Thai Beverage (SGX:Y92)'s FY23 (Oct 2022 to Sep 2023) revenue was up 2.5% y-o-y to THB279.1b while PATMI fell 8.9% y-o-y to THB27.4b.
A weak ending to FY23 (financial year ended Sep 2023)
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A final dividend of THB0.45 per share (same as last year) was declared, bringing the total dividend for FY23 to THB0.60 per share (flat y-o-y). See Thai Beverage's dividend dates.
Spirits were resilient; beer business remained weak
Sales revenue of spirits rose 3.1% y-o-y to THB119.8b while net profit reached a record high of THB22.4b in FY23, thanks to higher average selling price, favourable change in the product mix in Thailand, as well as higher consumption of the brown spirits.
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Separately, the sales revenue of the food business increased 16% y-o-y to THB19.1b, on the back of increase in dine-in traffic at restaurants. Despite a higher sales revenue, net profit declined 85.7% to THB64m, mainly attributable to higher operating expenses, as Thai Beverage enhanced its efforts to improve brand visibility and opened new stores.
On the other hand, the NAB segment revenue and net profit rose 12.4% and 15.2% y-o-y to THB19.6b and THB675m respectively, driven by higher sales volume and improved production efficiency.
Fair value estimate of S$0.76
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
