year based on the recent Dec22-Apr23 annual harvest.

The Negative

Beer volumes first decline in six quarters.

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Paul Chew Phillip Securities Research | 2023-05-15

Read also Phillip's most recent report:
2024-02-15 Thai Beverage - No Celebrations, Yet.

Previous report by Phillip:
2023-11-24 Thai Beverage - Waiting For Macro To Turnaround.

Price targets by 3 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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