Broker Name: Not specified in the provided document

Date of Report: Not specified in the provided document

Excerpt from {broker} report.

• Report Summary:
• Thai Beverage PLC’s FY25 results were below expectations due to external shocks, with revenue and profits missing forecasts and a sharp drop in spirits volumes from border disputes and a weak consumer environment.
• The company is expected to focus on reducing operating expenses amid ongoing demand challenges, but there is potential for margin improvements from lower input costs; the recommendation remains ACCUMULATE with a lower target price.

Above is an excerpt from a report by {broker}. Clients of {broker} can be the first to access the full report from the {broker} website: {website}