Thai Beverage Public Co (Y92) AI Stock Analysis

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SG:Y92 Dividends

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Thai Beverage Public Co

(SGX:Y92)

73Outperform

Thai Beverage Public Co scores well in financial performance, driven by strong revenue growth and profitability. The technical analysis indicates a neutral trend, with some caution advised. Valuation is attractive, with a low P/E ratio and high dividend yield, making it appealing for income-seeking investors. The absence of earnings call and corporate events data means the score is primarily driven by the company's strong financial foundation and reasonable valuation.

Positive Factors

Beer segment performance

Sustained beer recovery with volumes above 600mn litres for the past two quarters.

Financial outlook

A positive outlook for the future is anticipated due to Thailand's cash handouts, a rebound in tourism, and easing costs.

Shareholder returns

Declared final dividend of THB0.47, a 4% increase despite lower earnings, signalling commitment to improve shareholder returns.

Negative Factors

Earnings pressure

The sluggishness of earnings and modest improvement in consumer spending will keep valuation multiples depressed.

Interest expenses

Rising interest expenses outpace earnings, accounting for 14% of operating profit.

Spirits segment performance

Spirits volume declined 6.2% YoY in 1Q25, the weakest in 8 quarters.

Thai Beverage Public Co (Y92) vs. S&P 500 (SPY)

Market Cap

$12.69B

Dividend Yield4.97%

Average Volume (3M)18.47M

Price to Earnings (P/E)12.4

Beta (1Y)0.55

Revenue Growth18.38%

EPS Growth-3.55%

CountrySG

Employees52,347

SectorConsumer Defensive

Sector Strength82

IndustryBeverages - Wineries & Distilleries

Share Statistics

EPS (TTM)0.04

Shares Outstanding25,130,486,000

10 Day Avg. Volume20,343,360

30 Day Avg. Volume18,466,637

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)0.00

Price to Cash Flow (P/CF)0.00

P/FCF Ratio0.00

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$0.63

Price Target Upside25.68% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering3

Thai Beverage Public Co Business Overview & Revenue Model

Company DescriptionThai Beverage Public Co., also known as ThaiBev, is a leading beverage company based in Thailand. It operates in multiple sectors including spirits, beer, non-alcoholic beverages, and food. The company is renowned for its portfolio of iconic brands, such as Chang Beer, SangSom, and Mekhong, which are popular both domestically and internationally. ThaiBev has established a significant presence in Southeast Asia and continues to expand its market reach through strategic acquisitions and partnerships.

How the Company Makes MoneyThai Beverage Public Co. generates revenue primarily through the production, marketing, and distribution of alcoholic and non-alcoholic beverages. The company's key revenue streams include sales of spirits, which contribute significantly to its overall earnings, followed by its beer segment. The non-alcoholic beverages and food sectors also add to the revenue, albeit at a smaller scale compared to alcoholic products. ThaiBev benefits from a strong distribution network and brand recognition, both of which facilitate high sales volumes. Strategic partnerships and acquisitions further enhance its market position, allowing the company to access new markets and diversify its product offerings.

Thai Beverage Public Co Financial Statement Overview

Summary

Income Statement

Balance Sheet

Cash Flow

Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020
Breakdown
Income Statement		Total Revenue
340.29B	279.09B	272.36B	240.54B	253.48B
	Gross Profit
103.21B	82.80B	80.46B	71.48B	74.86B
	EBIT
37.44B	29.44B	46.74B	39.55B	41.55B
	EBITDA
61.65B	43.97B	46.34B	47.38B	48.11B
	Net Income Common Stockholders
27.22B	27.43B	30.11B	24.64B	22.75B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
54.12B	45.73B	54.03B	40.05B	34.70B
	Total Assets
527.59B	494.55B	507.79B	472.59B	433.52B
	Total Debt
241.39B	209.26B	214.45B	225.38B	176.60B
	Net Debt
187.32B	194.43B	196.25B	210.00B	161.45B
	Total Liabilities
298.54B	253.03B	258.40B	262.41B	254.12B
	Stockholders Equity
149.21B	201.32B	205.75B	170.96B	142.60B
Cash Flow		Free Cash Flow
28.66B	27.04B	41.51B	28.51B	32.62B
	Operating Cash Flow
38.08B	31.97B	45.01B	32.07B	37.27B
	Investing Cash Flow
1.49B	-926.46M	-10.47B	-11.66B	-7.52B
	Financing Cash Flow
-31.74B	-35.35B	-30.67B	-20.37B	-24.95B

Thai Beverage Public Co Technical Analysis

Technical Analysis Sentiment

Positive

Last Price0.50

Price Trends

50DMA

0.51

Positive

100DMA

0.52

Negative

200DMA

0.51

Positive

Market Momentum

MACD

>-0.01

Negative

RSI

57.25

Neutral

STOCH

84.92

Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:Y92, the sentiment is Positive. The current price of 0.5 is above the 20-day moving average (MA) of 0.50, below the 50-day MA of 0.51, and below the 200-day MA of 0.51, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 57.25 is Neutral, neither overbought nor oversold. The STOCH value of 84.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:Y92.

