Thai Beverage - UOB Kay Hian 2024-08-12: 3QFY24 Stable Performance As Beer Outperforms

• Thai Beverage (SGX:Y92) reported slightly higher 9MFY24 revenue (+0.5% y-o-y) and EBITDA (+2.2% y-o-y), forming 77% and 80% of our full-year forecasts respectively.
• The y-o-y growths were largely driven by increased contributions from the beer, food and non-alcoholic beverages (NAB) segments, offset by the spirits segment. The group remains on track to grow its FY24 revenue by 1-2% y-o-y.
• - Read this at SGinvestors.io -

Soft 3QFY24 as margins fell.

• Although Thai Beverage's 3QFY24 revenue (+2.5% y-o-y) was slightly higher y-o-y, EBITDA softened (-3.2% y-o-y) as most business segments saw lower margins.
  • The higher 3QFY24 revenue was driven by the beer (+8.5% y-o-y), NAB (+4.5% y-o-y) and food (+4.8% y-o-y) segments, but dragged by the spirits segment (-4.3% y-o-y) as sales volumes fell 6.1% y-o-y on the back of slower economic activity.
  • - Read this at SGinvestors.io -
• As a result, 3QFY24 EBITDA margins dropped to 16.9% (-1.0ppt y-o-y).

Spirits segment: Underperformer.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-06-25 Thai Beverage - Key Takeaways From Annual Information Meeting.

Previous report by UOB:
2025-06-16 Thai Beverage - Cheaper To Stay Sober.

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 Dividend Payout Dates & Corporate Actions,
Thai Beverage News