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

Thai Beverage - No Celebrations, Yet

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

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  • Spirits margins were stable as the product mix of higher-margin brown spirits rose.

The Negative

Volumes still falling for beer.

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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 @

Paul Chew Phillip Securities Research | 2024-02-15

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

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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