Irrepressible Once Again
THBEV announced 9MFY21 EBITDA of Bt36.6b (+12% yoy) largely up from a low base. On a qoq basis, EBITDA was up 3%, which proves the company’s resiliency once again, in spite of the COVID-19 measures in Thailand seen in 3QFY21. Spirits EBITDA margins remained stable while earnings will likely remain robust going forwards. We think this continues to be largely underappreciated and we maintain our BUY recommendation with an SOTP-based target price of $0.92.