Thai Beverage's Mixed 1QFY25 Results In Line - UOB Kay Hian 2025-02-17: Beer & NAB Outperform; Spirits Underperform

• In our view, Thai Beverage's share price is trading at an attractive -1.5 standard deviation to its mean P/E. Maintain BUY with the same SOTP-based target price of S$0.56.

1QFY25 Business update

• - Read this at SGinvestors.io -
• The growth in overall 1QFY25 revenue was driven by the beer and non-alcoholic beverages (NAB) segments, offset by a weak performance from the spirits segment. 1QFY25 overall EBITDA was dragged by the spirits and food segments which suffered from higher operating and raw material costs but were supported by better margins across the beer and NAB segments, driven by better cost management and efficient advertising and promotional (A&P) spending. As a result, 1QFY25 overall EBITDA margin dropped slightly by 0.6ppt y-o-y.

Stronger balance sheet from continued deleveraging.

• - Read this at SGinvestors.io -

Spirits: Underperformance.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2024-11-22 Thai Beverage - Stable FY24 Performance, Positive FY25 Outlook..

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 Dividend Payout Dates & Corporate Actions,
Thai Beverage News