Thai Beverage - UOB Kay Hian 2023-11-24: Weak FY23 Results As Beer Fizzles Out

Thai Beverage - Weak FY23 Results As Beer Fizzles Out

Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • Thai Beverage reported lower FY23 PATMI of Bt27.4b (-8.9% y-o-y), lower than our expectations, dragged by the beer segment. The spirits segment benefitted from a better product sales mix while the beer segment underperformed as sales volume in Vietnam fell.
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  • In our view, Thai Beverage's share price is trading at an attractive -2 standard deviation to its mean P/E. Maintain BUY with a lower SOTP-based target price of S$0.70 (S$0.75 previously).

FY23 results below expectations.

  • Thai Beverage (SGX:Y92) released its FY23 results with revenue growing 2.5% y-o-y, in line with expectations. This accounts for 100.5% of our full-year forecast, driven by higher revenue contributions from the spirits (+3.1% y-o-y), non-alcoholic beverages (NAB) (+12.4% y-o-y) and food (+16.0% y-o-y) segments, offset by lower revenue (-1.4% y-o-y) from the beer segment.
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  • A similar y-o-y share of profit from associates would have increased FY23 PATMI to around 93% of our full-year forecasts.

Similar dividend declared.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2023-11-24

Read also UOB's most recent report:
2024-02-15 Thai Beverage - 1QFY24 In Line As Margins Improve.

Previous report by UOB:
2024-01-05 Thai Beverage - No Direct Impact From Announced Tax Changes But Awaiting Further Clarity.

Price targets by 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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