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Thai Beverage Public Co
(SGX:Y92)
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Rating:74Outperform
Price Target:
S$0.52
▲(11.96% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid underlying financial performance (healthy margins and strong cash flow) and an attractive valuation (low P/E and high dividend yield). These positives are tempered by recent revenue decline and rising leverage, while technicals are moderately bullish but nearing overbought levels.
Positive Factors
Diversified Beverage Portfolio
ThaiBev’s broad mix across alcoholic beverages, non-alcoholic drinks, ready-to-drink products, and food reduces reliance on one category. Its established presence in Thailand plus export and regional distribution provides multiple channels for durable demand and future growth.
Negative Factors
Recent Revenue Contraction
The latest revenue decline indicates weaker top-line momentum and raises questions about near-term demand, volume, pricing, or product mix. If the contraction persists, it could reduce operating leverage, limit growth investment, and make sustained earnings expansion more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Beverage Portfolio
ThaiBev’s broad mix across alcoholic beverages, non-alcoholic drinks, ready-to-drink products, and food reduces reliance on one category. Its established presence in Thailand plus export and regional distribution provides multiple channels for durable demand and future growth.
Read all positive factors
Thai Beverage Public Co (Y92) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$10.43B
Dividend Yield6.02%
Average Volume (3M)12.35M
Price to Earnings (P/E)10.6
Beta (1Y)0.62
Revenue Growth-7.53%
EPS Growth-3.18%
CountrySG
Employees45,716
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)1.03
Shares Outstanding25,131,686,000
10 Day Avg. Volume10,802,380
30 Day Avg. Volume12,353,396
Financial Highlights & Ratios
PEG Ratio-1.79
Price to Book (P/B)2.08
Price to Sales (P/S)0.88
P/FCF Ratio9.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.56Price Target Upside20.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.15
Revenue Forecast (FY)S$348.70B
Thai Beverage Public Co Business Overview & Revenue Model
Company Description
Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally. It operates through Sp...
How the Company Makes Money
ThaiBev primarily makes money by manufacturing, marketing, and selling beverages through both on-trade (bars, restaurants, hotels) and off-trade (retail stores, wholesalers, modern trade) channels, leveraging its broad distribution footprint. Its ...
Thai Beverage Public Co Earnings Call Summary
Earnings Call Date:Nov 25, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 20, 2026
Earnings Call Sentiment Neutral
Mixed. The call highlights operational strengths — notably a strong beer profit recovery (+24.6% net profit) and material raw-material tailwinds expected to improve margins in FY26, plus completed/near-complete capacity investments (Cambodia, Malaysia) and maintained dividend. However, these positives are tempered by group-wide revenue and net profit declines (sales -2.1%, net profit -11.7%), continued softness in domestic consumption, segmental profit declines (spirits -7%, NAB -13.4%), losses in food and other businesses, and short-term market/logistical disruptions (Vietnam competition, border conflicts, floods). Overall the positives and negatives are balanced.Positive Updates
Group Dividend and Payout
Board proposed total dividend THB 15,581 million (THB 0.62/share) representing a 61.4% payout ratio, including interim THB 0.15 and proposed final THB 0.47, maintained despite softer earnings.
Negative Updates
Group Revenue and Net Profit Declines
Total sales revenue THB 333,286 million, down 2.1% YoY; net profit including associates THB 31,153 million, down 11.7% YoY, reflecting weaker sales across most businesses.
Read all updates
Q4-2025 Updates
Positive
Negative
Group Dividend and Payout
Board proposed total dividend THB 15,581 million (THB 0.62/share) representing a 61.4% payout ratio, including interim THB 0.15 and proposed final THB 0.47, maintained despite softer earnings.
