Thai Beverage - Phillip Securities 2024-02-15: No Celebrations, Yet

• Thai Beverage (SGX:Y92)'s 1Q24 revenue and EBITDA were at 26%/27% of our FY24e forecasts. 1Q24 EBITDA rose 1.9% y-o-y to Bt13.8bn. Results were within expectations. No analyst briefing and limited financials were provided in the 1Q24 update.
• - Read this at SGinvestors.io -
• We maintain our FY24e forecasts. Our BUY recommendation and target price for Thai Beverage is unchanged.
• We remain positive on the recovery of volumes this year as economic conditions improve via government stimulus and a rebound in exports.

The Positive

Margin improvement.

• - Read this at SGinvestors.io -
• Spirits margins were stable as the product mix of higher-margin brown spirits rose.

The Negative

Volumes still falling for beer.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-02-17 Thai Beverage 1QFY25 Business Update - A Slow Start.

Previous report by Phillip:
2024-11-25 Thai Beverage - Rebound In Volumes, Beer Less Relevant.

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 Dividend Payout Dates & Corporate Actions,
Thai Beverage News