- 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:
- - Read this at SGinvestors.io -
- Beer Co, and
- F&B Co
Focus has been on Beer Co; time to highlight F&B Co.
- We explored the potential of its beer co in a prior report, Who could tie the knot in the Golden Peninsula?, and are now exploring the potential of its F&B co, which we believe has remained under the radar.
Why do we believe there’s 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
Read also DBS's most recent report:
2024-11-22 Thai Beverage - Recovery Signals Re-rating; The Best Is Yet To Come.
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
