- Thai Beverage's announced 1HFY23 core PATMI of Bt16.1b (-1.2% y-o-y), slightly above our expectations. The better-than-expected performance was largely due to a smaller-than-expected drop in margins. The ongoing recovery in brown spirits has led to a positive 1HFY23 EBITDA growth.
- - Read this at SGinvestors.io -
Stable 1HFY23 results despite headwinds.
- For 1HFY23, Thai Beverage (SGX:Y92) posted stable overall revenue growth of 3.7% y-o-y, forming 53.6% of our full-year forecasts and in line with expectations.
- - Read this at SGinvestors.io -
- 1HFY23 PATMI dropped slightly by 1.2% y-o-y and formed 61.4% of our full-year forecasts, slightly above our expectations. The better-than-expected performance was due to lower contributions to non-controlling interests (NCI) and lower interest expense.
- The drop in 1HFY23 PATMI was in line with EBITDA as margins compress. 1HFY23 core EBITDA (-1.4ppt y-o-y) and PATMI (- 1.3ppt y-o-y) margins fell.
- Thai Beverage declared a similar interim dividend of Bt0.15 per share (1HFY22: Bt0.15), representing a 1HFY23 earnings payout ratio of 23.44% and annualised yield of ~1%. See Thai Beverage's dividend date.
Spirits: Margin expansion.
- 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 Yi Rong UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-05-15
Previous report by UOB:
2023-05-11 Thai Beverage 1HFY23 Earnings Preview - Beer Segment Facing Headwinds.
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
