Financials Thai Beverage

Equities

Y92

TH0902010014

Distillers & Wineries

Market Closed - Singapore S.E. Other stock markets 02:45:17 26/04/2024 pm IST			5-day change	1st Jan Change
0.475 ^SGD	-1.04%		0.00%	-9.52%

11/04	Thai Beverage Public Company Limited Appoints Sopon Racharaksa as Senior Vice President	CI
11/04	Thai Beverage Public Company Limited Announces Cessation of Dr. Agapol Na Songkhla as Executive Vice President - Chief People Officer	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,92,130	3,52,213	4,08,202	3,97,390	3,85,459	3,24,379	-	-
Enterprise Value (EV) ¹	6,87,350	5,34,790	5,93,525	5,57,804	5,48,989	4,68,650	4,51,997	4,35,053
P/E ratio	21.1 x	15.4 x	16.6 x	13.2 x	14.1 x	11.3 x	10.5 x	10.2 x
Yield	2.45%	3.28%	3.08%	3.79%	3.91%	4.72%	5.11%	5.3%
Capitalization / Revenue	1.84 x	1.39 x	1.7 x	1.46 x	1.38 x	1.13 x	1.08 x	1.05 x
EV / Revenue	2.57 x	2.11 x	2.47 x	2.05 x	1.97 x	1.63 x	1.5 x	1.41 x
EV / EBITDA	16.8 x	13 x	14.3 x	12 x	12.5 x	10.1 x	9.26 x	8.62 x
EV / FCF	20.9 x	16.2 x	20.7 x	13.4 x	20.1 x	13.3 x	12.8 x	11.7 x
FCF Yield	4.78%	6.16%	4.83%	7.47%	4.97%	7.5%	7.83%	8.55%
Price to Book	4.25 x	2.47 x	2.39 x	1.93 x	1.91 x	1.51 x	1.38 x	1.32 x
Nbr of stocks (in thousands)	2,51,13,533	2,51,15,710	2,51,18,755	2,51,20,888	2,51,24,754	2,51,27,675	-	-
Reference price ²	19.60	14.02	16.25	15.82	15.34	12.91	12.91	12.91
Announcement Date	22/11/19	25/11/20	26/11/21	25/11/22	22/11/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,67,357	2,53,481	2,40,543	2,72,359	2,79,085	2,86,789	3,01,359	3,08,860
EBITDA ¹	40,913	41,124	41,613	46,344	43,971	46,343	48,816	50,488
EBIT ¹	32,507	34,559	33,782	38,583	36,229	38,505	40,555	41,432
Operating Margin	12.16%	13.63%	14.04%	14.17%	12.98%	13.43%	13.46%	13.41%
Earnings before Tax (EBT) ¹	31,312	32,931	31,973	39,941	36,410	37,592	40,934	41,707
Net income ¹	23,272	22,752	24,645	30,106	27,434	29,022	31,266	32,329
Net margin	8.7%	8.98%	10.25%	11.05%	9.83%	10.12%	10.38%	10.47%
EPS ²	0.9300	0.9100	0.9800	1.200	1.090	1.138	1.226	1.263
Free Cash Flow ¹	32,832	32,919	28,691	41,679	27,287	35,143	35,390	37,196
FCF margin	12.28%	12.99%	11.93%	15.3%	9.78%	12.25%	11.74%	12.04%
FCF Conversion (EBITDA)	80.25%	80.05%	68.95%	89.94%	62.06%	75.83%	72.5%	73.67%
FCF Conversion (Net income)	141.08%	144.69%	116.42%	138.44%	99.47%	121.09%	113.19%	115.06%
Dividend per Share ²	0.4800	0.4600	0.5000	0.6000	0.6000	0.6097	0.6597	0.6837
Announcement Date	22/11/19	25/11/20	26/11/21	25/11/22	22/11/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales	1,37,092	1,16,389	1,31,252	-	54,662	77,116	-	-	65,100	-	1,29,416	80,900	-	1,48,295	1,30,790	-	-	1,43,309	-	-	1,43,309	-	1,50,930	1,50,930
EBITDA	-	-	-	-	8,446	14,659	-	-	9,824	-	21,132	-	-	-	18,570	-	-	-	-	-	-	-	-	-
EBIT	18,328	-	19,974	-	-	-	-	-	-	-	17,238	-	-	21,612	14,617	-	-	19,429	-	-	19,429	-	20,428	20,428
Operating Margin	13.37%	-	15.22%	-	-	-	-	-	-	-	13.32%	-	-	14.57%	11.18%	-	-	13.56%	-	-	13.56%	-	13.53%	13.53%
Earnings before Tax (EBT)	18,464	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	13,375	-	-	5,124	5,124	8,159	7,115	16,318	6,894	6,894	13,789	8,766	7,357	-	-	10,617	6,242	-	7,644	4,175	-	11,361	-	-
Net margin	9.76%	-	-	-	9.37%	10.58%	-	-	10.59%	-	10.65%	10.84%	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-	0.3800	0.5700	0.2000	0.2000	0.3300	0.2800	-	0.2700	0.2700	-	0.3500	0.2900	0.6400	0.4500	0.4226	0.2484	0.5900	0.3043	0.1662	0.5900	0.4522	0.6300	0.6300
Dividend per Share ²	-	-	-	0.1800	0.3500	0.0800	0.1500	-	0.2300	0.2300	-	-	-	-	-	-	0.2854	-	0.2854	-	-	-	-	-
Announcement Date	14/05/20	25/11/20	14/05/21	25/11/22	26/11/21	14/02/22	13/05/22	13/05/22	25/11/22	25/11/22	25/11/22	10/02/23	11/05/23	11/05/23	22/11/23	-	-	-	-	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,95,220	1,82,577	1,85,323	1,60,414	1,63,530	1,44,271	1,27,618	1,10,674
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.772 x	4.44 x	4.453 x	3.461 x	3.719 x	3.113 x	2.614 x	2.192 x
Free Cash Flow ¹	32,832	32,919	28,691	41,679	27,287	35,143	35,390	37,196
ROE (net income / shareholders' equity)	19.7%	17.6%	15.7%	16%	13.5%	13.8%	13.7%	13.5%
ROA (Net income/ Total Assets)	5.64%	5.41%	5.44%	6.14%	5.47%	6.15%	6.47%	6.67%
Assets ¹	4,12,580	4,20,550	4,53,052	4,90,190	5,01,165	4,71,899	4,83,246	4,84,508
Book Value Per Share ²	4.610	5.680	6.810	8.190	8.010	8.550	9.330	9.760
Cash Flow per Share ²	1.540	1.480	1.280	1.790	1.270	1.440	1.490	1.500
Capex ¹	5,643	4,347	3,377	3,333	4,684	5,254	6,003	6,376
Capex / Sales	2.11%	1.71%	1.4%	1.22%	1.68%	1.83%	1.99%	2.06%
Announcement Date	22/11/19	25/11/20	26/11/21	25/11/22	22/11/23	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thai Beverage

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.91 THB

Average target price

17.99 THB

Spread / Average Target

+39.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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