Thai Beverage Public Co (Y92) AI Stock Analysis

• Market Cap: $11.56B
• Dividend Yield: 5.17%
• Average Volume (3M): 12.05M
• Price to Earnings (P/E): 11.2
• Beta (1Y): 0.57
• Revenue Growth: 33.63%
• EPS Growth: 1.49%
• Country: SG
• Employees: 52,347
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 0.01
• Shares Outstanding: 25,130,486,000
• 10 Day Avg. Volume: 11,214,789
• 30 Day Avg. Volume: 12,053,399
• PEG Ratio: -13.63
• Price to Book (P/B): 2.28
• Price to Sales (P/S): 1.00
• P/FCF Ratio: 11.88
• Enterprise Value/Market Cap: 2.05
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 0.23
• Enterprise Value/Ebitda: 0.46
• 1Y Price Target: $0.63
• Price Target Upside: 37.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 73 Outperform
• Price Target: S$0.50 ▲(8.70% Upside)

Thai Beverage Public Co's strong financial performance, characterized by robust revenue growth and solid profitability, is the most significant factor contributing to its score. The stock's valuation is reasonable, with an attractive dividend yield. Technical analysis indicates a neutral trend, lacking strong momentum. The absence of earnings call data and notable corporate events does not impact the score.

Positive Factors

Negative Factors

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, and internationally. The company operates through Spirits, Beer, Non-Alcoholic Beverages, and Food segments. It offers liquor, beer, malt, and yeast products; spirits, including brown spirits, white spirits, herbs, and other products; and non-alcoholic beverages comprising drinking and soda water, electrolyte beverages, energy drinks, green and herbal tea, ready-to-drink coffee, carbonated soft drinks, isotonics, soya drinks, Asian and sparkling drinks, cordials, pasteurized milk, UHT milk, sterilized milk, yoghurt, canned milk, pasteurized juice, ready-to-drink juice, ice cream, and cereal bars. The company also provides chilled and frozen, and canned food products; and fertilizers and feeds, bricks, and oak barrels. In addition, it is involved in the trading of molasses; provision of transportation and distribution, logistics, advertising and marketing, consultancy, asset and brands management, public cold storage, and human resources and organization development services; operation of restaurants, bakeries, and social enterprise; and production and distribution of biogas. Further, the company is involved in the trading of bottles and supplies; wholesale and distribution of beverages; and production of cartons, and metal and plastic packaging businesses. Additionally, it engages in asset management activities; e-commerce business; development, rental, and investment in properties; mechanical equipment manufacturing; warehousing business; trading of chemical and packaging materials; manufacture of equipment used in food manufacturing; and installation and maintenance of machinery system and equipment. Thai Beverage Public Company Limited was founded in 2003 and is based in Bangkok, Thailand.

How the Company Makes Money

Thai Beverage Public Company Limited generates revenue through a diversified portfolio of products across its core sectors. The primary revenue streams include the sale of spirits, which is the largest contributor to its earnings, followed by beer, non-alcoholic beverages, and food. The company's spirits segment features popular brands that command significant market share in Thailand and other regions. The beer segment is anchored by the Chang brand, which is a dominant player in the Thai beer market. Additionally, the non-alcoholic beverage segment offers a variety of tea, water, and functional drinks, catering to the growing demand for healthier beverage options. ThaiBev also benefits from strategic partnerships and joint ventures that enhance its production capabilities and market reach. The company's extensive distribution network, both domestically and internationally, plays a crucial role in driving sales and expanding its customer base, contributing significantly to its overall revenue.

Thai Beverage Public Co Financial Statement Overview

Summary

Thai Beverage Public Co exhibits strong financial health with consistent revenue growth, solid profitability, and efficient cash flow management. The company manages its leverage prudently, though there is potential to enhance equity utilization. The stable financial foundation positions the company well for future growth and resilience in the competitive beverage industry.

