Thai Beverage - DBS Research 2024-11-12: Something Bigger Brewing Behind Corporate Actions

• We believe the market views Thai Beverage (SGX:Y92) as largely a spirits company given the segment’s significant sales and EBITDA contribution of average 45% and 62%, respectively, for the last 5 years. Given the muted growth profile of the spirits segment, the market accorded a low double-digit P/E valuation to the entire company.

Misunderstood as a largely spirits-only compan; Conglomerate with 3 major business units.

• - Read this at SGinvestors.io -
• Overall, we view Thai Beverage as a conglomerate with three major business units:
  1. - Read this at SGinvestors.io -
  2. Beer Co, and
  3. F&B Co

Focus has been on Beer Co; time to highlight F&B Co.

• We explored the potential of its beer co in a prior report, Who could tie the knot in the Golden Peninsula?, and are now exploring the potential of its F&B co, which we believe has remained under the radar.

Why do we believe there’s more to F&B co than meets the eye?

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-02-16 Thai Beverage - More Cheers In FY26 On Lower Raw Material Costs.

Previous report by DBS:
2026-01-20 Thai Beverage - Spirits Listing Possible, BeerCo IPO More Probable.

Price targets by 2 other brokers at Thai Beverage Target Prices.

Listing of research reports at Thai Beverage Analyst Reports.

Relevant links:
Thai Beverage Share Price History,
Thai Beverage Announcements,
Thai Beverage Dividend Payout Dates & Corporate Actions,
Thai Beverage News