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RHB positive on ThaiBev as its recovery party is underway

Chloe Lim
Chloe Lim5/17/2022 02:29 PM GMT+08  • 3 min read
RHB positive on ThaiBev as its recovery party is underway
ThaiBev’s 1HFY2022 ended March results beat the research team’s expectations due to a faster-than-expected recovery pace
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RHB Group Research team has kept a “buy” rating on Thai Beverage (ThaiBev) with a target price of 97 cents.

ThaiBev’s 1HFY2022 ended March results beat the research team’s expectations due to a faster-than-expected recovery pace. The group’s net profit of THB16.3 billion ($653 million) accounted for 58%-59% of the research team’s and consensus forecasts as demand recovery was stronger than expected.

“Post-results, we raise FY2022-FY2024 earnings by 5%-6%,” writes the research team. “Moving forward, we expect the encouraging momentum to continue in view of the better containment of Covid-19 and broader reopening of regional economies.”

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