ThaiBev's non-alcoholic beverage sales plunged 27.6%

Is it losing its fizz against rival Pepsi?

According to DBS, sales for Thai Bev's non-alcoholic beverage dropped by 27.6% q-o-q, partly attributed to the low season (rainy season) and keen competition.

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It was indicated that Pepsi continues on its aggressive distribution drive after it re-entered the market earlier in 1Q this year. Management estimates that its market share for est cola is currently at c.15%, and will be looking to maintain it around this level, down from its previous 20% target. 

The decline in revenue of its Beer and NAB segments were larger than expected, dropping by 8.5% and 51.7% respectively. Beer volumes dipped by a larger than expected 14% y-o-y and 22% q-o-q as a result of higher ASP arising from the introduction of new excise tax computation.