Date of Report: September 23, 2024
Broker Name: CGS-CIMB Securities

Market Share Growth

Carabao Dang’s market share reached a record high of 24.8% in August 2024, reflecting strong domestic performance. This impressive growth positions the company for historical-high domestic energy drink sales in the upcoming third quarter of 2024 (3Q24F).

Export Sales Outlook

Despite challenges in the Myanmar market, Carabao Group’s export segment shows positive growth potential. Export sales to Cambodia are expected to increase by 25-30% year-on-year (yoy), driving an overall overseas sales growth of 13% yoy.

Financial Performance

The company’s robust domestic and export growth projections have led analysts to reiterate an “Add” rating with a higher target price of THB85. This reflects the broker’s confidence in Carabao Group’s ability to continue its strong performance in both domestic and international markets.