SAB 3Q25 Results: Improved NPAT driven by lower materials costs and post-M&A cost allocation
• Net revenue in Q3-2025 reached VND 6,437 billion (-16.1% YoY) due to SAB's proactive reduction in output for the sell-in channel (sales to distributors) while consumption through the sell-out channel (distributors to consumers) continued to grow. Overall, beer consumption has not yet recovered to pre-COVID-19 levels.• NPAT-MI reached VND 1,361 billion (+21.6% YoY) with an NPAT-MI margin of 21.6% (+6.4 pps YoY, +3.2 pps QoQ) thanks to lower raw materials costs YoY (main driver), along with the reversal of significant financial expenses related to the SBB M&A deal.
• Based on our observations, beer consumption in 2025 remains weak. However, SAB benefited from lower material costs and post M&A adjustments, which made its performance more positive than our previously conservative forecast. Our 12-month target price is VND 50,000/share. With a cash dividend of VND 5,000/share over thr next year, SAB is suitable for investors who prefer dividend investment strategy, offering a 10% dividend yield.
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