2QFY9/22 net profit +20% yoy to THB8.1bn, above expectations. All four segments showed yoy revenue growth, with Vietnam outperforming Thailand. We are confident of further recovery as economies reopen. Price hikes and prudent cost management should help THBEV uphold its margins. Reiterate Add and TP of S$0.91. THBEV remains our sector top pick.
Equity Analysis /
Singapore