Singapore Stock Market News

Thai Beverage - Baby steps forward

StockFanatic
Publish date: Mon, 18 Aug 2014, 08:38 AM
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Our impression from Thai Beverage's post-results conference is that despite a weak volume market, the group is steadily making progress in beer and non-alcoholic beverages (non-al). Spirits also look like it can provide a base level of free cash flow, even as Thailand struggles with a tourism slowdown.

Quarter-to-quarter, profitability is very dependent on ad-spend, but if one backs out the ad-spend and seasonality effects, the positive trends are:
1) a narrowing quantum of decline in the beverage market,

2) beer volumes seeing some support from export sales, and

3) cola clawing back some market share.

All these represent baby steps forward.

We maintain an Add rating, with an unchanged target price (S$0.74, SOTP). Catalysts are steady improvements in beer contributions (short-term) and stronger non-al sales in 2015.
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