Broker name: (Not explicitly stated in the document, inferred to be DBS based on writing style and terminology)
Date of report: 26 Nov 2025

Excerpt from DBS report.

Report Summary

• Thai Beverage (THBEV) reported FY25 revenue of THB333.3bn, down 2.1% year-on-year, and net earnings of THB25.4bn, down 6.8% year-on-year, mainly due to weakness in both Spirits and Beer segments, especially in Vietnam where floods impacted sales.
• Despite weaker results, the company maintained its final dividend at THB0.47 per share (61% payout ratio), and management remains cautiously optimistic about a recovery in the next year, particularly driven by tourism in Thailand and a low base in Vietnam; the BUY rating is maintained with the target price under review.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com