Thai Beverage Public Company (Y92) Fair Value & Analysis
Consumer Defensive · SG · Market cap 11.1B SGD
Fair value as of: Aug 13, 2026
From 24 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from 0.6900 SGD to 0.7000 SGD (+1.4%) since Jul 16, 2026. Share price +8.0% over the past month.
A solid business, screening 49% undervalued on our models.
What matters now
- The model range is unusually wide (0.3700 SGD to 1.02 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 0.3050 SGD – 0.5997 SGD · fair‑value band 0.3700 SGD – 1.02 SGD · the 0.4700 SGD price screens below the 0.7000 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Thai Beverage Public Company (Y92) currently trades at 0.4700 SGD, while our model-based Fair Value estimate is 0.7000 SGD, implying the stock looks roughly 48.9% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Thai Beverage Public Company generated revenue of 330B SGD at a net margin of 7.5%. Revenue grew 1.0% year over year. It earns a return on equity of 14.3%. Net debt stands at 185B SGD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 0.3700 SGD (bear case) to 1.02 SGD (bull case); at 0.4700 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 1% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 49%, Y92 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: Growth Earnings (0.7890 SGD) versus Asset-Based (0.1605 SGD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 53
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally. It operates through Spirits, Beer, Non-Alcoholic Beverages, Food, and Others segments.
Full company description
Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally. It operates through Spirits, Beer, Non-Alcoholic Beverages, Food, and Others segments. The company offers beer; malt and yeast; spirits; mineral, drinking, and soda water; coffee, energy drinks, tea, fruit flavored drinks, and dairy products; canned food; ice cream; rice cakes/cubes, cooking needs, instant dessert powders, pre-mix beverages, and bread spreads; and soft drinks, electrolyte drinks, isotonic, milk, soya, juices, and confectioneries. It also provides chilled and frozen food; beer concentrates; mechanical equipment; bricks and oak barrels; biogas; transportation by car; franchising; plastic packaging; investment and asset management; accounting; human resources and organization development; advertising and marketing; logistics; recycling; warehousing and storage; printing; education training; general and brands management; marketing management consulting; marketing research; treasury and financial; consultancy; public cold storage; machine repair; technical application; and digital and technology services. In addition, the company is involved in the publishing of trade directory, business information, education, library reference, and trade books; trading of molasses, fertilizers, feeds, bottles, procurement and supplies; production of plastic packaging; property investment, development, management, and rental; manufacture and installation of food manufacturing equipment; wholesale and retail of food, beverage, and tobacco; and operation of japanese restaurants, bakeries, and vending machines. Further, it engages in trademark holding; e-commerce; book and magazine distribution; and retail of books, stationery, magazines, and periodicals. Thai Beverage Public Company Limited was incorporated in 2003 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thai Beverage Public Company reported revenue of 333B SGD in FY2025 versus 241B SGD in FY2021, a compound +8.5%/yr. Reported net income was 25.4B SGD in FY2025, compounding +0.7%/yr from FY2021.
of which total revenue +6.1 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
Watch Y92: get an alert when its fair value changes →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- ThaiBev Weighs Sale of Thailand's Largest KFC Franchise With 500+ Restaurants
- Four Days Left To Buy Thai Beverage Public Company Limited (SGX:Y92) Before The Ex-Dividend Date
- Thai Beverage Public Company Limited (SGX:Y92) Just Released Its Interim Results And Analysts Are Updating Their Estimates
- Beer regains fizz at Chang owner ThaiBev
Peer Group
Beverages - Wineries & Distilleries · 96 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Kweichow Moutai Co 600519 | ¥1,343 | ¥1,238 | -8% |
| Diageo plc DEO | $93.96 | $73.29 | -22% |
| Wuliangye Yibin Co 000858 | ¥75.28 | ¥48.44 | -36% |
| Shanxi Xinghuacun Fen Wine Factory Co 600809 | ¥122.32 | ¥185.80 | +52% |
| Pernod Ricard SA RI | €67.96 | €76.13 | +12% |
| Luzhou Laojiao Co 000568 | ¥91.09 | ¥149.17 | +64% |
| Brown-Forman Corporation BFA | $28.40 | $27.69 | -3% |
| United Spirits Limited UNITDSPR | ₹1,515 | ₹381.12 | -75% |
| Jiangsu Yanghe Distillery Co 002304 | ¥41.62 | ¥27.82 | -33% |
| Anhui Gujing Distillery Co 000596 | ¥99.18 | ¥182.41 | +84% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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