While gross profit margin (GPM) contracted 3.1 percentage points (ppts) to 31.2% due to higher input costs during the quarter, it still remains higher compared to 3QFY2021’s 26.7%.
CGS-CIMB Research is keeping its “add” recommendation on Thai Beverage (ThaiBev) with a target price of 88 cents as analyst Ong Khang Chuen notes a solid set of 3QFY2022 (ended September) from its 53.6%-owned Vietnam subsidiary Sabeco.
Sabeco saw 3QFY2022 revenue grow to VND8.6 trillion ($490 million), representing a 4% q-o-q decline but a 102% y-o-y growth, from a low base, as Vietnam was under strict social distancing measures with Ho Chi Minh city in total lockdown from late July to October 2021.
