External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Saigon Beer Alcohol Beverage C / Equity Bottom-Up

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the countryContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Saigon Beer - Beverage Corporation - Still Under Pressure

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the country.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Saigon Beer - (SAB VN/Hold/TP: VND63,100) - Losing Its Sparkle

Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<p><a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> had reported a strong improvement in its Thailand operations for 9MFY2021 suggesting that a recovery is underway and we expect this could look up further as the country opens to tourists from November 1st (ending quarantine for visitors to tourist destinations). The stock, at current levels, does not seem to factor in an earnings recovery given it is trading at conservative valuations even on current earnings.  In the insight below, we share SOTP based valuation to assess the stock's upside potential and discuss possible catalysts and timelines.</p>

Thai Beverage (THBEV SP) had reported a strong improvement in its Thailand operations for 9MFY2021 suggesting that a recovery is underway and we expect this could look up further as the country opens to tourists from November 1st (ending quarantine for visitors to tourist destinations). The stock, at current levels, does not seem to factor in an earnings recovery given it is trading at conservative valuations even on current earnings.  In the insight below, we share SOTP based valuation to assess the stock's upside potential and discuss possible catalysts and timelines.

Thai Bev (THBEV SP): Neither Recovery nor BeerCo IPO Is Priced In. SOTP Suggests Upside.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.</li>
<li>The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.  </li>
<li>With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.</li>
</ul>



Thai Beverage (THBEV SP) majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.
The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.  
With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.


Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

Thematic (Sector/Industry)

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations - Vietnam Market - November 2023

Vietnam

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

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Saigon Beer Alcohol Beverage C (SAB VN)

Saigon Beer - Beverage Corporation - Still Under Pressure

Please change this text!Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest...

Mirae Asset Securities

Saigon Beer - (SAB VN/Hold/TP: VND63,100) - Losing Its Sparkle

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.

Mirae Asset Securities

Thai Bev (THBEV SP): Neither Recovery nor BeerCo IPO Is Priced In. SOTP Suggests Upside.

SOTP based valuation analysis suggests room for near-term upside even at conservative valuation multiples assuming the worst of COVID is past us.

Devi Subhakesan

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

Potential tax hike in Vietnam makes BeerCo listing unlikely for now. With no meaningful catalyst and a weak sector outlook, the stock could trend...

Devi Subhakesan

Stock Recommendations - Vietnam Market - November 2023

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

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