- Thai Beverage (SGX:Y92)'s 3QFY24 results were within expectations. 9MFY24 revenue and EBITDA were at 73%/83% of our FY24e forecasts. 3QFY24 EBITDA declined 3.2% y-o-y to Bt11.7bn due to a drop in spirits revenue and profits. We believe weaker property earnings from associates and higher interest expense to be a drag to net profit.
- - Read this at SGinvestors.io -
- Despite the recovery, beer volumes are 15% below pre-pandemic levels.
The Positive
Beer volumes on a recovery path.
- Beer volume expanded 3.1% in 3Q24, the 2nd consecutive quarter of increase. Despite the recovery, beer volumes are 15% below pre-pandemic (3QFY19: 665.6mil, 3QFY24: 566.7mil). Tourism in Thailand and warmer weather supported demand this quarter.
The Negative
Tough comps for spirits.
- - Read this at SGinvestors.io -
Outlook
- Read more at SGinvestors.io.
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 @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-12
Previous report by Phillip:
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
