Thai Beverage - RHB Research 2025-11-27: Expect Consumption To Pick Up; Maintain BUY

• We stay positive on Thai Beverage (SGX:Y92) due to its strong market leadership position in Thailand and Vietnam.
• Thai Beverage offers long-term growth exposure and is a consumption recovery play that rides on Thailand and Vietnam’s positive 2026 GDP growth. Thai Beverage's share price is trading at an attractive ~10x FY26F P/E or around -1.5 standard deviation from its ~16x historical mean, with a dividend yield of ~5-6%.

FY25 below on lower-than-expected margins.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• GPM was in line at 31.1% (+0.7ppts), but overall opex was higher due to marketing and brand investment, with EBIT margin at 12.1% (-0.3ppts).
• A final dividend of THB0.47 declared, brings total FY25 Thai Beverage's dividends to THB0.62 (~61% payout ratio).

Trim FY26F and FY27F’s earnings by 7% and 3%.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-09-01 Thai Beverage - Anticipating Slightly Softer Growth; Maintain BUY with Lower Target Price.

Price targets by 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