Thai Beverage - DBS Research 2024-05-16: Early Signs Of Beer Business Recovery

Thai Beverage - Early Signs Of Beer Business Recovery

Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • Thai Beverage (SGX:Y92)'s 2Q24 revenue and earnings came in at THB71.6bn and THB7.0bn, +6.3% and -4.9% y-o-y, respectively. Top-line growth was largely driven by the recovery in the beer segment, with sales up 12.8% y-o-y, driven by a combination of 7.1% higher volume and a +5.7% pricing effect.
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  • Spirits business remains relatively stable with volume slightly down by 1.1% y-o-y, which is more than offset by a +1.7% pricing effect, leading to a slight growth of 0.6% in overall sales.

1H24 earnings dragged by associated companies

  • Thai Beverage's 1H24 revenue and earnings came in at THB147.7bn and THB15.2bn, -0.4% y-o-y and -5.6% y-o-y, respectively.
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EBITDA margin excluding associate companies expanded 0.9ppt y-o-y while gross margin expanded by 1.1ppt.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Zheng Feng CHEE DBS Group Research | Andy SIM CFA DBS Research | 2024-05-16

Previous report by DBS:
2023-11-24 Thai Beverage - Investing To Strengthen Spirits Brand.

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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