Consumer sector faces mixed prospects despite brighter FY25F outlook

It cited SSG and THBEV as top picks, with potential upside driven by improved revenue momentum.

The consumer sector maintains a neutral outlook for FY25F, with mixed earnings prospects, CGS International (CGSI) said.

While consumption softness was observed in 3Q24, CGSI said the outlook for 2025F appears incrementally better.

It cited top picks include SSG and THBEV, with potential upside driven by improved revenue momentum and better-than-expected margins from prudent cost control, though higher SG&A spending could weigh on profitability.

CGSI said margins present a mixed picture, with THBEV’s gross profit margin expected to improve by 80bps YoY to 31.1% in FY25F due to lower raw material costs. Delfi faces risks to margins from elevated cocoa prices.

Among retailers, CGSI identified SSG as its top pick, citing robust store openings expected to drive revenue growth of 4.4%/4.8% YoY in FY24F/25F (vs. 2.1% in FY23).

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