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Thai Beverage Public Co Ltd (SG:Y92)
SGX:Y92
RESEARCH TOOLSreports
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Thai Beverage Public Co
(SGX:Y92)
75Outperform
Positive Factors
Beer segment performance
Sustained beer recovery with volumes above 600mn litres for the past two quarters.
Financial outlook
A positive outlook for the future is anticipated due to Thailand's cash handouts, a rebound in tourism, and easing costs.
Shareholder returns
Declared final dividend of THB0.47, a 4% increase despite lower earnings, signalling commitment to improve shareholder returns.
Negative Factors
Earnings pressure
The sluggishness of earnings and modest improvement in consumer spending will keep valuation multiples depressed.
Interest expenses
Rising interest expenses outpace earnings, accounting for 14% of operating profit.
Spirits segment performance
Spirits volume declined 6.2% YoY in 1Q25, the weakest in 8 quarters.
Thai Beverage Public Co (Y92) vs. S&P 500 (SPY)
Market Cap
$12.69B
Dividend Yield4.64%
Average Volume (3M)18.64M
Price to Earnings (P/E)12.4
Beta (1Y)0.55
Revenue Growth33.63%
EPS Growth1.49%
CountrySG
Employees52,347
SectorConsumer Defensive
Sector Strength81
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)0.01
Shares Outstanding25,130,486,000
10 Day Avg. Volume21,189,750
30 Day Avg. Volume18,644,571
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$0.64Price Target Upside22.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Thai Beverage Public Co Business Overview & Revenue Model
Company DescriptionThai 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 MoneyThai Beverage Public Co. generates revenue primarily through the production, marketing, and distribution of alcoholic and non-alcoholic beverages. The company's key revenue streams include sales of spirits, which contribute significantly to its overall earnings, followed by its beer segment. The non-alcoholic beverages and food sectors also add to the revenue, albeit at a smaller scale compared to alcoholic products. ThaiBev benefits from a strong distribution network and brand recognition, both of which facilitate high sales volumes. Strategic partnerships and acquisitions further enhance its market position, allowing the company to access new markets and diversify its product offerings.
Thai Beverage Public Co Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | ||||
| Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 340.29B | 279.09B | 272.36B | 240.54B | 253.48B | Gross Profit |
| 103.21B | 82.80B | 80.46B | 71.48B | 74.86B | EBIT |
| 37.44B | 29.44B | 46.74B | 39.55B | 41.55B | EBITDA |
| 61.65B | 43.97B | 46.34B | 47.38B | 48.11B | Net Income Common Stockholders |
| 27.22B | 27.43B | 30.11B | 24.64B | 22.75B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 54.12B | 45.73B | 54.03B | 40.05B | 34.70B | Total Assets |
| 527.59B | 494.55B | 507.79B | 472.59B | 433.52B | Total Debt |
| 241.39B | 209.26B | 214.45B | 225.38B | 176.60B | Net Debt |
| 187.32B | 194.43B | 196.25B | 210.00B | 161.45B | Total Liabilities |
| 298.54B | 253.03B | 258.40B | 262.41B | 254.12B | Stockholders Equity |
| 149.21B | 201.32B | 205.75B | 170.96B | 142.60B |
| Cash Flow | Free Cash Flow | |||
| 28.66B | 27.04B | 41.51B | 28.51B | 32.62B | Operating Cash Flow |
| 38.08B | 31.97B | 45.01B | 32.07B | 37.27B | Investing Cash Flow |
| 1.49B | -926.46M | -10.47B | -11.66B | -7.52B | Financing Cash Flow |
| -31.74B | -35.35B | -30.67B | -20.37B | -24.95B |
Thai Beverage Public Co Technical Analysis
Positive
0.52
Price Trends
0.51
Positive
0.52
Negative
0.51
Positive
Market Momentum
<0.01
Negative
59.75
Neutral
68.89
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 0.52 is above the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.51, and above the 200-day MA of 0.51, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.75 is Neutral, neither overbought nor oversold. The STOCH value of 68.89 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
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Performance Comparison
SG:Y92
Thai Beverage Public Co
0.52
0.05
10.28%
FNEVF
Fraser & Neave
0.96
0.21
28.00%
JCYCF
Jardine Cycle & Carriage
17.90
-2.57
-12.55%
SCRPF
Sembcorp Industries
3.94
0.02
0.51%
SNGNF
Singtel
2.95
1.26
74.56%
UOVEF
United Overseas Bank (Singapore)
24.10
3.23
15.48%
Thai Beverage Public Co Earnings Call Summary
Earnings Call Date:May 09, 2025
(Q4-2024)
| % Change Since: 1.96%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted growth in several segments, including beer and non-alcoholic beverages, and successful business restructuring. However, there were challenges such as a decline in net profit for the spirits and food businesses, and a downturn in other business segments. Despite these challenges, the company's overall performance showed positive trends, particularly in revenue growth and strategic achievements.Q4-2024 Updates
Positive Updates
Increase in Total Sales Revenue
Total sales revenue for the fiscal year ended 30th September 2024 was THB340,289 million, an increase of 2.2% compared to the same period last year, driven by growth in Beverage and Food segments.
