1. Thailand Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Alcoholic
Thai Beverage Public Company Limited

Thai Beverage Public Company Limited

Y92.SI
Thai Beverage Public Company LimitedSG flagStock Exchange of Singapore
0.44
SGD
-0.01
- -
11.06BMarket Cap
Thai Beverage Public Company Limited
Y92.SI
(Stock Exchange of Singapore)

Recent

price

0.44

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.8
5.26
6.41
6.2
6.45
6.85
5.54
7.57
9.15
10.65
10.09
9.58
10.84
13.25
13.54
13.26
10.47
Revenue per Share
0.42
0.48
1.13
0.76
0.86
1.05
0.75
1.37
0.71
0.93
0.91
0.98
1.2
1.09
1.08
1.01
0.94
Basic EPS, GAAP
0.48
0.36
0.59
0.53
0.78
0.73
0.62
0.96
0.59
1.3
1.3
1.13
1.65
1.21
1.14
1.29
1.1
Free Cash Flow per Basic Share
0.33
0.35
0.36
0.42
0.45
0.61
0.66
0.6
0.62
0.39
0.43
0.51
0.5
0.6
0.6
0.62
0.15
Dividend per Share
2.21
2.31
3.09
3.51
3.92
4.36
4.57
5.24
5.34
5.79
6.28
6.76
7.45
7.94
8.42
8.8
6.04
Book Value per Share
2.13
2.22
3.09
3.61
3.88
4.46
4.63
5
-1.53
-1.35
-0.56
0.58
1.73
3.62
1.22
1.09
-1.01
Tangible Book Value per Share
25,110
25,110
25,110
25,110
25,110
25,110
25,110
25,110
25,111
25,114
25,116
25,119
25,121
25,124
25,128
25,130
24,996
Basic Weighted Avg Shares
120,472
132,187
161,044
155,771
162,040
172,049
139,153
189,997
229,695
267,357
253,481
240,543
272,359
332,931
340,289
333,286
261,829
Sales/Revenue/Turnover
12.48
13.12
14.35
13.62
14.51
13.71
14.38
14.57
11.09
11.86
13.65
14.04
14.17
11.9
12.47
12.32
12.44
Operating Margin (%)
4,542
3,426
3,929
3,933
3,986
4,400
3,293
4,308
6,086
6,635
6,565
7,831
7,761
10,028
10,201
10,346
6,609
Depreciation Expense
10,551
12,031
28,493
19,130
21,694
26,463
18,920
34,510
17,943
23,272
22,752
24,645
30,106
27,434
27,216
25,361
23,440
Net Income, GAAP
28.01
30.76
15.18
18.23
17.52
14.56
16.06
12.89
18.65
16.7
20.85
14.49
13.61
14.98
18.01
18.44
18.39
Effective Tax Rate (%)
8.76
9.1
17.69
12.28
13.39
15.38
13.6
18.16
7.81
8.7
8.98
10.25
11.05
8.24
8
7.61
8.95
Profit Margin (%)
16,821
23,937
16,556
23,494
10,032
15,037
17,285
8,250
37,510
28,509
-4,438
-176
21,564
20,162
36,356
42,935
-11,269
Working Capital
600
11,200
88,146
55,343
27,555
25,883
27,089
10,000
216,804
197,975
152,805
156,545
157,789
167,480
176,968
189,368
154,595
LT Debt
56,880
63,202
84,971
97,993
104,676
119,266
123,712
132,719
155,470
150,322
179,405
210,176
249,389
313,037
229,055
215,820
169,526
Total Equity
15.53
15.71
14.2
9.64
11.89
12.39
9.91
13.82
7.31
6.91
7.06
6.86
7.32
6.53
6.71
7.17
6.82
Return on Invested Capital (%)
15.92
17.07
21.97
12.27
14.96
17.92
12.1
20.63
7.06
6.6
6.17
6.57
7.07
6.15
5.67
4.98
6.44
Return on Capital (%)
18.95
21.17
42.03
23.1
23.26
25.46
16.87
28
13.51
16.66
15.01
15.04
16.86
14.19
13.24
11.73
16.04
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'19
Dec'20
Mar'20
ST Debt
21,608
14,620
67,695
LT Borrowings
197,975
198,131
154,595
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
25,114
25,114
25,116
Market Capitalization
493,501
494,453
348,543

Working Capital

FRC

•

in mil. unless spec.
Sep'19
Dec'20
Mar'20
Total Current Assets
77,318
80,362
84,047
Cash, Cash Equivalents & STI
24,362
27,520
25,633
Accounts Receivable, Net
5,094
5,921
6,149
Inventories
42,876
41,970
46,505
Total Current Liabilities
48,809
44,884
95,316
Payables & Accruals
- -
- -
- -
ST Debt
21,608
14,620
67,695
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.29%
5.74%
-5.78%
Free Cash Flow
13.46%
2.69%
12.55%
Net Income, GAAP
4.73%
2.8%
-6.82%
Sales/Revenue/Turnover
8%
6.1%
-2.06%
Total Cash Common Dividend
1.57%
8.01%
3.34%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
85,832
- -
- -
- -
340,289
2025
85,352
- -
- -
- -
333,286
2026
86,516
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.28
- -
- -
- -
1.08
2025
0.27
- -
- -
- -
1.01
2026
0.29
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.6
2025
- -
- -
- -
- -
0.62
2026
- -
- -
- -
- -
- -
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Business
Thai Beverage Public Company Limited is Thailand's largest beverage company and one of Southeast Asia's leading producers of alcoholic and non-alcoholic beverages and food products. The company manufactures and distributes spirits including brown spirits such as SangSom rum, Mekhong rum-based spirit, Mungkorn Thong, Hong Thong, and premium single malt whisky PRAKAAN; white spirits such as Ruang Khao; beer brands including Chang Classic lager, Archa, Federbräu, and through its Sabeco subsidiary in Vietnam, Saigon Beer and 333; non-alcoholic beverages encompassing Oishi green tea, est cola, Crystal water, functional drinks, energy drinks, electrolyte drinks, ready-to-drink juices, UHT and pasteurized milk, yoghurt, soya milk such as NutriWell, and sparkling drinks; and food products including ice cream, confectionery, chilled and frozen foods. Thai Beverage operates 19 distilleries, three breweries, and 31 non-alcoholic beverage plants in Thailand, with additional production facilities in Vietnam, Scotland for Scotch whisky, vodka, gin and liqueurs, and other countries; it maintains an extensive distribution network covering over 600,000 points of sale in Thailand and presence in more than 90 countries worldwide, targeting consumer markets across Southeast Asia, Europe and beyond. Founded in 2003 and headquartered at 14 Vibhavadi Rangsit Road, Chomphon, Chatuchak District, Bangkok, Thailand, the company lists on the Singapore Exchange under ticker Y92.SI. In recent developments, Thai Beverage consolidated its stake in Fraser and Neave Limited from 28.31% to 69.64% in September 2024 to expand into halal-certified non-alcoholic beverages, dairy and functional drinks in markets like Malaysia; launched premium products including single malt whisky PRAKAAN, which won a World Whiskies Awards 2025 category title, and NutriWell soya milk; and committed 21 billion baht in capital investments under its PASSION 2030 strategy, with 12 billion baht allocated for fiscal 2025 and 9 billion baht for 2026 to drive regional growth, digital transformation, production upgrades and sustainability initiatives targeting net-zero emissions by 2050.