- We stay positive on Thai Beverage due to its strong market leadership in Thailand and Vietnam, with the beer business in the two countries undergoing a recovery with expected demand pick up.
- - Read this at SGinvestors.io -
- Thai Beverage's share price at an attractive ~10x FY26F P/E, or around -2 standard deviation from the historical mean of ~18x.
9M25 slightly below.
- 9M25 revenue came in at THB258bn (-0.4% y-o-y) while EBITDA registered THB45bn (-4% y-o-y), i.e. below expectations. Revenue was largely flat with the spirits business at THB93bn (-0.02% y-o-y), beer business at THB96bn (-0.3% y-o-y), non-alcoholic beverages (NAB) at THB49bn (-0.7% y-o-y), and food business at THB17bn (-1.4% y-o-y).
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- EBITDA margin for the beer business expanded due to better raw material costs and an improvement in production efficiency. NAB’s margin also declined due to brand investment and marketing activities, while the food business saw higher raw material and labour costs. EBITDA margin fell 0.6ppts to 17.4%.
Trim earnings marginally.
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