Thai Beverage - Phillip Securities Research 2026-05-18: Record Gross Margins

• Results were within expectations. Thai Beverage's 1HFY26 revenue/PATMI were 50%/59% of our forecasts. 1H is seasonally stronger. Gross margins expanded by 1.7% points to a record 32.3% in 1H26 due to lower material costs, namely malt and molasses. There was a THB1.7bn impairment on its 25% stake in e-commerce company NocNoc that was wound down.

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The Positive

(+) Gross margins at record levels.

• 1HFY26 gross margins were 32.3%, a 1.7% points improvement y-o-y. There was a 3.3% points rise in beer gross margins, largely due to the decline in material cost (from 15.4% of sales to 9.5%) from the 30% drop in malt prices. There was also a price increase in Sabeco.

The Negative

(-) Fall in non-alcoholic beverage (NAB) earnings.

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Outlook

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Above is an excerpt from a report by Phillip Securities Research.
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Previous report by Phillip:
2025-12-01 Thai Beverage - External Shocks Worsened Demand.

Price targets by 4 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