Read all positive updates
Company Guidance
Management’s guidance was broadly conservative and operationally focused: the Board proposed a THB 15,581m total dividend (THB 0.62/share; interim THB 0.15 paid June 2025, proposed final THB 0.47) and reiterated a minimum ~50% payout policy (61.4% payout this year); major Malaysia/Cambodia CapEx is largely spent with spend expected to normalise by mid‑FY26; an IPO for the beer arm is not expected in FY26 given market conditions. They flagged favorable input‑cost tailwinds for FY26 (molasses ~30–35% lower YoY, resin ~60% of last year’s price, malt down another “two digits,” broken rice >20% lower, and easing aluminum/carton/label costs), will keep A&P trade‑focused and cautious (RTD breakeven ~1 year, single‑malt longer), expect Cambodian commercial production around Dec–Jan, and noted net gearing rose due to lower EBITDA despite lower absolute interest‑bearing debt; Myanmar spirits share ~72%.Thai Beverage Public Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 332.12B | 333.29B | 340.29B | 334.76B | 272.36B | 240.54B |
| Gross Profit | 106.02B | 103.51B | 103.21B | 100.52B | 80.46B | 71.48B |
| EBITDA | 56.02B | 57.02B | 61.65B | 51.48B | 46.34B | 42.33B |
| Net Income | 25.76B | 25.36B | 27.22B | 27.43B | 30.11B | 24.64B |
Balance Sheet | ||||||
| Total Assets | 533.39B | 509.59B | 527.59B | 494.55B | 507.79B | 472.59B |
| Cash, Cash Equivalents and Short-Term Investments | 52.04B | 43.90B | 55.63B | 45.73B | 54.03B | 40.05B |
| Total Debt | 243.06B | 235.45B | 241.39B | 209.26B | 214.45B | 225.38B |
| Total Liabilities | 307.05B | 293.77B | 298.54B | 299.36B | 258.40B | 262.41B |
| Stockholders Equity | 148.61B | 141.28B | 149.21B | 201.32B | 205.75B | 170.96B |
Cash Flow | ||||||
| Free Cash Flow | 37.37B | 31.96B | 28.66B | 30.34B | 41.51B | 28.51B |
| Operating Cash Flow | 49.90B | 46.03B | 38.08B | 39.10B | 45.01B | 32.07B |
| Investing Cash Flow | -17.07B | -12.65B | 1.49B | -6.85B | -10.47B | -11.66B |
| Financing Cash Flow | -33.34B | -43.30B | -31.74B | -32.21B | -30.67B | -20.37B |
Thai Beverage Public Co Technical Analysis
Negative
0.46
Price Trends
0.44
Negative
0.44
Negative
0.44
Negative
Market Momentum
>-0.01
Negative
42.80
Neutral
55.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:Y92, the sentiment is Negative. The current price of 0.46 is above the 20-day moving average (MA) of 0.43, above the 50-day MA of 0.44, and above the 200-day MA of 0.44, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 42.80 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:Y92.
Thai Beverage Public Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$10.43B | 10.60 | 15.93% | 6.02% | -7.53% | -3.18% | |
64 Neutral | S$1.33B | 15.54 | 19.74% | 5.64% | 14.02% | 146.88% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | S$1.95B | 12.68 | 5.02% | 4.10% | -2.52% | -6.24% | |
49 Neutral | S$20.41B | 11.13 | 6.47% | 4.59% | 6.32% | 16.58% | |
48 Neutral | S$101.09M | 1.48 | -7.79% | 0.91% | -49.36% | ― |
* Consumer Defensive Sector Average
SG:Y92
Thai Beverage Public Co
0.42
-0.04
-8.59%
SG:D03
Del Monte Pacific
0.05
-0.04
-43.48%
SG:F99
Fraser & Neave
1.34
-0.08
-5.43%
SG:F34
Wilmar International
3.27
0.25
8.39%
SG:Y03
Yeo Hiap Seng Ltd
0.54
-0.06
-9.48%
SG:F03
Food Empire Holdings Limited
2.04
0.16
8.57%
Thai Beverage Public Co Corporate Events
ThaiBev Sets Up New Subsidiaries to Strengthen Route-to-Market and Wholesale Network
Oct 1, 2026
Thai Beverage Public Company Limited has incorporated two new wholly owned subsidiaries in Thailand to bolster its route-to-market structure and wholesale capabilities. Route To Market Management Co., Ltd. has been set up as an investment holding ...
ThaiBev Reshapes Executive Structure to Drive PASSION 2030 Growth
Sep 24, 2026
ThaiBev has approved a wide-ranging reorganization of its corporate structure and executive committee, effective 1 October 2026, to support its PASSION 2030 ambition of becoming a stable and sustainable ASEAN beverage and food leader. The group ai...
ThaiBev Grows EBITDA and Margins Despite Softer Sales in 9M 2026
Aug 13, 2026
ThaiBev reported solid EBITDA growth across all business segments for the nine months ended 30 June 2026, despite a year-on-year decline in group sales revenue to 254.0 billion baht. Spirits, food, and the “others” segment posted reven...
ThaiBev Restructures Sustainability and Risk Committee to Be Fully Independent
Aug 13, 2026
Thai Beverage Public Company Limited has reshaped its Sustainability and Risk Management Committee so that it now consists solely of independent non-executive directors, underscoring a stronger focus on independent governance in managing environme...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.