What’s next for Thai Beverage shares?

• Thai Beverage PCL (SGX: Y92) share price closed higher on Monday (28 November)
• The food and beverage group’s financial performance improved across the board in FY2022
• RHB analysts lowered their price target on ThaiBev shares
• Keen to trade Thai Beverage shares? Start today with an IG account.

Thai Beverage stock price target: what’s the latest?

Thai Beverage shares rallied after the release of its full-year financial results for 2022.

The food and beverage group’s stock value is down by roughly 4.6% this year.

In terms of outlook, ThaiBev shares have a consensus rating of ‘outperform’ and an average price target of S$0.816, based on the latest SGX StockFacts data.

The price target equates to a 31.6% upside potential from its last traded price of S$0.62.
RHB’s equity research team maintained a ‘buy’ rating, but cut share price target from S$0.97 to S$0.91 in its latest investor note.

The analysts wrote that ThaiBev’s FY2022 earnings ‘were in line with’ their expectations.
They foresee the group’s recovery momentum continuing into FY2023 with a pick-up in tourism activities.

‘We continue to like Thai Beverage as a major proxy to capitalise on the recovery, taking into account its strong market presence and brand equity,’ RHB added.

UOB brokers stated that ThaiBev turned in a ‘strong’ FY2022 performance. They maintained a ‘buy’ call and price target of S$0.87 following the results.

How did Thai Beverage fare in FY2022?

The manufacturer of Chang Beer saw its sales revenue for FY2022 increase by 13.2% year-on-year (YoY) to 272.359 billion baht (S$10.45 billion), amid the easing of pandemic and travel restrictions drove growth in all business segments.

The group also delivered a 15.7% YoY increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to 53.928 billion baht (S$2.076 billion). This came on the back of ‘satisfactory improvements’ in EBITDA from the beer, non-alcoholic beverage, food businesses and associated companies.

Net profit rose 26.2% YoY to finish at 34.505 billion baht (S$1.33 billion) this year, with net profit belonging to the company coming in at 30.1 billion baht (S$1.16 billion).

In light of the performance, the company declared a dividend amount of 0.45 baht (S$0.017) in FY2022, up from 0.35 baht (S$0.013) in FY2021.

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