In fact, Seow believes gross profit margins for ThaiBev’s beer segment could continue to hover at 23% levels given that ThaiBev has locked in lower raw material costs and some packaging costs for the next 12 months.
SINGAPORE (Feb 16): CIMB is maintaining its “add” recommendation for Thai Beverage as demand for its key product lines appear to be seeing improvement.
According to CIMB’s analyst Jonathan Seow, ThaiBev’s Chang beer continued to perform well, amid lower malt raw material prices, lower bottling packaging costs that have better recyclable rates, and higher selling prices.
