He is of the view that the stock is priced at an attractive 10x FY2026 P/E, or around -1.5SD from its c.16x historical mean, with a dividend yield of c.5-6%.
Alfie Yeo of RHB Bank Singapore has kept his "buy" call on Thai Beverage but with a reduced target price of 62 cents, from 65 cents, despite lower-than-expected FY2025 earnings.
"We stay positive on Thai Beverage due to its strong market leadership position in Thailand and Vietnam. Thai Bev offers long-term growth exposure and is a consumption recovery play that rides on Thailand and Vietnam’s positive 2026 GDP growth," says Yeo in his Nov 27 note.
