Broker Name: Maybank Research Pte Ltd
Date of Report: February 16, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary
• Thai Beverage PCL’s 1QFY26 revenue declined 6% YoY, mainly due to weaker demand in its Beer and Non-Alcoholic Beverage divisions, while Spirits saw 4% revenue growth. EBITDA grew 2% YoY thanks to improved cost control and lower commodity input costs.
• Spirits segment performance was strong, with revenue up 3.5% YoY and margins improving, but Beer and NAB segments remained weak due to macroeconomic softness and regulatory challenges. The company is maintained at HOLD with a target price of SGD0.43, supported by a 5% dividend yield.

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 website: https://www.maybank-keresearch.com