- Thai Beverage (SGX:Y92)'s results were below expectations. FY25 revenue/PATMI were 92%/86% of our forecasts. 2H25 spirits PATMI dropped 3% y-o-y. Volumes contracted sharply by almost 11% y-o-y in 4Q25. The border dispute with Cambodia resulted in the huge migrant worker population leaving Thailand and caution in the supply chains.
- - Read this at SGinvestors.io -
The Positive
Healthy Thailand beer.
- Beer volumes in Thailand grew 10.8% y-o-y in FY25 to 997.7mil litres (FY24 +16.3%). It is the 2nd consecutive year of double-digit growth and record volumes.
- - Read this at SGinvestors.io -
The Negative
Significant weakness in spirits.
- Spirit volumes fell almost 5% y-o-y in 2H25. There was a sharp 10.8% decline in volumes in 4Q25 due to the border conflict, which caused several hundred thousand Cambodian workers to leave the country. They were a large consumer of ThaiBev white spirits.
Outlook
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2025-12-01
Read also Phillip's most recent report:
2026-05-18 Thai Beverage - Record Gross Margins.
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
