- We remain positive on Thai Beverage (SGX:Y92) due to its strong market leadership in Thailand and Vietnam, and it being a beneficiary of the economic recovery in both countries. We expect consumption to recover in the two nations, delivering the group’s earnings growth into FY25F.
- - Read this at SGinvestors.io -
3QFY24 net profit in line.
- Thai Beverage's 3QFY24 revenue came in at THB69bn (+2.4% y-o-y) while EBITDA amounted to THB12bn (-3.2% y-o-y) – which are within expectations. Revenue growth was led largely by the beer, food and non-alcoholic business segments, which grew +8%, +4% and +3% y-o-y to THB31bn, THB5.2bn and THB5.6bn on sales volume increases.
- Its non-alcoholic unit’s revenue grew 3.3% y-o-y to THB6bn on higher sales volume, led by brand building and warmer weather. The spirits segment’s revenue declined to THB27bn (-4.3% y-o-y), where volume sales dropped 2.7% y-o-y on a 9-month basis.
- - Read this at SGinvestors.io -
- Overall, EBITDA margin shrank to 16.9% (-1.0ppts vs 17.8% in 3QFY23), albeit lifted by the beer business as a result of the division’s more effective brand investment and marketing activities.
Largely neutral impact on recent share swap exercise.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-08-16
Read also RHB's most recent report:
2024-11-25 Thai Beverage - Beer Business Improving; Keep BUY.
Price targets by 4 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
