Thai Beverage
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CIMB Research | Aug 14
Aug 14 close | S$0.765
Target price | S$0.87
Q2 2015 was not as impressive a quarter as Q1. With a sports tax implemented at end-Q1 and effects of channel stockpiling boosting Q1 2015 alcohol sales, Q2 was payback time.
Spirits' and beer's Q2 sales performance and Ebitda (earnings before interest, tax, depreciation & amortisation) were not strong, but this was expected.
On a H1 FY2015 run-rate basis, profitability still tracked ours and street expectations, that is, in-line. H1 FY2015 net profit made up 49 per cent/51 per cent of ours and consensus estimates. This was achieved albeit on the back of some non-core gains from Serm Suk.
We maintain our estimates,...
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