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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks that drew 20 cents in every dollar that went to work into the Singapore stock market in 1Q23.</li><li>The Index constituents that booked the highest net institutional inflow proportionate to quarter-end market cap in 1Q23 included Acesian Partners, ISDN and Frencken, while averaging a 28% total return.</li><li>The iEdge SG Advanced Manufacturing Index booked S$52 million of Net Institutional Inflow in 1Q23.</li></ul>

The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks that drew 20 cents in every dollar that went to work into the Singapore stock market in 1Q23.The Index constituents that booked the highest net institutional inflow proportionate to quarter-end market cap in 1Q23 included Acesian Partners, ISDN and Frencken, while averaging a 28% total return.The iEdge SG Advanced Manufacturing Index booked S$52 million of Net Institutional Inflow in 1Q23.

Mixed Moves of Manufacturing Stocks in 1Q23 

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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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

Mixed Moves of Manufacturing Stocks in 1Q23

The iEdge SG Advanced Manufacturing Index is comprised of 110 stocks that drew 20 cents in every dollar that went to work into the Singapore stock...

Singapore Exchange Ltd (SGX)

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