Paul Chew, an analyst from Phillip Securities, maintained the Buy rating on Thai Beverage Public Co (TBVPF – Research Report). The associated price target is S$0.75.
Paul Chew’s Buy rating for Thai Beverage Public Co is based on a thorough evaluation of the company’s financial performance and market potential. Despite a downturn in beer volume sales, Thai Beverage has shown resilience in its spirits operations, with stable revenues year-over-year. The improved margins, particularly in the beer segment, are attributed to decreased production costs and marketing expenses. Chew’s confidence is bolstered by the company’s ability to maintain these margins even as it navigates through a challenging period.
Looking ahead, Chew maintains a positive outlook on the recovery of volume sales in the current fiscal year, driven by favorable economic conditions, government stimuli, and potential regulatory changes in Thailand and Vietnam. His valuation of the stock remains steady with a target price anchored by a historical average price-to-earnings ratio and the market valuations of listed associates. The anticipation of fiscal stimulus, excise tax cuts for spirits, and the lifting of alcohol sale restrictions in Thailand, provides a strong foundation for Chew’s Buy recommendation for Thai Beverage Public Co.
In another report released on February 15, UOB Kay Hian also maintained a Buy rating on the stock with a S$0.70 price target.
TBVPF’s price has also changed moderately for the past six months – from $0.428 to $0.335, which is a -21.73% drop .
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Thai Beverage Public Co (TBVPF) Company Description:
Thai Beverage Public Co., Ltd. is a holding company, which engages in the production and distribution of beverage. It operates through the following segments: Spirits, Beer, Non-alcoholic Beverage, and Food. The Spirits segment produces and sell spirits products. The Beer segment manufactures branded beer products. The Non-Alcoholic Beverages segment offers branded water, soda, ready-to-drink coffee, energy drink, green tea, and fruit flavoured drinks. The Food segment involves in the operation of Japanese restaurants, and allocation of foods and beverages. Its brands include Ruang Khao, SangSom, Mekhong, Hong Thong, Blend 285, Oishi RTD green tea, and Chang Beer.The company was founded on October 29, 2003 and is headquartered in Bangkok, Thailand.
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