Added to YB: 2026-05-14
Pitch date: 2026-05-12
TBVPY [neutral]
Thai Beverage Public Company Limited
Author Info
No bio for this author
Company Info
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.
Market Cap
SGD 271.7B
Pitch Price
N/A
Price Target
N/A
Dividend
5.73%
EV/EBITDA
9.28
P/E
10.71
EV/Sales
1.60
Sector
Beverages
Category
value
ThaiBev: After falling -50%, is it time for me to buy?
TBVPY (pass): Spirits segment in 3-year volume decline (-3% FY25), rising inventory suggests weak demand vs consensus +3% FY26 growth. Capex surged to 6% of revenue (vs 3% avg) for Malaysia dairy farm despite mature market & strong incumbents. Mixed capital allocation: strong Thailand track record, but SAB Vietnam stake now worth $1.2bn vs $6.5bn paid + $0.6bn divs; VNM at 40% carrying value with write-down risk.
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