- Thai Beverage faces stronger competition for its spirits business due to the upcoming regulatory changes but is expected to benefit from lower molasses costs. The domestic beer segment is set to post better margins and has maintained its market share leadership. However, Sabeco continues to face ongoing headwinds from stringent drink-driving laws and higher excise taxes.
- - Read this at SGinvestors.io -
Spirits: Growing competition.
- Thai Beverage’s spirits segment faces growing competition, specifically for its white spirits subsegment as more competitors enter the domestic market. Furthermore, pending confirmation from Thailand’s Senate, the upcoming changes to alcohol regulations in Thailand would further increase domestic competition.
- - Read this at SGinvestors.io -
- Management also noted that the group has been procuring molasses at roughly 20% better yields y-o-y, implying that lower raw material costs from this crop will likely flow through in 1HFY26 and expand margins. Sales volume for the brown spirits segment remains resilient
Spirits: Recovery pushed back to 4QFY25.
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Llelleythan Tan UOB Kay Hian Research | Heidi Mo UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-06-25
Read also UOB's most recent report:
2026-05-18 Thai Beverage 1HFY26 - Net Profit A Slight Beat On Good Cost Control; Cheap Raw Materials To Bolster 2HFY26 Earnings.
Price targets by 5 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
