Broker: DBS Group Research
Date of Report: 18 May 2026

Excerpt from DBS Group Research report

Report Summary

• Stock: Thai Beverage PCL (THBEV SP)
• Action: BUY
• 12-month Target Price: SGD 0.53 (lowered from SGD 0.62)
• Key Highlights:
  • ThaiBev remains the leading beverage player in Southeast Asia with a diversified portfolio across spirits, beer, non-alcoholic beverages, and food.
  • Management expects resilient demand for spirits and beer, supported by relaxed alcohol sales hours and increased domestic travel.
  • Key raw materials (molasses, malt) are largely hedged for 2026, but prices are expected to increase in 2027.
  • FY26F earnings are maintained with 9.4% growth forecast; FY27F earnings adjusted downwards by 4%, implying flat year-on-year growth.
  • Value-unlocking corporate actions (e.g., IPO or restructuring of beer/F&B assets) remain a major re-rating catalyst, though timing is uncertain.
  • Risks include macroeconomic softness, adverse weather, and spikes in raw material costs.
  • Valuation based on 12x PE, matching its 5-year average and regional spirits peers.

Actionable Insight: Investors should focus on Thai Beverage PCL, which is rated BUY, with a new target price of SGD 0.53. The stock is supported by resilient demand and disciplined cost management, with potential upside from corporate actions.

Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com