Spirits sales revenue for the quarter fell by 4.8% y-o-y to 32.24 billion baht as total sales volume fell by 6.2% y-o-y, which is the weakest in eight quarters. “We believe [the lower spirits volume] is in part due to overstocking in the prior quarter,” Chew writes.
PhillipCapital analyst Paul Chew has downgraded his call on Thai Beverage (SGX:Y92
) (ThaiBev) to “accumulate” from “buy” as he expects ThaiBev’s FY2025 patmi to come in below his estimates from poor performance in the group’s spirits segment.
While the group’s results for the 1QFY2025 ended Dec 31, 2024, were within Chew’s expectations with revenue and ebitda at 25% and 30% of his full-year forecasts respectively, the spirits business, which was the group’s biggest revenue contributor, fell.
