Broker Name: CGS International

Date of Report: February 14, 2026

Excerpt from CGS International report

Report Summary
• Thai Beverage (THBEV) reported 1QFY26 EBITDA ahead of expectations due to margin expansion in Beer and improved Spirits volumes, despite revenue weakness in Beer from poor weather and unrest in Vietnam and Myanmar.
• The broker expects continued margin improvement in FY26, driven by lower input costs and normalising operating expenses, and sees the stock as attractively valued at 10x forward P/E, reiterating an “Add” rating with an unchanged target price.

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