Broker Name: CGS International Securities
Date of Report: November 27, 2025

Excerpt from CGS International Securities report.

• Report Summary
• Thai Beverage (THBEV) is expected to see earnings recovery driven by margin expansion, especially from lower input costs and efficiencies across spirits, beer, and non-alcoholic beverages.
• Revenue growth remains steady due to diversification into new regions and products, while attractive dividend yields and relatively low valuation support a positive investment outlook.
• Management expects further margin improvement in FY26, supported by cost reductions and premiumisation, despite ongoing promotional expenses.
• Expansion into markets like Myanmar and Cambodia, along with new dairy facilities, should help offset domestic volume challenges.
• THBEV has made strong ESG progress, with significant reductions in water and energy use, packaging recycling, and inclusion in major sustainability indices.
• Risks include macroeconomic headwinds and higher operating costs, but any near-term share price weakness is seen as a buying opportunity.

Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com