SAB – The big wagon is inching slowly in the context of the increasingly bumpy beer industry
• SAB's Q3-2024 results continued a series of low growth in single digits with net revenue of VND 7,670 bn (-5.1% QoQ, +3.4% YoY) and NPAT-MI reached VND 1,119 bn (-10.3% QoQ, +7.2% YoY).• With great challenges from the industry context and the unattractive story of market share snatching, the current valuation of EVEBITDA (11x) is considered in line with the low growth prospects (single digits) in the coming years.
• The point of note lies in the dividend distribution strategy, its dividend yield (5.5-6.0%/year) is tending to be higher than the deposit interest rate (5.0%/year) in the last 2 years. Investors who follow the dividend investment theme need to monitor the consistency of this ratio in the following years to consider accumulating dividends every year.
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