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Upgrade to BUY. At ~10x forward P/E, Thai Beverage's share price trades at a ~50% discount to peers while offering an attractive ~6% dividend yield.
- - Read this at SGinvestors.io -
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Management also highlighted healthier domestic demand, while costs remain well controlled through early raw material procurement and disciplined ANP spending.
Demand outlook improving across market & segments
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In Thailand, management highlighted improving domestic sentiment helped by extended alcohol selling hours and lower outbound travel, supporting local spending. Additional catalysts include government co-pay stimulus schemes, upcoming football World Cup-related consumption and festive activities, which management expects to sustain beer momentum into 2HFY26.
- - Read this at SGinvestors.io -
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Within NAB, Thai Beverage is seeing improving utilisation and volume momentum helped by Magnolia dairy ramp-up and broader category expansion, with certain PET factories now operating near full capacity versus ~60% previously.
Well hedged costs support margin resilience
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