Equity Analysis /
Singapore

SG : Thai Beverage - A year of recovery

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

    CGS-CIMB
    16 May 2022
    Published by

    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.