- We stay positive on Thai Beverage (SGX:Y92) due to its strong market leadership in Thailand and Vietnam, with the beer business in the two countries showing recovery and demand improvement going forward.
- - Read this at SGinvestors.io -
- Thai Beverage's share price trades at an attractive ~11x FY25F P/E, at around -2 standard deviation from the historical forward mean of ~18x.
FY24 net profit in line.
- Adjusted for the newly consolidated F&N (SGX:F99), Thai Beverage's FY24 earnings came in at THB27bn (-1% y-o-y) on the back of THB340bn (+2% y-o-y) revenue. Otherwise, headline revenue outperformed our estimates, as the shareholding increase in F&N from ~28.31% to ~69.64% – from the recent share swap exercise – took effect.
- - Read this at SGinvestors.io -
- Spirits sales were driven by Myanmar and white spirits, beer by tourism and warmer weather, non-alcoholic through brand building, and higher store network for food. Decrease in raw material costs and more efficient opex spending in beer and non-alcoholic beverages supported operating margins of 12.4% on a consolidated basis.
- A final Thai Beverage's dividends of THB0.47 per share was declared, amounting to THB0.62 per share for the full year.
Expect outlook to be positive.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-11-25
Previous report by RHB:
2024-08-16 Thai Beverage - Beer Business Leads Growth; Maintain BUY.
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
