Thai Beverage (ThaiBev)

ThaiBev poised for a turnaround, but can its shares continue to climb?

SINGAPORE (Aug 21): Things seem to be looking up for Thai Beverage.

The group in 3Q19 reported a 22% increase in earnings to THB6.7 billion ($302 million), from THB5.4 million in the same quarter last year, on the back of stronger sales volumes and better margins across the majority of its business segments.

Total revenue for the quarter rose 3% THB62.7 billion, from THB60.7 billion a year ago, supported by an increase in sales of its spirits, non-alcoholic beverages and food business segments.

ThaiBev reports 22% rise in 3Q earnings to $302 mil on higher sale volume of spirits and soft drinks

SINGAPORE (Aug 15): Thai Beverage reported earnings rose 22% to THB6.7 billion ($302 million) in 3Q19 ended June from THB5.4 billion in 3Q18 a year ago.

This brings 1H19 earnings to THB205.3 billion, up 18% from THB173.7 billion.

Total revenue in 3Q19 from sales and services rose 3% to THB62.7 billion from THB60.7 billion a year ago.

This was due to an increase in sales of spirits business, non-alcoholic beverages and food business, although there was a decrease in sales of beer business.

ThaiBev under siege after Budweiser shelves IPO

(July 15): Thai Beverage PCL’s crown as top performer in Singapore this year is under siege after rival Anheuser-Busch InBev NV shelved the initial public offering of its Asian unit to raise up to US$9.8 billion ($13.3 billion).

ThaiBev kept at 'buy' by CGS-CIMB on improving domestic beer consumption

SINGAPORE (June 14): CGS-CIMB Research says Thai Beverage is one of its top picks among Singapore-listed consumer stocks, given the kingdom’s improving domestic beer consumption.

CGS-CIMB also favours ThaiBev due to the strength in the Thai baht and also its valuation gap to other Thai-listed peers.

“We expect the share price to perform well when results deliver,” says CGS-CIMB which is maintaining ThaiBev at “buy”.

ThaiBev on way to become the dominant regional beverage player: DBS

SINGAPORE (June 10): DBS Equities Research continues to rate Thai Beverage (ThaiBev) at “buy” with an unchanged target price of 91 cents.

DBS recently took ThaiBev on a week-long non-deal roadshow to meet European investors, which saw the group reaffirmed its regionalisation strategy, instilling confidence in the research house that it is evolving into a leading regional beverage player in Southeast Asia.

ThaiBev now in better spirits so don't cash in just yet, says OCBC

SINGAPORE (May 28): OCBC Investment Research is maintaining “hold” on Thai Beverage (ThaiBev) while lowering its fair value estimate by 2 cents to $0.86 after updating its cost of equity.

This comes post the news of the group’s associate Fraser and Neave’s (F&N) planned acquisition of Starbucks Coffee in Thailand through a partnership with Maxim’s Caterers.

In a Tuesday report, analyst Deborah Ong says she is positive on this development as the acquisition extends ThaiBev’s presence and product portfolio through its collaboration with F&N.

Value seen in F&N despite tough market for beer and print businesses

SINGAPORE (May 24): RHB Research likes Fraser & Neave even though the operating environment is tough for its beverage and print business.

“We think there is value in the stock, given that the share price is trading 13% below its $1.96 NAV/share,” says RHB analyst Juliana Cai in a May 23 unrated report.

F&N’s profit is largely helmed by its dairy business, as well as a 20% stake in Vinamilk. It also holds a 55% of F&N Holdings (FNH), in addition to its printing & publishing business.

Analysts keeping spirits up on ThaiBev despite 2Q earnings decline

SINGAPORE (May 13): Analysts are keeping largely upbeat on Thai Beverage (ThaiBev), despite a 12.2% drop in 2Q earnings to THB 5.79 billion ($250 million) on the back of lower net profit from its spirits and food businesses.

In addition, net profit from F&N/Frasers Property was down 44% to THB 465 million, from THB 828 million a year ago.

See: ThaiBev 2Q earnings fall 12% to $250 mil due to poorer spirits and food businesses

ThaiBev 2Q earnings fall 12% to $250 mil due to poorer spirits and food businesses

SINGAPORE (May 10): Thai Beverage reported 2Q earnings fell 12.2% to THB 5.79 billion ($250 million) from a restated THB 6.59 billion, due to a lower net profit from the spirits and food businesses and from F&N/Frasers Property.

Earnings per share fell to THB 0.23 from THB 0.26.

ThaiBev gears up to fund growth, debt level seen as manageable

SINGAPORE (Apr 15): Thai Beverage has spent the past few years on an $8 billion acquisition spree, as it expanded beyond its home market and into other Southeast Asian markets. It bought a 53.59% stake in Saigon Beer Alcohol Beverage Corp (Sabeco), Vietnam’s largest brewery company, and snapped up a 75% stake in the Grand Royal Group, Myanmar’s largest whiskey player. Besides drinks, it is venturing into fast food: It bought the franchise rights to run more than 250 KFC outlets in Thailand.  


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