Thai Beverage - DBS Research 2024-11-22: Recovery Signals Re-rating; The Best Is Yet To Come

Thai Beverage - Recovery Signals Re-rating; The Best Is Yet To Come

Published:
Thai Beverage (SGX:Y92) | SGinvestors.io
  • We believe Thai Beverage (SGX:Y92) is poised for a valuation re-rating as value is unlocked in its underappreciated beer and F&B segments.

FY24 revenue increased 2.2% y-o-y while earnings declined a marginal 0.8% y-o-y vs restated FY23 results.

  • - Read this at SGinvestors.io -
  • While earnings fell slightly by 0.8% y-o-y, Thai Beverage's final dividends of THB0.47 was slightly above our expectations of THB0.46 and represents a 4% y-o-y increase. We believe this is a positive signal of management’s commitment to improve shareholder returns.

Spirits

Brown spirits performance disappointed but showing early signs of recovery.

  • - Read this at SGinvestors.io -

Spirits margin to improve on lower price for molasses.

  • 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/ 2024-11-22



Previous report by DBS:
2024-11-12 Thai Beverage - Something Bigger Brewing Behind Corporate Actions.

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





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