On Nov 22, ThaiBev reported slightly higher revenues of THB279 billion ($10.6 billion) for FY2023, up 2% over FY2022. However, due to higher-than-expected marketing costs for its core beer business, led to an overall 9% dip in FY2023 earnings of THB27 billion over FY2022.
Thai Beverage has reported a set of FY2023 ended Sept 30 numbers which is below the expectations of some analysts, prompting them to cut their respective target prices for the stock.
However, as they expect ThaiBev to report better earnings for the coming FY2024, they have kept their “buy” or equivalent calls, given how the stock has dropped by more than a fifth year-to-date to what some have called “unjustified” levels.
