Thai Beverage Public Co (Y92) AI Stock Analysis

• Market Cap: $11.94B
• Dividend Yield: 5.11%
• Average Volume (3M): 18.31M
• Price to Earnings (P/E): 11.6
• Beta (1Y): 0.57
• Revenue Growth: 33.63%
• EPS Growth: 1.49%
• Country: SG
• Employees: 52,347
• Sector: Consumer Defensive
• Sector Strength: 59
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): N/A
• Shares Outstanding: 25,130,486,000
• 10 Day Avg. Volume: 10,618,389
• 30 Day Avg. Volume: 18,310,723
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.98
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 0.23
• Enterprise Value/Ebitda: 0.46
• 1Y Price Target: $0.54
• Price Target Upside: 14.72% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 74 Outperform
• Price Target: S$0.50 ▲(6.38% Upside)

Thai Beverage Public Co's overall stock score is driven by its strong financial performance and attractive valuation. The company's solid profitability and efficient cash flow management provide a stable foundation for growth. While technical indicators suggest a neutral short-term trend, the stock's valuation and dividend yield offer compelling reasons for investment.

Positive Factors

Cost Efficiency

Management has been procuring molasses at roughly 20% better yields year over year, suggesting lower raw material costs from this crop will likely expand margins.

Earnings Growth

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

Market Leadership

The domestic beer segment is set to post better margins and has maintained its market share leadership.

Negative Factors

Macroeconomic Weakness

Downside risks include prolonged macroeconomic weakness impacting sales volumes and lower margins from higher SG&A.

Regulatory Challenges

THBEV faces stronger competition for its spirits business due to upcoming regulatory changes.

Tax Increases

Vietnam recently announced it would increase its special consumption tax on beer and other alcoholic beverages to 90% by 2031, affecting domestic beer products such as THBEV.

Thai Beverage Public Co Business Overview & Revenue Model

Company Description

Thai Beverage Public Company Limited, commonly known as ThaiBev, is a leading beverage manufacturer headquartered in Bangkok, Thailand. The company operates in several sectors, including spirits, beer, non-alcoholic beverages, and food. As one of Southeast Asia's largest beverage companies, ThaiBev's portfolio includes a wide range of well-known brands such as Chang Beer, SangSom Rum, and Oishi green tea, among others. The company has a significant presence in both domestic and international markets, leveraging its extensive distribution network to reach a diverse customer base.

How the Company Makes Money

Thai Beverage Public Company Limited generates revenue through a diversified portfolio of products across its core sectors. The primary revenue streams include the sale of spirits, which is the largest contributor to its earnings, followed by beer, non-alcoholic beverages, and food. The company's spirits segment features popular brands that command significant market share in Thailand and other regions. The beer segment is anchored by the Chang brand, which is a dominant player in the Thai beer market. Additionally, the non-alcoholic beverage segment offers a variety of tea, water, and functional drinks, catering to the growing demand for healthier beverage options. ThaiBev also benefits from strategic partnerships and joint ventures that enhance its production capabilities and market reach. The company's extensive distribution network, both domestically and internationally, plays a crucial role in driving sales and expanding its customer base, contributing significantly to its overall revenue.

Thai Beverage Public Co Financial Statement Overview

Summary

Thai Beverage Public Co demonstrates strong financial health with consistent revenue growth, solid profitability, and efficient cash flow management. The company manages leverage prudently, although there is potential to enhance equity utilization.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 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
EBITDA	61.65B	49.24B	46.34B	47.38B	48.11B
Net Income	27.22B	27.43B	30.11B	24.64B	22.75B
Balance Sheet
Total Assets	527.59B	494.55B	507.79B	472.59B	433.52B
Cash, Cash Equivalents and Short-Term Investments	54.12B	45.73B	54.03B	40.05B	34.70B
Total Debt	241.39B	209.26B	214.45B	225.38B	176.60B
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	30.34B	41.51B	28.51B	32.62B
Operating Cash Flow	38.08B	31.97B	45.01B	32.07B	37.27B
Investing Cash Flow	1.49B	-6.85B	-10.47B	-11.66B	-7.52B
Financing Cash Flow	-31.74B	-32.21B	-30.67B	-20.37B	-24.95B

Thai Beverage Public Co Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.47
• 50DMA: Positive
• 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 0.47 is below the 20-day moving average (MA) of 0.47, above the 50-day MA of 0.47, and below the 200-day MA of 0.49, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 49.63 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 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
F03	77 Outperform	S$1.25B	33.29	9.42%	2.61%	13.97%	-49.60%
Y92	74 Outperform	$11.94B	11.61	15.42%	5.11%	33.63%	1.49%
Q01	69 Neutral	S$497.61M	19.05	5.51%	5.78%	-0.51%	-25.57%
Sector *	68 Neutral	¥221.32B	22.43	8.23%	2.16%	4.86%	-0.08%
P34	68 Neutral	$461.42M	13.11	10.03%	5.64%	-4.54%	-35.71%

Thai Beverage Public Co Corporate Events

ThaiBev Reports Stable Revenue Amid Market Challenges

Thai Beverage Public Company Limited reported stable sales revenue for the nine months ending June 2025, despite challenging market conditions and softening consumer sentiment. The spirits segment maintained its revenue, although profitability was impacted by increased marketing expenditures. The beer segment experienced a slight decline in sales revenue due to difficulties in the Vietnamese market, but saw an increase in EBITDA driven by reduced raw material costs and improved production efficiency. The overall financial performance reflects ThaiBev’s resilience and strategic focus on efficiency and market expansion.

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.

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.