Thai Beverage - RHB Research 2026-02-19: Positive On Strengthening Margins; Maintain BUY

• We continue to like Thai Beverage (SGX:Y92) for its strong market leadership position in Thailand and Vietnam, offering long-term exposure to growth, especially Vietnam’s strong 2026 GDP outlook.
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• 1QFY26’s EBITDA remains on track to meet our estimates on margin expansion amid slower sales. Our earnings estimates are also unchanged.

1QFY26 in line.

• Thai Beverage’s 1QFY26 revenue was THB87bn (-6% y-o-y) while EBITDA was THB17bn (+1.8% y-o-y), i.e. within expectations. Revenue was dragged by the beer, non-alcoholic beverages (NAB) and food businesses, offset by growth in the spirits business (+3.5% y-o-y, THB33bn).
• - Read this at SGinvestors.io -

Spirits

• The spirits business had revenue of THB33bn (+3.5% y-o-y), fuelled by a volume sales increase of 4.3% y-o-y.
• Its EBITDA margin expanded from 24.7% to 25.5% on effective brand investments and marketing spend.

Beer

• The beer business saw revenue decline of 14.4% y-o-y to THB31bn, on the back of a 9.0% sales volume decline caused by a soft demand in Thailand, severe weather conditions in Vietnam, and unfavourable exchange rates.
• Despite revenue decline, EBITDA margin expanded 2.8ppts to 15.0%, amid lower input costs and better production efficiency.

Non-alcholic Beverages (NAB)

• Read more at SGinvestors.io.

Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2026-02-19

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