Thai Beverage - Phillip Securities 2024-08-12: Beer Drive Profit Growth

• 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.
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• 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.

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Outlook

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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