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We are positive on Thai Beverage (SGX:Y92) for its strong market leadership position and longer-term prospects in Thailand and Vietnam, even though we are turning more cautious on our earnings forecast.
Macroeconomic fundamentals still support growth.
- - Read this at SGinvestors.io -
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The World Bank also has a robust 6.8% growth forecast in 2026, accelerating to 7.4% in 2028.
1H26 in line.
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Thai Beverage’s 1H26 earnings were THB14bn (-3% y-o-y) while revenue was THB173bn (-2% y-o-y). Revenue decline was led by weak demand from beer and non-alcoholic beverages (NAB) businesses, which dropped 5.4% y-o-y to THB63bn and 5.5% y-o-y to THB32bn.
- - Read this at SGinvestors.io -
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Gross margin grew 0.2ppts to 32.3%, but EBITDA margin remained flat at 18%. Interim Thai Beverage's dividends was THB0.15.
Cut FY26F-28F earnings by 4%, 10% and 11%.
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2026-06-09
Previous report by RHB:
2026-02-19 Thai Beverage - Positive On Strengthening Margins; Maintain BUY.
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
