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

• 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.

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• 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.

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Spirits margin to improve on lower price for molasses.

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

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

Price targets by 2 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