Thai Beverage - RHB Research 2025-05-19: 2Q25 Earnings Within Estimates; Maintain BUY

• We remain positive on Thai Beverage for its strong market leadership in Thailand and Vietnam.
• We expect Thailand’s spirits and beer businesses to support growth along with better cost controls and more efficient marketing spend.
• - Read this at SGinvestors.io -

2Q25 in line with estimates.

• Revenue of THB85bn (-0.6% y-o-y) and earnings of THB6.7bn (-1.1% y-o-y) were in line with our forecast. Revenue decline was led by the beer business (-2.4% y-o-y, THB30bn) due lower production and sales volume in Vietnam.
• - Read this at SGinvestors.io -
• Overall EBITDA margin dipped by 1.3ppts to 17.2%, dragged by the spirits business, which saw an increase in higher raw material and marketing costs for brand investment, along with both the NAB and food businesses. This resulted in a 7.6% y-o-y EBITDA decline to THB15bn.

Pretty mixed set of results.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-09-01 Thai Beverage - Anticipating Slightly Softer Growth; Maintain BUY with Lower Target Price.

Price targets by 3 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