Thai Beverage PLC (TBVPF) (Q4 2024) Earnings Call Highlights: Navigating Growth Amidst Challenges

GuruFocus.com11-22

Total Sales Revenue: THB340,289 million, an increase of 2.2% year-on-year. Net Profit: THB35,270 million, an increase of 0.6% year-on-year. Dividend: Proposed full year dividend of THB11,810 million ...

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GuruFocus has detected 6 Warning Signs with TBVPF.\n\nRelease Date: November 21, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nThai Beverage PLC (TBVPF) reported a 2.2% increase in total sales revenue for the fiscal year 2024, driven by growth in both beverage and food segments.\nThe beer business saw a 2.4% year-on-year increase in sales revenue, supported by a rebound in tourism and higher beer consumption due to warmer weather.\nThe nonalcoholic beverage segment experienced a 4.2% rise in sales revenue, attributed to successful brand building and distribution expansion.\nThe company proposed a higher dividend for the full year 2024, translating to a payout ratio of 53.9% of profit attributable to shareholders.\nOperational efficiencies and effective brand and marketing investments contributed to improved net profit in the beer segment, with a 3.9% increase compared to the previous year.\n\n Negative Points \n\nThe spirits business reported a 4.6% year-on-year decline in net profit due to higher raw material costs and increased investment in brand and marketing activities.\nThe food business, despite a 5.5% increase in sales revenue, saw a decline in net profit due to higher raw material costs and operational expenses.\nThe group's other business registered a 6.6% decline in sales revenue from the publishing and printing segment, impacted by lower international demand.\nHigher investment in brand and marketing activities led to increased costs, affecting overall profitability.\nThe company faced challenges with the spirits segment, particularly with brown spirits, which experienced a decline in consumption earlier in the year.\n\n Q & A Highlights \nQ: What is the outlook for the cost of goods sold and SG&A expenses for the beer segment? A: The decrease in the cost of goods sold is due to lower raw material costs and improved operational efficiency. The outlook remains positive. The reduction in SG&A expenses is attributed to more efficient investment in advertising and promotion, not due to reduced competition. (Unidentified Company Representative)\nQ: Can you provide an update on the BeerCo IPO and strategic partnerships? A: There are no concrete plans for the BeerCo IPO at this time, but the company is evaluating market conditions. ThaiBev continues to engage with potential strategic partners, but nothing has materialized yet. (Hin Fah Chye, Chief Beer Product Group)\nQ: What are the expectations for the spirits segment, particularly brown spirits? A: The brown spirits segment experienced a decline earlier but is now stabilizing. We expect low single-digit growth in the coming months. The cost of goods sold for spirits is expected to decrease due to lower molasses prices. (Prapakon Thongtheppairot, CFO)\nQ: How is the beer market performing in Vietnam, and what are the competitive dynamics? A: The beer market in Vietnam is recovering, with growth observed since June. ThaiBev has become the number one beer brand for six consecutive months. The company continues to invest in marketing and new product development to maintain its competitive edge. (Lester Tan Teck Chuan, Chief Beer Business, Thailand)\nQ: What is the impact of the Thai government's cash distribution on beverage consumption? A: The cash distribution has positively impacted beer and spirit consumption. However, future distributions using digital wallets may have less impact due to spending restrictions. (Ueychai Tantha-Obhas, Senior Executive Vice President)\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485281762"}