Thai Beverage Public Co (Y92) AI Stock Analysis

• Market Cap: $12.06B
• Dividend Yield: 5.22%
• Average Volume (3M): 19.21M
• Price to Earnings (P/E): 12.1
• Beta (1Y): 0.59
• Revenue Growth: 3.00%
• EPS Growth: -2.21%
• Country: SG
• Employees: 52,347
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): <0.01
• Shares Outstanding: 25,130,486,000
• 10 Day Avg. Volume: 19,730,920
• 30 Day Avg. Volume: 19,214,096
• PEG Ratio: -1.79
• Price to Book (P/B): 2.08
• Price to Sales (P/S): 0.88
• P/FCF Ratio: 9.19
• Enterprise Value/Market Cap: 40.75
• Enterprise Value/Revenue: 1.34
• Enterprise Value/Gross Profit: 4.39
• Enterprise Value/Ebitda: 9.04
• 1Y Price Target: $0.57
• Price Target Upside: 19.04% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: S$0.52 ▲(8.54% Upside)

Thai Beverage's strong valuation and solid financial performance are the primary drivers of its stock score. The attractive P/E ratio and high dividend yield enhance its appeal, despite challenges in revenue growth and increasing leverage. Technical indicators suggest a neutral market sentiment, with no significant momentum. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Cash Flow Generation

Strong cash flow generation enhances financial flexibility, allowing for reinvestment in growth opportunities and debt reduction, supporting long-term stability.

Market Position

As a leading beverage producer, Thai Beverage benefits from brand recognition and market dominance, providing a competitive edge and stable revenue base.

Profitability

Consistent profitability indicates effective cost management and pricing power, supporting sustainable margins and long-term financial health.

Negative Factors

Revenue Growth Challenges

Volatile revenue growth can hinder strategic planning and investment, potentially impacting the company's ability to capitalize on market opportunities.

Increasing Leverage

Rising leverage may constrain financial flexibility and increase risk, necessitating careful debt management to maintain financial stability.

Declining Net Profit Margin

A declining net profit margin suggests pressure on profitability, which could affect the company's ability to invest in growth and maintain competitive positioning.

Thai Beverage Public Co Business Overview & Revenue Model

Company Description

Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, and internationally. The company operates through Spirits, Beer, Non-Alcoholic Beverages, and Food segments. It offers liquor, beer, malt, and yeast products; spirits, including brown spirits, white spirits, herbs, and other products; and non-alcoholic beverages comprising drinking and soda water, electrolyte beverages, energy drinks, green and herbal tea, ready-to-drink coffee, carbonated soft drinks, isotonics, soya drinks, Asian and sparkling drinks, cordials, pasteurized milk, UHT milk, sterilized milk, yoghurt, canned milk, pasteurized juice, ready-to-drink juice, ice cream, and cereal bars. The company also provides chilled and frozen, and canned food products; and fertilizers and feeds, bricks, and oak barrels. In addition, it is involved in the trading of molasses; provision of transportation and distribution, logistics, advertising and marketing, consultancy, asset and brands management, public cold storage, and human resources and organization development services; operation of restaurants, bakeries, and social enterprise; and production and distribution of biogas. Further, the company is involved in the trading of bottles and supplies; wholesale and distribution of beverages; and production of cartons, and metal and plastic packaging businesses. Additionally, it engages in asset management activities; e-commerce business; development, rental, and investment in properties; mechanical equipment manufacturing; warehousing business; trading of chemical and packaging materials; manufacture of equipment used in food manufacturing; and installation and maintenance of machinery system and equipment. Thai Beverage Public Company Limited was founded in 2003 and is based in Bangkok, Thailand.

How the Company Makes Money

Thai Beverage generates revenue through multiple streams, primarily from the sale of alcoholic beverages, including beer and spirits, which account for a significant portion of its earnings. The company's flagship beer brand, Chang, is distributed widely in Thailand and exported to various international markets, contributing substantially to revenue. Additionally, Thai Beverage's spirits segment, which includes various local and international brands, enhances its earnings through both domestic sales and exports. The non-alcoholic beverages segment also provides a growing revenue stream, supported by partnerships with retailers and distributors. The company benefits from economies of scale due to its large production capacity and extensive distribution network, which allows it to maintain competitive pricing and improve margins. Strategic partnerships and collaborations further enhance its market reach and brand presence, solidifying its position in the beverage industry.

