ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH

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ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH

The Edge Singapore2023-04-10

UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...

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Comment（5）

Weew
·2023-04-11
Ok
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YJ1990
·2023-04-10
Hmmmmm when will it moon?
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WilliamWin
·2023-04-10
😀
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1
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TeslaLegend
·2023-04-10
Nice
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- moliya:
  really
  2023-04-12
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HLPA
·2023-04-10
As I meantioned in my post last week, ThaiBev is a good proxy to the economy of Thailand. Immediate target should be 0.68 in the next few weeks or quicker should market sentiments rac up
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- HLPA:
  No brainer to pick up ThaiBev now (Wed 12April2023) at 0.64 and wait for the rebound
  2023-04-12
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- HLPA:
  No brainer to buy up at 0.64 now and wait for the rebound
  2023-04-12
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- GoodLife99:
  [OK]
  2023-04-11
  Reply
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color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-10 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"Y92.SI","symbol_name":"泰国酿酒","start_time":0,"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand","article_id":"1151231332","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1151231332","pubTimestamp":1681109102,"sourceInfo":{"source_id":"lsy1655096814160","name":"The Edge Singapore"},"weMediaInfo":null,"summary":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailan","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"Y92.SI":"泰国酿酒"},"translate_title":"ThaiBev的价格仍然很有吸引力；从泰国旅游业复苏中获益：UOBKH","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"Y92.SI":0.9},"content_text":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. 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Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.</p><p style=\"text-align: start;\">In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.</p><p style=\"text-align: start;\">“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.</p><p style=\"text-align: start;\">While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.</p><p style=\"text-align: start;\">“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.</p><p>On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.</p><p style=\"text-align: start;\">Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.</p><p style=\"text-align: start;\">Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.</p><p>Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.</p><p style=\"text-align: start;\">At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.</p><p style=\"text-align: start;\">At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.</p><p style=\"text-align: start;\">That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).</p><p style=\"text-align: start;\">To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.</p><p style=\"text-align: start;\">As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9942947671,"gmtCreate":1681122817293,"gmtModify":1681122821098,"author":{"id":"3584326338630386","authorId":"3584326338630386","name":"YJ1990","avatar":"https://static.tigerbbs.com/a00d91ee3221290701742c3fb8747b37","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3584326338630386","idStr":"3584326338630386"},"htmlText":"Hmmmmm when will it moon?","listText":"Hmmmmm when will it moon?","text":"Hmmmmm when will it moon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942947671","repostId":1151231332,"repostType":4,"repost":{"id":"1151231332","pubTimestamp":1681109102,"share":"https://ttm.financial/m/news/1151231332?lang=&edition=fundamental","pubTime":"2023-04-10 14:45","market":"sg","language":"en","title":"ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231332","media":"The Edge Singapore","summary":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailan","content":"<html><head></head><body><p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev)<strong> </strong>as Thailand’s tourism recovery remains on track.</p><p style=\"text-align: start;\">The food and beverage (F&amp;B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.</p><p style=\"text-align: start;\">In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.</p><p style=\"text-align: start;\">“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.</p><p style=\"text-align: start;\">While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.</p><p style=\"text-align: start;\">“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.</p><p>On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.</p><p style=\"text-align: start;\">Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.</p><p style=\"text-align: start;\">Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.</p><p>Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.</p><p style=\"text-align: start;\">At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.</p><p style=\"text-align: start;\">At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.</p><p style=\"text-align: start;\">That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).</p><p style=\"text-align: start;\">To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.