Thai Beverage - DBS Research 2026-01-20: Spirits Listing Possible, BeerCo IPO More Probable

• The Bangkok Post reported that the Stock Exchange of Thailand (SET) expects Thai Beverage (SGX:Y92) to become the first alcohol producer to list, potentially as early as this year.
• - Read this at SGinvestors.io -
• See article: Thai alcohol producers set for stock exchange listings.

Our views

• - Read this at SGinvestors.io -
• With global alcobev peers trading around ~13x forward P/E, we believe Thai Beverage would likely seek a premium valuation, closer to 16–20x fwd P/E. However, with the broader Thai equity market still under pressure, we see a listing as unlikely in the near term unless there is a meaningful market re-rating. Moreover, with spirits volumes declining over the past couple of years, securing a premium valuation could be a hard sell to investors.
• By contrast, we see a higher probability of a BeerCo IPO in Singapore materialising given the current track record of improving beer volumes in Thailand and early signs of a turnaround in Vietnam.

Maintain BUY

• 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.

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