“We foresee the recovery momentum continuing into FY2023 on a further pick-up in tourism activities. We continue to like the company as a major proxy to capitalise on the recovery, taking into account its strong market presence and brand equity,” writes RHB Group Research's Singapore research team in its Nov 28 note.
Analysts are all advising investors to "buy" Thai Beverage (ThaiBev) following its FY2022 earnings reported last Friday, which indicated clear improvements thanks to the recovery from the pandemic which curbed consumption.
For the year ended Sept 30, the Thailand-based beer and beverage giant reported earnings of 30.1 billion baht ($1.16 billion), up 22% y-o-y, driven by higher sales. While all segments showed improvements, the beer business stood out with its 39% jump in operating profit thanks to a 15% increase in volume.
