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We attended Thai Beverage (SGX:Y92)’s Annual Information Meeting for shareholders and analysts on 24 June 2026.
Key takeaways:
Spirits
- - Read this at SGinvestors.io -
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Management noted that RTDs are not cannibalising the existing spirits portfolio and deliver higher gross margins than the Thai beer business. In addition, RTDs require minimal new capex, as production can be supported by existing plant infrastructure.
Beer
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Management reiterated that a BeerCo IPO remains under consideration, although geopolitical tensions have delayed the timeline. The company is also exploring potential partnership opportunities, but progress has been slowed by management changes on the partner’s side.
Non-Alcoholic Beverages (NAB)
- - Read this at SGinvestors.io -
Food
- 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/.
Zheng Feng Chee DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-06-25
Previous report by DBS:
2026-05-18 Thai Beverage - On Track To Deliver A Year Of Growth.
Price targets by 5 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
