Thai Beverage - Phillip Securities 2023-11-24: Waiting For Macro To Turnaround

Thai Beverage - Waiting For Macro To Turnaround

Published:
Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • Thai Beverage (SGX:Y92)'s 2023 revenue and PATMI were at 97%/95% of our FY23e forecasts. Beer revenue and associate earnings were below our estimates.
    • Spirits EBITDA grew 3% y-o-y in 4Q23 to THB5.9bn dueto growth in volumes.
    • - Read this at SGinvestors.io -
  • Beer is facing soft consumer demand in Vietnam due to the weak economic conditions, and made worse by five cumulative rounds of price increases since 2021.
  • In Thailand, the emergence of Carabao as a new beer competitor further raised the pricing and marketing intensity. We expect growth in spirits revenue from normalisation of white spirits volume, price increases and higher mix of brown spirits. More aggressive fiscal spending in Thailand next year will support consumption spending.
  • We lower our FY24e PATMI forecast for Thai Beverage by 9%. Our BUY recommendation is maintained but target price for Thai Beverage is lowered from S$0.75 to S$0.67.

The Positive

Resilient spirits volume.

  • - Read this at SGinvestors.io -

The Negative

Beer still suffering.

  • Read more at SGinvestors.io.




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 @ https://www.stocksbnb.com/.




Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-24



Read also Phillip's most recent report:
2024-05-16 Thai Beverage - Beer Turning Fresh.

Previous report by Phillip:
2024-02-15 Thai Beverage - No Celebrations, Yet.

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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