- 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 -
The Positive
Resilient spirits volume.
- - Read this at SGinvestors.io -
The Negative
Beer still suffering.
- Read more at SGinvestors.io.