Thai Beverage - RHB Invest 2024-05-15: Beer Segment Supporting Outlook; Maintain BUY

Thai Beverage - Beer Segment Supporting Outlook; Maintain BUY

Thai Beverage (SGX:Y92) | SGinvestors.ioThai Beverage (SGX:Y92)
  • We remain positive on Thai Beverage (SGX:Y92) due to its strong market leadership in Thailand and Vietnam, and being a beneficiary of the economic recovery in both countries.
  • We expect consumption to recover in the two nations, delivering earnings growth in the latter part of the year. Its valuation is attractive – Thai Beverage share price is trading at ~12x FY25F P/E, at around -1.5 standard deviation from the historical forward mean of ~19x.

2Q24 net profit in line with expectations.

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  • Revenue growth was led largely by the beer and non-alcoholic business segments, which grew +13% and +9% y-o-y to THB30bn and THB5.3bn on sales volume increases. In addition, the beer business also benefitted from price adjustments made in 2023.
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  • Food revenue grew 4.5% y-o-y to THB5bn, led by new stores, and better brand visibility and accessibility.

Unchanged interim dividend

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Alfie Yeo RHB Securities Research | 2024-05-15

Previous report by RHB:
2024-02-15 Thai Beverage - Recovery Still Anticipated; Keep BUY.

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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