Thai Beverage - DBS Research 2023-11-24: Investing To Strengthen Spirits Brand

Thai Beverage - Investing To Strengthen Spirits Brand

Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • Thai Beverage (SGX:Y92) reported its FY23 results with revenue of THB279bn and earnings of THB27.4bn. Spirits segment saw resilient revenue and earnings growth on better product mix, as per our expectations.
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Gross margin expanded 0.2ppt y-o-y while EBIT margin declined by 1.2 ppts.

  • Gross margin was stronger y-o-y on margin improvement in Beer segment, largely in the Thailand market as the company saw production efficiency improvements and implemented price hikes, which more than offset higher raw material and packaging cost.
  • However, EBIT margin declined largely on higher A&P spend in both Spirits and Beer segments. We believe this was on the back of brand investment on expectations of higher consumption along with the expected tourism arrivals.

Gearing up marginally on acquisition of Oishi Group and lower earnings.

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  • Net debt remains roughly similar to last year, but due to lower EBITDA, net debt to EBITDA ticked up from 2.90x in FY22 to 3.08x in FY23.

Proposed THB0.45 final dividend at 55% payout ratio.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Andy SIM CFA DBS Group Research | Zheng Feng CHEE DBS Research | 2023-11-24

Previous report by DBS:
2023-11-20 Thai Beverage - Load Up Before Price Increase.

Price targets by 4 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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