Thai Beverage - DBS Research 2024-11-12: Something Bigger Brewing Behind Corporate Actions

Thai Beverage - Something Bigger Brewing Behind Corporate Actions

Published:
Thai Beverage (SGX:Y92) | SGinvestors.io
  • We believe the market views Thai Beverage (SGX:Y92) as largely a spirits company given the segment’s significant sales and EBITDA contribution of average 45% and 62%, respectively, for the last 5 years. Given the muted growth profile of the spirits segment, the market accorded a low double-digit P/E valuation to the entire company.

Misunderstood as a largely spirits-only compan; Conglomerate with 3 major business units.

  • - Read this at SGinvestors.io -
  • Overall, we view Thai Beverage as a conglomerate with three major business units:
    1. - Read this at SGinvestors.io -
    2. Beer Co, and
    3. F&B Co

Focus has been on Beer Co; time to highlight F&B Co.

Why do we believe theres more to F&B co than meets the eye?

  • Read more at SGinvestors.io.




Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.




Zheng Feng CHEE DBS Group Research | Andy SIM CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-11-12



Previous report by DBS:
2024-05-16 Thai Beverage - Early Signs Of Beer Business Recovery.

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 Dividends & Corporate Actions,
Thai Beverage News Articles





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