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Brokers' take

Published Fri, Feb 15, 2019 · 09:50 PM

Thai Beverage > Buy OCBC Inv Research, Feb 15 Feb 15 close: S$0.815 Target price: S$0.85

THAIBEV'S results beat expectations. Q1 FY19 revenue increased 60 per cent year-on-year to 72.6 billion baht (S$3.15 billion) while gross profit improved 48 per cent year-on-year to 20.3 billion baht.

Net operating profit improved 26 per cent year-on-year to 7.2 billion. Due to a one-off expense in Q1 FY19 (cost relating to business acquisition), Q1 FY19 profit after tax and minority interests (PATMI) showed a 151 per cent year-on-year improvement to 7.4 billion baht, which translates to 33.4 per cent of our initial full-ye…