Thai Beverage Public Co Peers Comparison

Overall Rating

UnderperformOutperform

Sector (64)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C07	74 Outperform	$10.10B	7.99	11.58%	6.55%	-0.21%	-22.52%
Y92	73 Outperform	$12.69B	12.41	15.00%	4.97%	18.38%	-3.55%
U96	70 Outperform	$11.75B	11.53	20.60%	4.38%	-8.88%	8.31%
U11	69 Neutral	$58.32B	9.81	13.43%	5.59%	5.68%	5.92%
Sector *	64 Neutral	$8.88B	14.97	4.63%	174.27%	3.67%	4.40%
Z74	59 Neutral	$62.72B	―	-0.40%	4.19%	-2.10%	-103.46%

* Consumer Defensive Sector Average

Performance Comparison

SG:Y92

Thai Beverage Public Co

0.51

0.04

8.14%

SG:U11

UOB

34.90

6.21

21.64%

SG:U96

Sembcorp Industries

6.60

1.49

29.26%

SG:C07

Jardine Cycle & Carriage

25.55

0.18

0.71%

SG:Z74

Singtel

3.80

1.55

68.51%

Thai Beverage Public Co Earnings Call Summary

Earnings Call Date:Feb 13, 2025

(Q4-2024)

% Change Since: -2.91%|

Next Earnings Date:May 08, 2025

Earnings Call Sentiment Neutral

The earnings call highlighted growth in several segments, including beer and non-alcoholic beverages, and successful business restructuring. However, there were challenges such as a decline in net profit for the spirits and food businesses, and a downturn in other business segments. Despite these challenges, the company's overall performance showed positive trends, particularly in revenue growth and strategic achievements.

Q4-2024 Updates

Positive Updates

Increase in Total Sales Revenue

Total sales revenue for the fiscal year ended 30th September 2024 was THB340,289 million, an increase of 2.2% compared to the same period last year, driven by growth in Beverage and Food segments.

Beer Business Growth

Beer business recorded sales revenue of THB126,332 million in 2024, an increase of 2.4% year-on-year, with a net profit increase of 3.9% due to lower raw material costs and improved operational efficiencies.

Non-Alcoholic Beverages Performance

Non-alcoholic beverages saw a 4.2% year-on-year rise in sales revenue to THB65,802 million, with a 9.3% increase in net profit, supported by lower packaging costs and enhanced production efficiency.

Strong Performance in Myanmar Market

The spirits market in Myanmar showed improvement in sales revenue and EBITDA.

Successful Business Restructuring

Completed a share swap transaction increasing IBIL's percentage interest in Fraser and Neave Limited shares from 28.31% to 69.64%, making ThaiBev the holding company of F&N.

Negative Updates

Spirits Business Net Profit Decline

Despite a 0.8% increase in sales revenue, the spirits business saw a 4.6% year-on-year decline in net profit to THB21,385 million due to higher raw material costs and increased brand and marketing investments.

Food Business Net Profit Decline

Food business registered a 5.5% year-on-year increase in sales revenue but net profit fell to THB301 million due to higher raw material costs, increased operational expenses, and decreased one-time fair value gains.

Decline in Other Business

Other business segments, including publishing and printing, saw a decline in sales revenue by 6% year-on-year to THB5,400 million, mainly due to lower international printing demand.

Company Guidance

During the Thai Beverage Fiscal Year 2024 Results Call, the company reported a total sales revenue of THB340,289 million, reflecting a 2.2% increase from the previous year, driven by growth in both the Beverage and Food segments. The net profit for the fiscal year was THB35,270 million, marking a 0.6% rise compared to the prior year. The company's beer business saw a 2.4% increase in sales revenue to THB126,332 million, aided by a rebound in tourism and favorable weather, while the non-alcoholic beverages segment posted a 4.2% rise in sales revenue to THB65,802 million. The spirits business reported a modest 0.8% revenue increase to THB120,728 million, yet experienced a 4.6% decline in net profit due to higher raw material costs. The Board proposed a full-year dividend of THB11,810 million or THB0.62 per share, with the final dividend set at THB0.47 per share.

Thai Beverage Public Co Corporate Events

Thai Beverage Holds 2025 Annual General Meeting

Feb 28, 2025

Thai Beverage Public Company Limited recently held its 2025 Annual General Meeting of Shareholders at the Queen Sirikit National Convention Center in Bangkok. The meeting was attended by a number of independent directors and auditors from KPMG Phoomchai Audit Ltd., highlighting the company’s commitment to transparency and governance. The absence of the Chairman, Mr. Charoen Sirivadhanabhakdi, was noted, but the presence of key directors and the Group CEO ensured that the meeting proceeded effectively.

ThaiBev’s Beer Segment Drives Revenue Growth in Q1 2025

Feb 13, 2025

Thai Beverage Public Company Limited reported a 2.4% year-on-year increase in sales revenue for the first quarter ended 31 December 2024, driven by significant growth in the beer and non-alcoholic beverage segments. The beer business saw an 8.0% increase in sales revenue and a 16.6% rise in EBITDA, attributed to lower raw material costs and effective marketing strategies. However, the spirits segment experienced a decline in sales revenue by 4.8% due to increased raw material costs and marketing expenditures. The company’s strategic focus on brand investments and market expansion has positively impacted its operations, though challenges remain in the spirits segment.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.