Thai Beverage Public Co (Y92) AI Stock Analysis

• Market Cap: $11.81B
• Dividend Yield: 5%
• Average Volume (3M): 36.48M
• Price to Earnings (P/E): 11.5
• Beta (1Y): 0.52
• Revenue Growth: 33.63%
• EPS Growth: 1.49%
• Country: SG
• Employees: 52,347
• Sector: Consumer Defensive
• Sector Strength: 70
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 0.01
• Shares Outstanding: 25,130,486,000
• 10 Day Avg. Volume: 36,773,209
• 30 Day Avg. Volume: 36,481,356
• PEG Ratio: -1.53
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 14.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $0.59
• Price Target Upside: 28.02% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 70 Outperform
• Price Target: S$0.50 ▲(8.70%Upside)

Overall, Thai Beverage Public Co scores well due to its strong financial performance, characterized by robust revenue growth and profitability. While technical analysis presents a mixed picture, the stock's valuation is appealing with a reasonable P/E ratio and a good dividend yield. The absence of significant corporate events or earnings call insights leaves these factors neutral in the score calculation.

Positive Factors

Corporate Actions

Corporate actions are expected to unlock valuations in beer and F&B businesses, with a Beer Co IPO potentially in sight.

Earnings Growth

Analysts expect a return to earnings growth for the company in the future.

Market Position

Thai Beverage is the undisputed market leader in SEA.

Negative Factors

Competitive Pressure

Structural decline in spirit demand and competitive pressure in the beer segment will depress valuations.

Economic Challenges

The spirits business is likely to face challenges due to a sluggish local economy and high input costs.

Market Demand

Beer volume forecasts have been trimmed due to soft demand in Vietnam.

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 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

Thai Beverage Public Co exhibits strong financial health with consistent revenue growth, solid profitability, and efficient cash flow management. The company manages its leverage prudently, though there is potential to enhance equity utilization. The stable financial foundation positions the company well for future growth and resilience in the competitive beverage industry.

Income Statement

Thai Beverage Public Co has demonstrated strong revenue growth with a 21.92% increase from 2023 to 2024. The gross profit margin is robust at 30.33%, and the net profit margin is healthy at 8.00%. The EBIT margin stands at 11.00%, and the EBITDA margin is 18.12%, indicating efficient operations. Overall, the company shows solid profitability and growth, with opportunities for further margin improvements.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 1.62, reflecting manageable leverage. The return on equity (ROE) is 18.24%, which is strong, indicating efficient use of equity capital. The equity ratio is 28.28%, suggesting a balanced capital structure. While the company maintains a stable financial position, there is room to optimize equity utilization further.

Cash Flow

Thai Beverage Public Co has increased its free cash flow by 5.98% year-over-year. The operating cash flow to net income ratio is 1.40, indicating strong cash generation relative to earnings. The free cash flow to net income ratio is 1.05, showing effective conversion of earnings to cash. The company demonstrates solid cash flow management, supporting its growth strategy.

Breakdown
TTM	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020
Income Statement		Total Revenue
270.70B	340.29B	279.09B	272.36B	240.54B	253.48B
	Gross Profit
80.79B	103.21B	82.80B	80.46B	71.48B	74.86B
	EBIT
34.41B	37.44B	36.25B	46.74B	39.55B	41.55B
	EBITDA
43.96B	61.65B	49.24B	46.34B	47.38B	48.11B
	Net Income Common Stockholders
29.21B	27.22B	27.43B	30.11B	24.64B	22.75B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
46.26B	54.12B	45.73B	54.03B	40.05B	34.70B
	Total Assets
496.20B	527.59B	494.55B	507.79B	472.59B	433.52B
	Total Debt
213.74B	241.39B	209.26B	214.45B	225.38B	176.60B
	Net Debt
167.54B	187.32B	194.43B	196.25B	210.00B	161.45B
	Total Liabilities
255.69B	298.54B	253.03B	258.40B	262.41B	254.12B
	Stockholders Equity
200.71B	149.21B	201.32B	205.75B	170.96B	142.60B
Cash Flow		Free Cash Flow
37.17B	28.66B	30.34B	41.51B	28.51B	32.62B
	Operating Cash Flow
43.09B	38.08B	31.97B	45.01B	32.07B	37.27B
	Investing Cash Flow
-5.26B	1.49B	-6.85B	-10.47B	-11.66B	-7.52B
	Financing Cash Flow
-29.87B	-31.74B	-32.21B	-30.67B	-20.37B	-24.95B

Thai Beverage Public Co Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.46
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 0.46 is below the 20-day moving average (MA) of 0.47, below the 50-day MA of 0.48, and below the 200-day MA of 0.50, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 37.73 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	70 Outperform	$11.81B	11.49	15.42%	5.00%	33.63%	1.49%
Sector *	65 Neutral	$8.89B	14.91	4.67%	6.16%	3.60%	-2.89%
FNEVF		$1.41B	12.66	5.21%	3.70%	―	―
PEFDF		$357.57M	10.73	12.79%	4.05%	―	―
Q01	76 Outperform	S$488.98M	14.10	7.04%	5.88%	1.20%	26.15%
Y03		S$359.04M	52.25	1.19%	3.45%	―	―
F03	79 Outperform	S$996.50M	13.79	17.74%	3.35%	11.26%	-7.30%

Thai Beverage Public Co Corporate Events

Thai Beverage Launches $2 Billion Debt Issuance Programme

Thai Beverage Public Company Limited has announced the establishment of a $2 billion multicurrency debt issuance programme, appointing DBS Bank Ltd. as the sole arranger and dealer. This strategic move allows the company to issue notes and perpetual securities in various currencies, enhancing its financial flexibility and potentially strengthening its market position by diversifying its funding sources.

The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.56 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.

ThaiBev Announces 2025 Annual Information Meeting for Shareholders

ThaiBev has announced its 2025 Annual Information Meeting for shareholders in Singapore, scheduled for June 20, 2025, at the InterContinental Hotel. This meeting provides an opportunity for shareholders to engage with key directors and management, offering insights into the company’s business operations and updates. The event will include a presentation and a Q&A session, with materials available online post-meeting. Due to limited seating, reservations are required, and no resolutions will be considered during this informal gathering.

The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.56 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.