Shares & Derivatives
Thai Beverage – Toast To A Strong COVID-19 Recovery
By SmallCapAsia  •  July 1, 2022
Excerpts from UOB KayHian report
  • Thai Beverage (THBEV) announced 1HFY22 core PATMI of Bt16.3b, beating expectations as its postCOVID-19 recovery gets underway.
  • 1HFY22 revenue for every segment rose as consumption volumes grew, while the food segment benefitted from the resumption of dining in at restaurants.
  • Several ASP hikes in 1HFY22 mitigated the impact of rising raw material and packaging costs on margins.
  • THBEV is currently trading at -1SD of its five-year mean PE, attractive in our view.
Maintain BUY on Thai Beverage with a higher target price of S$1.05. Thai Beverage 1HFY22 core earnings above expectations. Thai Beverage (THBEV) released its 1HFY22 results whereby overall revenue (+8.9% yoy) and core PATMI (+13.3% yoy) surged past our expectations, forming 57.2% and 56.1% of our full-year estimates respectively. Advertising and promotion expenses continued to decline as bars and nightlife remain shut, with SG&A expense-to-revenue ratio falling to 14.2% in 1HFY22 (-0.5ppt yoy). The group declared a similar interim dividend of Bt0.15 per...
Read the full article
By SmallCapAsia
Our slogan is simple: Start Small, Win Big! What does it mean? Simply put, we want you to invest your small pockets of money and eventually have them balloon into hoards of cash in the long run – so that you can live your dream lifestyle and most importantly, retire comfortably without having to worry for another day.
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance