Thai Beverage Public Company Limited (Y92) Fair Value & Analysis

Consumer Defensive · SG · Market cap 11.1B SGD (≈ $8.7B) · ISIN TH0902010014

What is Thai Beverage Public Company Limited really worth?

TB Thai Beverage Public Company Limited Y92 · SG

Price0.4500 SGD

Fair Value0.7000 SGD

Upside+55.6%

Quality60/100

A solid business, trading 36% below our fair value of 0.7000 SGD.

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Strengths

✓Moderate debt · generates free cash flow

✓Ranks above peers (13/15)

Risks

!Mixed Growth (revenue 5y +5.6 %/yr)

!Thin margins · 7.5% net margin

!Moderate moat 52/100

!Evidence only low, so the estimate is less certain

!Weak on future: 5 out of 100

For context

·5.55% dividend yield

Evidence: Low Range 0.3700 SGD – 1.02 SGD

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 7 days ago

Share price −2.2% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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.
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra 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 28, 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 0.4500 SGD price screens below the 0.7000 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

Full chart & analysis →

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Analysis

Thai Beverage Public Company Limited (Y92) currently trades at 0.4500 SGD, while our model-based Fair Value estimate is 0.7000 SGD, implying the stock looks roughly 35.7% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of 0.7890 SGD per share, and 18 of the 24 models we run sit above the 0.4500 SGD price. Bear case: the Asset-Based group reads lowest at 0.1605 SGD, and 6 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Thai Beverage Public Company Limited generated revenue of 330B THB 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 THB. Fundamentals as of Aug 28, 2026

Our scenario range runs from 0.3700 SGD (bear case) to 1.02 SGD (bull case); at 0.4500 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 5% below its 52-week high and 48% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −4% fair-value upside, at 56%, Y92 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly 0.0140 SGD per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence

Highest evidence

FCF DCF 0.3717 SGD 0.7000 SGD 1.20 SGD 77

Growth DCF 0.3832 SGD 0.6757 SGD 1.09 SGD 76

EPV 0.3372 SGD 0.4330 SGD 0.5169 SGD 74

All 24 models by family

DCF Models

FCF DCF 0.3717 SGD 0.7000 SGD 1.20 SGD 77

Owner Earnings 0.1750 SGD 0.3973 SGD 0.7328 SGD 72

5Y Revenue Exit 0.3423 SGD 0.6804 SGD 1.11 SGD 70

5Y EBITDA Exit 0.4658 SGD 0.9091 SGD 1.42 SGD 73

5Y P/E Exit 0.3662 SGD 0.7247 SGD 1.10 SGD 69

10Y Revenue Exit 0.3296 SGD 0.6395 SGD 1.05 SGD 65

10Y EBITDA Exit 0.4258 SGD 0.7975 SGD 1.29 SGD 66

10Y P/E Exit 0.3623 SGD 0.6702 SGD 1.04 SGD 62

Earnings-Based

Graham-Dodd 0.2921 SGD 0.8746 SGD 1.16 SGD 65

Lynch FV 0.1852 SGD 0.2648 SGD 0.3440 SGD 61

PEG = 1.0 0.1852 SGD 0.2648 SGD 0.3440 SGD 57

EPV 0.3372 SGD 0.4330 SGD 0.5169 SGD 74

Multiples

P/E Multiple 0.6766 SGD 0.9023 SGD 1.13 SGD 63

P/S Multiple 0.5480 SGD 0.7302 SGD 0.9129 SGD 58

P/B Multiple 0.5480 SGD 0.7302 SGD 0.9129 SGD 55

EV/EBIT 0.6493 SGD 0.9448 SGD 1.24 SGD 65

EV/EBITDA 0.6119 SGD 0.8946 SGD 1.18 SGD 67

EV/Revenue 0.3555 SGD 0.6097 SGD 0.8639 SGD 52

Asset-Based

NCAV (Graham) 0.1196 SGD 0.1605 SGD 0.2393 SGD 54

Growth DCF

Growth DCF 0.3832 SGD 0.6757 SGD 1.09 SGD 76

Rev-Margin DCF 0.3423 SGD 0.6821 SGD 1.07 SGD 71

Economic Profit

Residual Income 0.2810 SGD 0.3700 SGD 1.25 SGD 58

ROIC Compounder 0.3594 SGD 0.5182 SGD 0.7132 SGD 71

Growth Earnings

Growth-Adj P/E 0.5523 SGD 0.7890 SGD 1.03 SGD 67

Widest divergence: Growth Earnings (0.7890 SGD) versus Asset-Based (0.1605 SGD). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 11.3

P/S ratio 0.86 P/E × margin

EPS (TTM) 0.0400 SGD price ÷ EPS = P/E 11.3

Dividend yield 5.5% payout 62.4%

Net margin 7.6% FY2025

Return on equity 14.3% TTM

More key figures

Profitability

Return on assets (EBIT) 8.3% avg 5y

Operating margin 14.8% TTM

Growth

Revenue (TTM) 330B THB TTM

Revenue growth (YoY) +1.0% 3y avg +7.0%

EPS growth (YoY) +8.2%

Balance sheet & cash flow

Free cash flow 32.0B THB FY2025

Net debt 185B THB FY2025 · ≈ 5.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 56 · Market factors (momentum, volatility) 51

Profitability 46

Margins and returns on capital today

Quality Growth 49

Are margins and returns improving?

Cashflow 62

Earnings quality: real cash, not paper profit

Fin. Strength 28

Balance sheet, leverage, solvency risk

Investment 96

Disciplined investing over empire-building

Low Volatility 51

Calm price path (market factor)

Momentum 46

Price trend over the last 3–12 months (market factor)

52W Momentum 61

Distance to the 52-week high (market factor)

Net Issuance 82

Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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 Limited reported revenue of 333B THB in FY2025 versus 241B THB in FY2021, a compound +8.5%/yr. Reported net income was 25.4B THB in FY2025, compounding +0.7%/yr from FY2021.

Growth Quality 69/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

333B THB

Latest YoY

−2.1%

Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+7.0%

Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+5.6%

Avg. revenue growth/yr (21Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+6.4%

Value creation/yr (5Y, in THB) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.

+7.2% (1.7 + 5.5)

Revenue +8.5%/yr

FY21 241B THB

FY22 272B THB

FY23 333B THB

FY24 340B THB

FY25 333B THB

Net income +0.7%/yr

FY21 24.6B THB

FY22 30.1B THB

FY23 27.4B THB

FY24 27.2B THB

FY25 25.4B THB

Character of growth · EPS growth decomposed (2011-2022) +2.9 % p.a.

Revenue per share +6.1 %

of which total revenue +6.1 % · buybacks/dilution +0.0 %

EBIT margin +1.8 %

Tax rate +0.3 %

Residual (interest, one-offs) −4.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Thai Beverage Public Company Limited · Fair Value
0.7000 SGD +36%Fair Value
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Cite: Fair Value Calculator (2026). "Thai Beverage Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/Y92

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 Yahoo Finance · Jul 20, 2026
Four Days Left To Buy Thai Beverage Public Company Limited (SGX:Y92) Before The Ex-Dividend Date Yahoo Finance · May 21, 2026
Thai Beverage Public Company Limited (SGX:Y92) Just Released Its Interim Results And Analysts Are Updating Their Estimates Yahoo Finance · May 17, 2026
Beer regains fizz at Chang owner ThaiBev Yahoo Finance · May 15, 2026

Peer Group

Beverages - Wineries & Distilleries · 94 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.

Quality Score 60 · Top 25%

Fair Value upside +56% · Top 25%

Return on equity (TTM) 14% · Top 25%

Return on assets 5% · Above median

Net margin (TTM) 8% · Above median

Operating margin (TTM) 15% · Above median

Revenue growth 1% · Above median

Dividend yield (TTM) 5.5% · Top 25%

Debt / equity 1.30× · Higher than 75% of peers

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than 75% of peers

P/B 2.03× · Pricier than median

P/S (TTM) 0.87× · Cheaper than median

P/FCF 0.3× · Cheaper than 75% of peers

EV/EBITDA 8.1× · Cheaper than median

PEG 1.05× · Cheaper than median

Strength profile in five axes (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.

This stock

Sector peers

VALUE100 · sector 15

FUTURE5 · sector 0

PAST57 · sector 19

HEALTH35 · sector 95

DIVIDEND100 · sector 60

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock	Price	Fair Value	vs Fair Value
Kweichow Moutai Co 600519	¥1,303	¥1,238	−5%
Diageo plc DEO	$92.99	$73.29	−21%
Wuliangye Yibin Co 000858	¥71.89	¥48.44	−33%
Shanxi Xinghuacun Fen Wine Factory Co 600809	¥116.39	¥185.80	+60%
Pernod Ricard SA RI	€63.20	€76.13	+20%
Luzhou Laojiao Co 000568	¥84.50	¥149.17	+77%
Brown-Forman Corporation BFA	$28.72	$27.69	−4%
United Spirits Limited UNITDSPR	₹1,528	₹285.39	−81%
Jiangsu Yanghe Distillery Co 002304	¥39.59	¥27.82	−30%
Anhui Gujing Distillery Co 000596	¥93.90	¥141.00	+50%

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Frequently asked questions

Is Thai Beverage Public Company Limited (Y92) overvalued or undervalued?

As of Aug 28, 2026, our model estimates a fair value of 0.7000 SGD versus a price of 0.4500 SGD, about +56% upside (undervalued).

What is the fair value of Y92?

Our model-based fair value for Thai Beverage Public Company Limited is 0.7000 SGD (as of Aug 28, 2026), built from audited fundamentals. The current price: 0.4500 SGD.

What is the quality score of Y92?

Thai Beverage Public Company Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the revenue of Thai Beverage Public Company Limited (Y92)?

Thai Beverage Public Company Limited reported trailing-twelve-month revenue of about 330B THB (latest available figure, as of Aug 28, 2026).

What is the net profit margin of Y92?

The net profit margin of Thai Beverage Public Company Limited is about 7.5%, meaning it keeps roughly 7.5% of revenue as net income. Based on the latest reported figures.

Does Thai Beverage Public Company Limited pay a dividend?

Thai Beverage Public Company Limited currently shows a dividend yield of about 5.55% relative to its recent price (as of Aug 28, 2026).

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