Broker: OCBC Group Research
Date of Report: 18 May 2026
Excerpt from OCBC Group Research report.
Report Summary
- Stock: Thai Beverage (THBEV SP EQUITY)
- Action: BUY
- Target Price / Fair Value: SGD 0.55
- Last Close: SGD 0.43
- Key Idea: Thai Beverage is the largest beverage company in Thailand and a leading beer producer in Vietnam, with a diversified portfolio and extensive distribution network. The company reported strong 2QFY26 results, with revenue growth led by beer and improved EBITDA margin due to lower raw material costs. Cost efficiencies and favorable raw material pricing are expected to cushion softer demand, supporting profit recovery.
- Implications: Actionable BUY call due to strong beer performance, margin improvement, and tailwinds from lower input costs. Upside potential to SGD 0.55, implying >25% gain from current price.
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC website : https://www.ocbc.com
