Brokers’ take

Strong results for Q3 FY2019 was driven by growth across most of its business segments, overall revenue was up 3.3 per cent this quarter.While consumption factors look largely favourable for Thai Beverage, we reiterate Q4 is usually a seasonally slow quarter for alcohol consumption in Thailand.

This is partly offset by ThaiBev's operations in Myanmar and Vietnam - Grand Royal and Sabeco - which operate on a different demand cycle.We see some flow through from the Thai Niyom scheme, which seeks to improve the quality of living.This is in view of seasonality effects on alcohol consumption and low input costs supporting net profit last quarter, both of which may reverse in the coming quarter.

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