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Thai Beverage's 1HFY26 group revenue dropped 2.5% y-o-y to Bt173b, mainly due to overall tepid consumer sentiments. Revenue of the beer and non-alcohol beverage (NAB) segments fell 5.4% and 5.5% y-o-y, respectively, partly offset by the slight revenue growth in spirits (+1.3% y-o-y) and food (+1.6% y-o-y).
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Broad-based GPM improvement on favourable raw material costs.
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Gross profit rose 3.1% y-o-y to Bt56.0b, driven by higher gross profit margin (GPM) of 32.3% (+1.7ppt y-o-y). The GPM improvement is broad-based across all segments (in particular, spirits GPM: +0.8ppt y-o-y; beer GPM: +3.3ppt y-o-y), thanks to favourable raw material costs.
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Operating profit rose 10.4% y-o-y, a clear beat on stringent cost control.
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Operating profit of Bt25.1b formed 59.6% of our full-year forecast. For comparison, 1HFY24 and 1HFY25 formed 55.5-56.4% of their respective full-year operating profit figures. The beat was mainly driven by lower-than-projected distribution and administrative expenses, which dropped 2.9% and 0.1% y-o-y, respectively. As a result, core operating profit margin (OPM) improved 1.7ppt y-o-y to 14.5% in 1HFY26.
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Net gearing improved slightly from 82.4% at end-1QFY26 to 80.8% as at end-1HFY26.
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Thai Beverage's interim dividend is maintained at Bt0.15, unchanged y-o-y.
2HFY26 earnings outlook: y-o-y growth likely to improve.
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