Given the “slightly disappointing” revenue and ebitda, Yeo has lowered his earnings estimates for the FY2025, FY2026 and FY2027 by 1%, 2% and 4% to 338.28 billion baht, 337.89 billion baht and 338.13 billion baht respectively. The lower estimates account for weaker beer volume sales from Vietnam and a slight decline in spirits volume sales.
Alfie Yeo of RHB Bank Singapore has lowered his target price on Thai Beverage (ThaiBev) to 65 cents from 69 cents as the group’s 9MFY2025 results stood below expectations.
For the nine months ended June 30, ThaiBev’s revenue fell by 0.4% y-o-y to 258 billion baht ($10.26 billion) with declines seen across its spirits, beer, non-alcoholic beverages (NAB) and food businesses. ThaiBev’s ebitda of 45 billion baht, down by 4% y-o-y, also fell below expectations. The lower ebitda was dragged by the spirits, NAB and food businesses due to higher marketing expenditure, brand investment and higher raw material and labour costs. Ebitda margin fell by 0.6 percentage points y-o-y to 17.4%