Income Statement

Thai Beverage Public Co has demonstrated strong revenue growth with a 21.92% increase from 2023 to 2024. The gross profit margin is robust at 30.33%, and the net profit margin is healthy at 8.00%. The EBIT margin stands at 11.00%, and the EBITDA margin is 18.12%, indicating efficient operations. Overall, the company shows solid profitability and growth, with opportunities for further margin improvements.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 1.62, reflecting manageable leverage. The return on equity (ROE) is 18.24%, which is strong, indicating efficient use of equity capital. The equity ratio is 28.28%, suggesting a balanced capital structure. While the company maintains a stable financial position, there is room to optimize equity utilization further.

Cash Flow

Thai Beverage Public Co has increased its free cash flow by 5.98% year-over-year. The operating cash flow to net income ratio is 1.40, indicating strong cash generation relative to earnings. The free cash flow to net income ratio is 1.05, showing effective conversion of earnings to cash. The company demonstrates solid cash flow management, supporting its growth strategy.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	339.40B	340.29B	279.09B	272.36B	240.54B	253.48B
Gross Profit	104.17B	103.21B	82.80B	80.46B	71.48B	74.86B
EBITDA	51.43B	61.65B	49.24B	46.34B	47.38B	48.11B
Net Income	26.60B	27.22B	27.43B	30.11B	24.64B	22.75B
Balance Sheet
Total Assets	527.59B	527.59B	494.55B	507.79B	472.59B	433.52B
Cash, Cash Equivalents and Short-Term Investments	55.63B	54.12B	45.73B	54.03B	40.05B	34.70B
Total Debt	240.72B	241.39B	209.26B	214.45B	225.38B	176.60B
Total Liabilities	298.54B	298.54B	253.03B	258.40B	262.41B	254.12B
Stockholders Equity	149.21B	149.21B	201.32B	205.75B	170.96B	142.60B
Cash Flow
Free Cash Flow	35.57B	28.66B	30.34B	41.51B	28.51B	32.62B
Operating Cash Flow	45.97B	38.08B	31.97B	45.01B	32.07B	37.27B
Investing Cash Flow	317.80M	1.49B	-6.85B	-10.47B	-11.66B	-7.52B
Financing Cash Flow	-36.28B	-31.74B	-32.21B	-30.67B	-20.37B	-24.95B

Thai Beverage Public Co Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.46
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:Y92, the sentiment is Neutral. The current price of 0.46 is below the 20-day moving average (MA) of 0.47, below the 50-day MA of 0.47, and below the 200-day MA of 0.49, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 49.60 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:Y92.

Thai Beverage Public Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
F03	77 Outperform	S$1.35B	36.03	17.88%	1.20%	13.97%	-49.60%
Y92	73 Outperform	$11.56B	11.25	15.42%	5.17%	33.63%	1.49%
P34	71 Outperform	S$473.65M	13.45	12.83%	3.68%	-4.54%	-35.71%
Q01	69 Neutral	S$511.99M	19.60	6.95%	5.62%	-0.51%	-25.57%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

Thai Beverage Public Co Corporate Events

Thai Beverage Issues Oversubscribed Baht 38 Billion Debentures to Strengthen Financial Position

Thai Beverage Public Company Limited announced the issuance of Baht 38,000 million in debentures, which were oversubscribed by 2.97 times the initial amount. The funds raised will be used to repay existing debts, including exercising call options on previous debentures, and the issuance received an ‘AA(tha)’ investment grade rating from Fitch Ratings (Thailand) Limited. This strategic financial move is expected to strengthen THBEV’s financial position and enhance its market stability, benefiting stakeholders and reinforcing its industry standing.

The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.50 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.

ThaiBev Reports Stable Revenue Amid Market Challenges

Thai Beverage Public Company Limited reported stable sales revenue for the nine months ending June 2025, despite challenging market conditions and softening consumer sentiment. The spirits segment maintained its revenue, although profitability was impacted by increased marketing expenditures. The beer segment experienced a slight decline in sales revenue due to difficulties in the Vietnamese market, but saw an increase in EBITDA driven by reduced raw material costs and improved production efficiency. The overall financial performance reflects ThaiBev’s resilience and strategic focus on efficiency and market expansion.

The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.56 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.