Broker: Maybank Research Pte Ltd
Date of Report: November 27, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Thai Beverage PCL (ThaiBev) reported weaker-than-expected FY25 results, with net profit falling by 7% year-on-year and missing consensus estimates.
- All four core segments (spirits, beer, non-alcoholic beverages, and food) experienced revenue declines, with persistent macroeconomic softness in Thailand and competitive pressures in Vietnam.
- The contribution from Sabeco remains below 15%, offering limited support to earnings, and value-unlocking initiatives like BeerCo and F&N spin-offs are unlikely in the near term.
- ThaiBev maintained a defensive 5% dividend yield despite declining earnings, and its valuation (10–11x forward P/E) provides downside protection versus regional peers.
- The analyst maintains a HOLD rating on ThaiBev with a lower target price of SGD0.43, citing limited catalysts for upside in the near term.
- ThaiBev continues to focus on sustainability, with progress on energy, water, and packaging targets, and aims to increase the share of healthy beverages in its portfolio.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank-keresearch.com
