External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The corporation has an extensive domestic distribution system via subsidiaries throughout the country.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The corporation has an extensive domestic distribution system via subsidiaries throughout the country.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) - Maintaining Growth in Hard Times

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.</li>
<li>Stock's upside potential from current price levels seem to outweigh downside risk.</li>
<li>With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.</li>
</ul>



Budweiser Brewing APAC (1876 HK)'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.
Stock's upside potential from current price levels seem to outweigh downside risk.
With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.


Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Event-Driven

China Resources Beer Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.</li>
<li>CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a>  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.</li>
</ul>



Heineken Holding NV (HEIO NA) ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.
CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.

China Resources Beer Holdings (291 HK)  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.


Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?

Thematic (Sector/Industry)

<ul><li>Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.</li><li>A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).</li><li>Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock recommendations (Vietnam Market)_April 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.</li>
<li>With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.</li>
<li>With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo's valuations, Thai Bev seems increasingly off investors' radar.</li>
</ul>



Thai Beverage (THBEV SP)  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.
With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.
With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo's valuations, Thai Bev seems increasingly off investors' radar.


Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play

Vietnam

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

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Saigon Beer Alcohol Beverage (SAB VN)

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) - Maintaining Growth in Hard Times

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.

Mirae Asset Securities

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?

CR Beer’s strong 1H2025, driven by new products and digital growth, merits market attention. Heineken’s premium Central America deal may shift the...

Devi Subhakesan

Stock recommendations (Vietnam Market)_April 2025

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit...

Mirae Asset Securities

Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play

For income-focused investors seeking steady dividends with limited downside, Thai Beverage remains a proposition worth considering in the current...

Devi Subhakesan

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