“Management also highlighted healthier domestic demand, while costs remain well controlled through early raw material procurement and disciplined marketing spending,” he adds. From 43 cents, Hussaini now figures this stock is worth 48 cents, as he raised his earnings forecast for FY2026 to FY2028.
Citing signs of a cyclical recovery, Hussaini Saifee of Maybank Securities has become more bullish on Thai Beverage following the alcohol giant’s 2QFY2026 results, upgrading the call from “hold” to “buy”.
He observes that spirits revenue was up 1.3% y-o-y and net profit up 6.4% despite cautious consumer conditions. Beer rebounded strongly in 2Q after a weak 1Q, supported by festive activities and improving demand momentum.
