Thai Beverage

Re: Thai Beverage

Postby winston » Tue Jan 14, 2020 6:21 pm

vested

Thai Beverage PLC – Beer Losing (from) Interest
Date: 26/11/2019
Source : PHILLIP CAPITAL
Price Target : 0.80
Price Call : SELL

Revenue and earnings were below our forecast.

Earnings suffered from less fair value gains in associate Frasers Property (FPL) and loss in the beer division.

Volumes were healthy for spirits and beer but gross margins suffered.

More than 100% of 4Q19 PATMI is from the spirits division.

Dividends for the year raised by 23% to Bt0.48 (S$0.021).

Downgrade to REDUCE.

We lowered our SOTP-derived TP to S$0.80 (previously S$0.83) as we cut FY20e earnings by 5%.

We lowered our margins and raised interest expense estimates.

Outlook for FY20e is dependent on government support for farm income.

Earnings from Sabeco will be under pressure from interest expenses and contribution to the group will be minimal.

Source: Phillips

https://sgx.i3investor.com/servlets/ptres/13902.jsp
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Thai Beverage

Postby winston » Tue Jan 14, 2020 6:23 pm

vested

Thai Beverage - FY19 Missed Expectations; Finance Costs Still a Drag
Date: 25/11/2019

Source : UOB KayHian
Price Target : 0.90
Price Call : HOLD

Thai Beverage reported 4QFY19 net profit of Bt3.4b, up 11% y-o-y.

Full-year core PATMI made up 93%/94% of our and consensus estimates, missing expectations.

The key negative came from the beer segment’s PATMI, which dropped to a net loss for the quarter as it continued to be weighed down by finance expenses.

Dividend payout ratio remained similar to the FY18 level.

Thai Beverage is trading close to its historical mean at 19.4x FY20F PE.

Maintain HOLD with a target price of S$0.90.

Entry price: S$0.78.

Source: UOBKH

https://sgx.i3investor.com/servlets/ptres/13918.jsp
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Thai Beverage

Postby winston » Tue Jan 14, 2020 6:28 pm

vested

Thai Beverage - Healthy Volume Growth
Date: 25/11/2019
Price Target : 0.95
Price Call : HOLD

Move to NEUTRAL from Take Profit, with higher Target Price of SGD0.95 from SGD0.92, 7% upside and 3% yield.

Thai Beverage recorded FY19 PATMI of THB23.3bn, in line with our expectation, but 7% below consensus’ estimate.

Higher finance costs dragged down earnings growth despite strong revenue.

Thailand’s alcohol demand showed strong improvement in 4QFY19 (Sep) due to Government stimulus measures.

We expect this consumption momentum to follow through in 1QFY20.

As such, we increase our FY20F- 21F earnings by 2-3%, which raises our Target Price to SGD0.95.

Source: RHB

https://sgx.i3investor.com/servlets/ptres/13901.jsp
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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