Thai Beverage - OCBC Investment 2023-11-28: Beer Business Was A Drag

Thai Beverage - Beer Business Was A Drag

Published:
Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • 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)

  • - Read this at SGinvestors.io -
  • 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.
  • - Read this at SGinvestors.io -
  • 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

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-11-28



Read also OCBC's most recent report:
2024-07-19 Thai Beverage - Proposed Share Swap.

Previous report by OCBC:
2024-05-15 Thai Beverage - Beer Business Showed Signs Of Improvement.

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





Advertisement

You May Also Like




SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁

Advertisement