Y92.SI
SGX50SESThai Beverage Public Company Limited
Consumer Defensive · Beverages - Wineries & Distilleries · Thailand
Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally. It operates through Spirits, Beer, Non-Alcoholic Beverages, Food, and Others segments. The company offers beer; malt and yeast; spirits; mineral, drinking, and soda water; coffee, energy drinks, tea, fruit flavored drinks, and dairy products; canned food; ice cream; rice cakes/cubes, cooking needs, instant dessert powders, pre-mix beverages, and bread spreads; and soft drinks, electrolyte drinks, isotonic, milk, soya, juices, and confectioneries. It also provides chilled and frozen food; beer concentrates; mechanical equipment; bricks and oak barrels; biogas; transportation by car; franchising; plastic packaging; investment and asset management; accounting; human resources and organization development; advertising and marketing; logistics; recycling; warehousing and storage; printing; education training; general and brands management; marketing management consulting; marketing research; treasury and financial; consultancy; public cold storage; machine repair; technical application; and digital and technology services. In addition, the company is involved in the publishing of trade directory, business information, education, library reference, and trade books; trading of molasses, fertilizers, feeds, bottles, procurement and supplies; production of plastic packaging; property investment, development, management, and rental; manufacture and installation of food manufacturing equipment; wholesale and retail of food, beverage, and tobacco; and operation of japanese restaurants, bakeries, and vending machines. Further, it engages in trademark holding; e-commerce; book and magazine distribution; and retail of books, stationery, magazines, and periodicals. Thai Beverage Public Company Limited was incorporated in 2003 and is based in Bangkok, Thailand.
www.thaibev.com ↗Shares trade at a low 11.0× trailing earnings, easing to 9.8× on forward estimates. Profitability shows a net margin of 7.5% and return on equity of 14.3%. Leverage is elevated at 3.6× net debt/EBITDA. Revenue grew 1.0% year-on-year. It yields 6.8% in dividends. The mean analyst target of SGD0.50 sits 14.1% above the current price (Buy, 14 analysts).
business model
Thai Beverage (ThaiBev) is Thailand's largest beverage producer and a diversified Southeast Asian drinks and food group listed in Singapore. It dominates Thai spirits and beer, holds a major Vietnamese brewer, and reports in Thai baht terms with SGD listing.
revenue segments
Its segments are Spirits (dominant Thai brown spirits such as Ruang Khao and SangSom), Beer (Chang in Thailand and majority-owned Sabeco in Vietnam), Non-Alcoholic Beverages (Est, Oishi drinks), and Food (Oishi restaurants and KFC Thailand). It also holds significant stakes in Fraser and Neave (F&N) and Frasers Property.
key dependencies
It depends on Thai consumer spending, spirits and beer volumes, the turnaround and market share of Sabeco in Vietnam, distribution reach, excise-tax policy, and the Thai baht. Associate contributions from F&N add to earnings.
competitors
Competitors include Boon Rawd (Singha), Carlsberg and Heineken in beer, other regional spirits producers, and Vietnamese brewers such as Habeco competing with Sabeco.
moat
Its moat rests on dominant Thai spirits market share, an extensive distribution network, strong brands, and scale across alcoholic and non-alcoholic categories in Thailand and Vietnam.
risks
Risks include weak Thai consumption and economic softness, competitive pressure on Sabeco in Vietnam, elevated debt from the Sabeco acquisition, excise-tax and regulatory changes, and baht currency movements.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.