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