</p><p style=\"text-align: start;\">As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-10 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Y92.SI":"泰国酿酒"},"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231332","content_text":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9942946933,"gmtCreate":1681121268723,"gmtModify":1681121270524,"author":{"id":"3575015760400962","authorId":"3575015760400962","name":"WilliamWin","avatar":"https://community-static.tradeup.com/news/274ef2b875ae79abc8f22ef89013f98a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3575015760400962","idStr":"3575015760400962"},"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942946933","repostId":1151231332,"repostType":4,"repost":{"id":"1151231332","pubTimestamp":1681109102,"share":"https://ttm.financial/m/news/1151231332?lang=&edition=fundamental","pubTime":"2023-04-10 14:45","market":"sg","language":"en","title":"ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231332","media":"The Edge Singapore","summary":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailan","content":"<html><head></head><body><p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev)<strong> </strong>as Thailand’s tourism recovery remains on track.</p><p style=\"text-align: start;\">The food and beverage (F&amp;B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.</p><p style=\"text-align: start;\">In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.</p><p style=\"text-align: start;\">“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.</p><p style=\"text-align: start;\">While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.</p><p style=\"text-align: start;\">“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.</p><p>On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.</p><p style=\"text-align: start;\">Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.</p><p style=\"text-align: start;\">Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.</p><p>Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.</p><p style=\"text-align: start;\">At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.</p><p style=\"text-align: start;\">At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.</p><p style=\"text-align: start;\">That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).</p><p style=\"text-align: start;\">To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.</p><p style=\"text-align: start;\">As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-10 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Y92.SI":"泰国酿酒"},"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231332","content_text":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9942924448,"gmtCreate":1681114131085,"gmtModify":1681114134535,"author":{"id":"3572489627147183","authorId":"3572489627147183","name":"TeslaLegend","avatar":"https://static.tigerbbs.com/180ad6f06095bcbf2b6594d26c494752","vip":1,"hat":"https://static.tigerbbs.com/f84859c65fc2d7681e28f6b8e9b0535a","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3572489627147183","idStr":"3572489627147183"},"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9942924448","repostId":1151231332,"repostType":2,"repost":{"id":"1151231332","pubTimestamp":1681109102,"share":"https://ttm.financial/m/news/1151231332?lang=&edition=fundamental","pubTime":"2023-04-10 14:45","market":"sg","language":"en","title":"ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231332","media":"The Edge Singapore","summary":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailan","content":"<html><head></head><body><p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev)<strong> </strong>as Thailand’s tourism recovery remains on track.</p><p style=\"text-align: start;\">The food and beverage (F&amp;B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.</p><p style=\"text-align: start;\">In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.</p><p style=\"text-align: start;\">“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.</p><p style=\"text-align: start;\">While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.</p><p style=\"text-align: start;\">“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.</p><p>On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.</p><p style=\"text-align: start;\">Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.</p><p style=\"text-align: start;\">Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.</p><p>Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.</p><p style=\"text-align: start;\">At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.</p><p style=\"text-align: start;\">At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.</p><p style=\"text-align: start;\">That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).</p><p style=\"text-align: start;\">To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.</p><p style=\"text-align: start;\">As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-10 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Y92.SI":"泰国酿酒"},"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231332","content_text":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106288497,"gmtCreate":1681290636488,"gmtModify":1681290642752,"authorId":3552850525395609,"author":{"id":3552850525395609,"idStr":"3552850525395609","authorId":3552850525395609,"name":"moliya","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9942924448,"type":1,"supId":0,"prevId":0,"content":"<u>really</u>","text":"<u>really</u>","html":"<u>really</u>"}],"langContent":"EN"},{"id":9942928136,"gmtCreate":1681112325825,"gmtModify":1681112331543,"author":{"id":"3569274903458035","authorId":"3569274903458035","name":"HLPA","avatar":"https://static.tigerbbs.com/07e7b987a9127c5a47dbc3ae02db548b","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"3569274903458035","idStr":"3569274903458035"},"htmlText":"As I meantioned in my post last week, ThaiBev is a good proxy to the economy of Thailand. Immediate target should be 0.68 in the next few weeks&nbsp; or quicker should market sentiments rac up","listText":"As I meantioned in my post last week, ThaiBev is a good proxy to the economy of Thailand. Immediate target should be 0.68 in the next few weeks&nbsp; or quicker should market sentiments rac up","text":"As I meantioned in my post last week, ThaiBev is a good proxy to the economy of Thailand. Immediate target should be 0.68 in the next few weeks or quicker should market sentiments rac up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":22,"commentSize":11,"repostSize":0,"link":"https://ttm.financial/post/9942928136","repostId":1151231332,"repostType":4,"repost":{"id":"1151231332","pubTimestamp":1681109102,"share":"https://ttm.financial/m/news/1151231332?lang=&edition=fundamental","pubTime":"2023-04-10 14:45","market":"sg","language":"en","title":"ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231332","media":"The Edge Singapore","summary":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailan","content":"<html><head></head><body><p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev)<strong> </strong>as Thailand’s tourism recovery remains on track.