External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

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

<ul><li>We continue to like Thai Beverage for its strong market leadership in Thailand and Vietnam, and as a beneficiary to Thailand’s economic recovery and the return of tourists post COVID-19 in Vietnam.</li><li>We see earnings growth driven by better sales volume as consumption recovers.</li><li>Thai Beverage (SGX:Y92)'s 1HFY23 (Oct 2022 to Mar 2023) earnings came in at THB16bn (flat y-o-y) on the back of THB148bn revenue (+4% y-o-y).</li></ul>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.

We continue to like Thai Beverage for its strong market leadership in Thailand and Vietnam, and as a beneficiary to Thailand’s economic recovery and the return of tourists post COVID-19 in Vietnam.We see earnings growth driven by better sales volume as consumption recovers.Thai Beverage (SGX:Y92)'s 1HFY23 (Oct 2022 to Mar 2023) earnings came in at THB16bn (flat y-o-y) on the back of THB148bn revenue (+4% y-o-y).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.

Thai Beverage - Anticipating Consumption Recovery; Keep BUY

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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.

<ul><li>International tourist arrivals to Thailand and Vietnam are set to improve as Chinese tourists return, boosting on-trade alcohol consumption volumes.</li><li>Move Forward Party’s recent electoral win may see Thai Beverage cede market share to new smaller entrants, but is unlikely to have a significant impact given Thai Beverage’s commanding market share.</li><li>Chinese tourist arrivals to Thailand continued its sharp recovery, surging 21.7% m-o-m and 36.7x y-o-y in Apr 23. </li></ul>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.

International tourist arrivals to Thailand and Vietnam are set to improve as Chinese tourists return, boosting on-trade alcohol consumption volumes.Move Forward Party’s recent electoral win may see Thai Beverage cede market share to new smaller entrants, but is unlikely to have a significant impact given Thai Beverage’s commanding market share.Chinese tourist arrivals to Thailand continued its sharp recovery, surging 21.7% m-o-m and 36.7x y-o-y in Apr 23. 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.

Thai Beverage - International Tourist Arrivals Set To Improve

<ul><li>Thai Beverage's announced 1HFY23 core PATMI of Bt16.1b (-1.2% y-o-y), slightly above our expectations.</li><li>The better-than-expected performance was largely due to a smaller-than-expected drop in margins.</li><li>The ongoing recovery in brown spirits has led to a positive 1HFY23 EBITDA growth.</li></ul>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.

Thai Beverage's announced 1HFY23 core PATMI of Bt16.1b (-1.2% y-o-y), slightly above our expectations.The better-than-expected performance was largely due to a smaller-than-expected drop in margins.The ongoing recovery in brown spirits has led to a positive 1HFY23 EBITDA growth.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.

Thai Beverage - 1HFY23 Results Slightly Above Expectations, Supported By Brown Spirits

<ul><li>Thai Beverage’s 54%-owned Vietnamese beer-subsidiary, Sabeco, reported its 1Q23 results with revenue and PATMI dropping sharply, dragged by front-loading in 4Q22 and a gloomy economic outlook.</li><li>Despite higher tourist arrivals to Thailand, we reckon there is downside to our current beer segment estimates.</li><li>Our estimates for the other segments remain unchanged.</li></ul>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.

Thai Beverage’s 54%-owned Vietnamese beer-subsidiary, Sabeco, reported its 1Q23 results with revenue and PATMI dropping sharply, dragged by front-loading in 4Q22 and a gloomy economic outlook.Despite higher tourist arrivals to Thailand, we reckon there is downside to our current beer segment estimates.Our estimates for the other segments remain unchanged.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.

Thai Beverage 1HFY23 Earnings Preview - Beer Segment Facing Headwinds

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We initiate our coverage on PORT with a Buy call and a 2021E target price of Bt3.00 (20x PER).</li><li>Our call is underpinned by projected 2021-22E earnings growth at a 39% CAGR, driven by the potential recovery of containers serviced volume.</li><li>Meanwhile, at the current share price, PORT is expected to offer a dividend yield of 4% in 2021-22E.</li></ul>

We initiate our coverage on PORT with a Buy call and a 2021E target price of Bt3.00 (20x PER).Our call is underpinned by projected 2021-22E earnings growth at a 39% CAGR, driven by the potential recovery of containers serviced volume.Meanwhile, at the current share price, PORT is expected to offer a dividend yield of 4% in 2021-22E.

Strategic Location & One-Stop Service the Key Attractions

Thailand

Thai Beverage is a leading beverage company in Southeast Asia, manufacturing, marketing, and distributing alcoholic and non-alcoholic beverages, as well as food products. Its diverse portfolio includes spirits, beer (such as Chang Beer), non-alcoholic beverages like Oishi green tea, and various food offerings. The company is headquartered in Bangkok, Thailand, and was founded on October 29, 2003.

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Thai Beverage (THBEV SP)

Thai Beverage - Anticipating Consumption Recovery; Keep BUY

We continue to like Thai Beverage for its strong market leadership in Thailand and Vietnam, and as a beneficiary to Thailand’s economic recovery...

RHB Invest

Thai Beverage - International Tourist Arrivals Set To Improve

International tourist arrivals to Thailand and Vietnam are set to improve as Chinese tourists return, boosting on-trade alcohol consumption volumes.

UOB Kay Hian

Thai Beverage - 1HFY23 Results Slightly Above Expectations, Supported By Brown Spirits

Thai Beverage's announced 1HFY23 core PATMI of Bt16.1b (-1.2% y-o-y), slightly above our expectations. The better-than-expected performance was...

UOB Kay Hian

Thai Beverage 1HFY23 Earnings Preview - Beer Segment Facing Headwinds

Despite higher tourist arrivals to Thailand, we reckon there is downside to our current beer segment estimates. Our estimates for the other...

UOB Kay Hian

Strategic Location & One-Stop Service the Key Attractions

We initiate our coverage on PORT with a Buy call and a 2021E target price of Bt3.00 (20x PER). Our call is underpinned by projected 2021-22E...

Krungthai XSpring

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