SBT [NON-RATED] - Farm size up-scaling, new F&B business to support margins - Visit Note
  • 2024-01-09T00:00:00
  • Company Research

- We provide an update on SBT following our last report, dated November 11, 2022. 

- In FY22/23, SBT continued to lead Vietnam’s sugar market in terms of scale and sales, with net revenue exceeding USD1bn (+35% YoY). 

- However, SBT’s GPM and NPAT-MI margin dropped by 2 ppts and 3 ppts YoY, which was mainly due to increased input costs from raw sugar imports and contracted farms, and higher interest expense in the context of rising interest rates (see p. 4).  


Powered by Froala Editor