- Thai Beverage reported its 1HFY25 results whereby overall revenue grew 1.0% y-o-y while EBITDA and PATMI fell 5.3% y-o-y and 3.2% y-o-y respectively, forming 50.4%/54.7%/50.3% of our full-year forecasts respectively.
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Soft 2QFY25 results.
- The weak performance was due to a soft 2QFY25 whereby overall revenue/EBITDA/PATMI fell 0.6%/7.6%/3.2% y-o-y respectively.
- Higher raw material costs, increased advertising and promotional (A&P) spending coupled with weaker beer sales volume in Vietnam dragged 2QFY25 results. As a result, 2QFY25 EBITDA and PATMI margins compressed 1.3ppt y-o-y and 0.2ppt y-o-y respectively.
Similar dividend.
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- We now expect the group to declare a similar FY25 total dividend of Bt0.62/share (same as in FY24), implying a 58% dividend payout ratio and 4.7% yield.
Spirits: Rising cost pressures.
- Read more at SGinvestors.io.
