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SGX-listed ThaiBev’s recovery on track with a surge of Chinese tourists
The beverage company is attractive as the tourism sector improved in 2023.
In the first four months of 2023, Chinese tourists flocked to Thailand, helping the market in its tourism recovery.
With this, it benefits the earnings of SGX-listed ThaiBev, which is affected by high raw material costs, UOB Kay Hian said in its report.
“Coupled with fully relaxed COVID-19 restrictions, Thailand’s tourism sector faces favourable tailwinds, benefitting consumer companies such as THBEV,” said the broker.
The broker maintains its buy rating with a lower SOTP-based target price of S$0.78 for ThaiBev.
Thai Beverage's revenue grew 13% due to its improvement in the beer, non-alcoholic drinks, and food segments.
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