Thai Beverage Public Co Financial Statement Overview

Summary

Thai Beverage demonstrates solid profitability and cash flow generation, but faces challenges with revenue growth and increasing leverage. The company needs to focus on stabilizing revenue and managing debt levels to ensure long-term financial health. Despite these challenges, the company maintains strong margins and cash flow metrics, which are positive indicators for future performance.

Income Statement

Thai Beverage has shown a consistent gross profit margin around 30%, indicating stable cost management. However, the net profit margin has slightly decreased over the years, reflecting some pressure on profitability. The revenue growth rate has been volatile, with a notable decline in the most recent year, which is a concern for future growth prospects. EBIT and EBITDA margins are healthy, but the declining revenue trend needs attention.

Balance Sheet

The company's debt-to-equity ratio has increased over the years, indicating higher leverage, which could pose a risk if not managed carefully. Return on equity remains strong, suggesting efficient use of equity to generate profits. However, the equity ratio has been declining, which may affect financial stability in the long term.

Cash Flow

Operating cash flow has been strong, with a significant increase in free cash flow growth in the latest year, indicating improved cash generation capabilities. The free cash flow to net income ratio is robust, suggesting good cash conversion. However, the operating cash flow to net income ratio is moderate, indicating room for improvement in cash flow efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	366.81B	333.29B	340.29B	334.76B	272.36B	240.54B
Gross Profit	111.97B	103.51B	103.21B	100.52B	80.46B	71.48B
EBITDA	54.41B	57.02B	61.65B	49.24B	46.34B	40.63B
Net Income	26.08B	25.36B	27.22B	27.43B	30.11B	24.64B
Balance Sheet
Total Assets	534.45B	509.59B	527.59B	494.55B	507.79B	472.59B
Cash, Cash Equivalents and Short-Term Investments	51.35B	43.90B	55.63B	45.73B	54.03B	40.05B
Total Debt	245.37B	235.45B	241.39B	209.26B	214.45B	225.38B
Total Liabilities	304.21B	293.77B	298.54B	299.36B	258.40B	262.41B
Stockholders Equity	151.55B	141.28B	149.21B	201.32B	205.75B	170.96B
Cash Flow
Free Cash Flow	31.83B	31.96B	28.66B	30.34B	41.51B	28.51B
Operating Cash Flow	44.39B	46.03B	38.08B	39.10B	45.01B	32.07B
Investing Cash Flow	-6.88B	-12.65B	1.49B	-6.85B	-10.47B	-11.66B
Financing Cash Flow	-37.07B	-43.30B	-31.74B	-32.21B	-30.67B	-20.37B

Thai Beverage Public Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.48
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:Y92, the sentiment is Positive. The current price of 0.48 is above the 20-day moving average (MA) of 0.47, above the 50-day MA of 0.47, and above the 200-day MA of 0.47, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.26 is Neutral, neither overbought nor oversold. The STOCH value of 69.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:Y92.

Thai Beverage Public Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Y92	72 Outperform	$12.06B	12.06	16.87%	5.22%	3.00%	-2.21%
F99	71 Outperform	S$2.19B	15.46	4.88%	3.10%	7.43%	-6.37%
Q01	70 Outperform	S$552.26M	21.15	5.51%	5.62%	-0.51%	-25.57%
P34	68 Neutral	S$531.71M	15.10	10.03%	3.56%	-4.54%	-35.71%
F03	68 Neutral	S$1.46B	39.07	9.42%	4.60%	13.97%	-49.60%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

Thai Beverage Public Co Corporate Events

Fitch Assigns Investment-Grade Ratings with Negative Outlook to Thai Beverage

Thai Beverage Public Company Limited has received new credit ratings from Fitch Ratings, which assigned the company a Long-Term Foreign-Currency Issuer Default Rating of BBB- with a Negative Outlook and a National Long-Term Rating of AA(tha) with a Negative Outlook. While both ratings are classified as investment grade, they sit below Thailand’s sovereign and national ratings, indicating that Fitch views the company as a solid but relatively higher-risk borrower than the Thai government, a signal that could influence THBEV’s borrowing costs, investor perception, and its positioning in regional credit markets.

The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.52 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.