Broker: CGS International
Date of Report: May 18, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Thai Beverage (THBEV SP)
- Action: Add (BUY recommendation)
- Target Price: S\$0.58
- Current Price: S\$0.43
- Upside: 34.9%
- Key Idea: THBEV has locked in lower input costs for FY26, supporting resilient margins and 8-10% earnings growth for FY26F-27F. Cost pressures may emerge in FY27F due to rising sugar and aluminium prices, but effective procurement and volume recovery in beer are expected to anchor earnings momentum. Beer volumes are rebounding, while spirits face softness.
- Implications: Investors can take action on Thai Beverage with an “Add” rating and a target price of S\$0.58, backed by margin expansion and growth momentum. Key risks include competition and input cost inflation.
- Ticker: THBEV SP
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
