Kande and Lim estimates Vinamilk to have contributed approximately 6% of ThaiBev’s core PATMI for 1H FY2026 ended March 31. They hint that ThaiBev could increase its exposure to Vinamilk and expand into Vietnam’s non-alcoholic beverage market. For context, ThaiBev’s subsidiary Fraser & Neave increased its stake in Vinamilk by 4.6% to 24.99% in December 2025.
After Thai Beverage’s annual information meeting on June 24, CGS International (CGSI), DBS and PhillipCapital analysts reiterate their liking for Chang Beer’s maker, which holds an indirect stake in Vietnamese dairy goods producer Vinamilk.
CGSI’s Meghana Kande and Lim Siew Khee maintain their “add” call with unchanged target price of 58 cents in their June 24 note; DBS’s Chee Zheng Feng holds his “buy” call at an unchanged 53 cents in his June 25 report; and PhillipCapital's Paul Chew maintains "buy" at unchanged target of 53 cents in his June 29 report.