Beer Business Growth
Beer business recorded sales revenue of THB126,332 million in 2024, an increase of 2.4% year-on-year, with a net profit increase of 3.9% due to lower raw material costs and improved operational efficiencies.
Non-Alcoholic Beverages Performance
Non-alcoholic beverages saw a 4.2% year-on-year rise in sales revenue to THB65,802 million, with a 9.3% increase in net profit, supported by lower packaging costs and enhanced production efficiency.
Strong Performance in Myanmar Market
The spirits market in Myanmar showed improvement in sales revenue and EBITDA.
Successful Business Restructuring
Completed a share swap transaction increasing IBIL's percentage interest in Fraser and Neave Limited shares from 28.31% to 69.64%, making ThaiBev the holding company of F&N.
Negative Updates
Spirits Business Net Profit Decline
Despite a 0.8% increase in sales revenue, the spirits business saw a 4.6% year-on-year decline in net profit to THB21,385 million due to higher raw material costs and increased brand and marketing investments.
Food Business Net Profit Decline
Food business registered a 5.5% year-on-year increase in sales revenue but net profit fell to THB301 million due to higher raw material costs, increased operational expenses, and decreased one-time fair value gains.
Decline in Other Business
Other business segments, including publishing and printing, saw a decline in sales revenue by 6% year-on-year to THB5,400 million, mainly due to lower international printing demand.
Company Guidance
During the Thai Beverage Fiscal Year 2024 Results Call, the company reported a total sales revenue of THB340,289 million, reflecting a 2.2% increase from the previous year, driven by growth in both the Beverage and Food segments. The net profit for the fiscal year was THB35,270 million, marking a 0.6% rise compared to the prior year. The company's beer business saw a 2.4% increase in sales revenue to THB126,332 million, aided by a rebound in tourism and favorable weather, while the non-alcoholic beverages segment posted a 4.2% rise in sales revenue to THB65,802 million. The spirits business reported a modest 0.8% revenue increase to THB120,728 million, yet experienced a 4.6% decline in net profit due to higher raw material costs. The Board proposed a full-year dividend of THB11,810 million or THB0.62 per share, with the final dividend set at THB0.47 per share.Thai Beverage Public Co Corporate Events
Thai Beverage Holds 2025 Annual General Meeting
Feb 28, 2025
Thai Beverage Public Company Limited recently held its 2025 Annual General Meeting of Shareholders at the Queen Sirikit National Convention Center in Bangkok. The meeting was attended by a number of independent directors and auditors from KPMG Phoomchai Audit Ltd., highlighting the company’s commitment to transparency and governance. The absence of the Chairman, Mr. Charoen Sirivadhanabhakdi, was noted, but the presence of key directors and the Group CEO ensured that the meeting proceeded effectively.
ThaiBev’s Beer Segment Drives Revenue Growth in Q1 2025
Feb 13, 2025
Thai Beverage Public Company Limited reported a 2.4% year-on-year increase in sales revenue for the first quarter ended 31 December 2024, driven by significant growth in the beer and non-alcoholic beverage segments. The beer business saw an 8.0% increase in sales revenue and a 16.6% rise in EBITDA, attributed to lower raw material costs and effective marketing strategies. However, the spirits segment experienced a decline in sales revenue by 4.8% due to increased raw material costs and marketing expenditures. The company’s strategic focus on brand investments and market expansion has positively impacted its operations, though challenges remain in the spirits segment.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.