</p><p style=\"text-align: start;\">The food and beverage (F&amp;B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.</p><p style=\"text-align: start;\">In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.</p><p style=\"text-align: start;\">“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.</p><p style=\"text-align: start;\">While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.</p><p style=\"text-align: start;\">“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.</p><p>On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.</p><p style=\"text-align: start;\">Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.</p><p style=\"text-align: start;\">Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.</p><p>Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.</p><p style=\"text-align: start;\">At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.</p><p style=\"text-align: start;\">At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.</p><p style=\"text-align: start;\">That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).</p><p style=\"text-align: start;\">To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.</p><p style=\"text-align: start;\">As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThaiBev Remains Attractively Priced; to Benefit From on Track Tourism Recovery in Thailand: UOBKH\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-10 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Y92.SI":"泰国酿酒"},"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/thaibev-remains-attractively-priced-benefit-track-tourism-recovery-thailand","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231332","content_text":"UOB Kay Hian analyst Llelleythan Tan is keeping his “buy” call on Thai Beverage (ThaiBev) as Thailand’s tourism recovery remains on track.The food and beverage (F&B) group is a beneficiary of the return of tourists to Thailand. Since Tan’s update in January, the country has seen a spike in tourists from China, which is in line with his earlier expectations.In January and February, Thailand saw 91,841 and 155,656 Chinese tourists respectively, up by 28.5 times y-o-y and 30.8 times y-o-y.“Moving forward, we reckon that Chinese tourist arrivals would continue its upward momentum throughout 2023, given that February arrivals were only at 15% of pre-Covid-19 levels,” says Tan.While there was a slight dip in overall tourist arrivals in February at 2.11 million visitors or down 1.5% m-o-m, Tan attributes this to seasonal factors. In his view, tourist arrivals are expected to continue improving in 2023.“Thailand’s tourism council expects 25 million – 30 million tourists in 2023. Similarly, we now expect 28 million to 30 million tourist arrivals in 2023, roughly 70% - 75% of the 40 million arrivals before the pandemic,” he writes.On the recovery in Thailand’s tourism numbers, Tan expects ThaiBev’s spirits ebitda to grow by 8% to 10% y-o-y in the 2QFY2023. The analyst attributes this to the expected higher volumes for its brown spirits, which enjoy higher average selling prices (ASPs), as well as higher ebitda margin assumptions as raw material prices are expected to soften. However, the analyst notes that his forecasts may face potential downsides on the back of higher-than-expected operating costs and lower-than-expected white spirits volumes.Meanwhile, the analyst expects ThaiBev’s beer ebitda to fall by 15% to 16% y-o-y in the 2QFY2023 as he expects margin compressions to continue as competition within the domestic beer industry heats up. That said, better-than-expected cost management may reflect an upside to Tan’s estimates.Tan also expects ThaiBev’s 2QFY2023 ebitda for the non-alcoholic beverages (NAB) segment to fall by around 20% y-o-y as ebitda margins are expected to compress from higher marketing activities and an overall inflationary cost push. While the group’s food segment faces the same issues, the analyst is expecting it to report a 10% y-o-y growth in its 2QFY2023 ebitda due to the low base in the 2QFY2022.Overall, the analyst is estimating ThaiBev’s revenue for the 1HFY2023 to grow by 6% to 8% y-o-y backed by higher revenue contributions from the brown spirits, beer, NAB and food segments.At the same time, however, he expects its ebitda for the 1HFY2023 to fall by 8% to 10% y-o-y, which implies ebitda margins of 16.6% compared with the margins of 19.8% in the 1HFY2022. Again, Tan sees potential upside in the form of better-than-expected cost management.At its current price levels, Tan says ThaiBev remains “attractively priced” at below -1.0 standard deviation (s.d.) to ThaiBev’s long-term average mean P/E and backed by favourable tailwinds.That said, the analyst has lowered his target price to 78 cents from 80 cents previously due to lower market valuations for its Frasers Property and Fraser and Neave stakes, along with a stronger Singapore dollar (SGD).To him, share price catalysts include the group gaining market share in the beer segment, the spin-off listing of BeerCo and lower-than-expected operating costs.As at 2.32pm, shares in ThaiBev are trading flat at 65.5 cents.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106286677,"gmtCreate":1681272308988,"gmtModify":1681272620587,"authorId":3569274903458035,"author":{"id":3569274903458035,"idStr":"3569274903458035","authorId":3569274903458035,"name":"HLPA","avatar":"https://static.tigerbbs.com/07e7b987a9127c5a47dbc3ae02db548b","vip":1,"currentWearingBadge":{"badgeId":"9427a906234c4b18a82ec3d7730b7fa8-1","templateUuid":"9427a906234c4b18a82ec3d7730b7fa8","name":"Star Contributor","description":"Have published 3 or more picked posts, and have published at least one picked post and participated in comments within 30 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