Thai Beverage - DBS Research 2026-05-18: On Track To Deliver A Year Of Growth

• We attended Thai Beverage (SGX:Y92)’s analyst briefing in the evening of 15 May 2026 and our key takeaways are as follows.

Consumer demand –

• - Read this at SGinvestors.io -

Raw materials –

• Management highlighted that key raw materials for its Thailand operations, such as molasses and malt, have been secured for the remainder of the calendar year. Negotiations for next year’s supply have yet to commence, as the crop is not ready. However, resin for non-alcoholic beverage plastic packaging is secured only until end-May, with higher prices expected from Jun onwards.

• - Read this at SGinvestors.io -

Outlook –

• Management sounded optimistic on 2H26, expecting demand to remain resilient, supported by the upcoming World Cup (Jun–Jul) and the rollout of a government co-payment scheme with a higher 60% subsidy (vs. 50% previously, which ended on 31 Dec).

• The company is also actively managing costs and optimising its advertising and promotional (A&P) spend to focus on key markets, aiming to drive higher returns in a soft consumer environment. It remains focused on value positioning, with price increases viewed as a last resort.

Our Views

Maintain FY26F earnings and adjust FY27F earnings downwards by 4%, implying flattish y-o-y growth.

• Read more at SGinvestors.io.

Zheng Feng Chee DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-18

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