Singapore Stock Market News

Thai Beverage - Seasonal strength and dividend

StockFanatic
Publish date: Fri, 27 Feb 2015, 02:58 PM
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4Q is seasonally strong for ThaiBev, accounting for 36% of full-year earnings, on average, in the past two years. While its 4Q14 net profit of Thb7.1bn (33% of FY14) did reflect some seasonal strength on the back of topline growth across all divisions, it fell short of our (Thb7.8bn) and consensus (Thb8.0bn) expectations due to higher SG&A spending.

We upgrade our call to Add in view of:
1) easing share price after a poor 3Q,

2) 4Q seasonal strength,

3) positive dividend surprise, and

4) exciting cross-geography plans for FY15.

We tweak our SOP target price up on higher spirit earnings forecasts, even as we cut our EPS forecasts on higher ad spend. Potential catalysts for the stock include the rollout of its regional beer and non-alcoholic beverage strategy.
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