First Read Saigon Beer Alcohol Beverage Q226: Earnings beat but revenue missed UBSe/ consensus

研报英文原文证据摘录

First Read Saigon Beer Alcohol Beverage Q226: Earnings beat but revenue missed UBSe/ consensus

Global Research

27 July 2026ab

First Read

EquitiesSaigon Beer Alcohol Beverage

Q226: Earnings beat but revenue missed UBSe/ Vietnam

consensus Food Products

12-month rating Buy

12m price target D58,000.00

Topline growth remains soft in Q2

Sabeco’s Q226 net profit declined 3% YoY to D1,167bn, but exceeded UBSe/consensus

forecasts by 31%/23%, respectively, supported by robust GPM expansion. The result Price (24 Jul 2026) D46,500

was underpinned by lower malt and rice costs, along with continued cost optimization. RIC: SAB.HM BBG: SAB VM

Revenue totaled D6,888bn, up 7% QoQ and 1% YoY, but was 2% below both UBSe

Trading data and key metrics

and consensus estimates. These results underperformed with NSO’s reported beer

production volume growth of 14% YoY in Q2. For H126, earnings rose 18% YoY, 52-wk range D53,700.00-42,450.00

coming in 13%/10% above UBSe and consensus estimates, respectively, while revenue Market cap. D59,639b/US$2.27b

increased 6%, missing both consensus and UBSe by 1%. Further details are provided in Shares o/s 1,283m (ORD)

Figures 1 and 2 on page 2. Free float 9%

Avg. daily volume ('000) 661

Gross margin expansion momentum continues Avg. daily value (m) D31,506.4

Sabeco’s gross margin for the quarter rose 169bps YoY to 38.7%, sustaining its margin Common s/h equity (12/26E) D21221b

expansion momentum, supported by favorable malt and rice input costs as well as P/BV (12/26E) 2.8x

improved production efficiency. However, net margin declined 81bps YoY to 16.9% in Net debt to EBITDA (12/26E) NM

Q2, reflecting a higher operating expenses during the quarter.

EPS (UBS, diluted) (D)

UBS Cons.

Tracking in line with its AGM's earnings guidance

12/26E 3,578.07 3,615.48