Broker Name: CGS International Securities

Date of Report: February 14, 2026

Excerpt from CGS International Securities report.

Report Summary
• Thai Beverage (THBEV) reported 1QFY26 EBITDA ahead of expectations, driven by margin expansion in Beer and improved Spirits volumes, despite weaker overall revenue due to external factors in Vietnam, Thailand, and Myanmar.
• Analysts forecast sustained margin improvement into FY26, supported by lower input costs and operational efficiencies, and reiterate an “Add” rating with a target price of S\$0.58, highlighting THBEV’s attractive valuation and potential catalysts such as higher margins, stronger volumes, and a possible BeerCo IPO.

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