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.
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
