- 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.
Excerpts from UOB KayHian report