CGS International’s Meghana Kande and Lim Siew Khee estimate that Vinamilk contributed approximately 6% of ThaiBev’s core patmi for 1HFY2026 ended March 31. They suggest 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.
Two major entities controlled by Thailand’s Sirivadhanabhakdi family made their respective presence felt in Singapore last week. Frasers Property announced an asset reshuffling involving its controlling shareholders to improve its financial metrics as a listed entity.
In contrast, Thai Beverage’s management, in town to hold an annual information meeting for shareholders, has no positive surprises for the market. This counter is among the handful of large caps that have stayed put as the broader market rallied over the last couple of years. Nonetheless, various analysts have reiterated their positive view on the maker of Chang Beer, which holds an indirect stake in Vietnamese dairy goods producer Vinamilk.
