Alfie Yeo of RHB Bank Singapore has maintained his “buy” call on ThaiBev, with a reduced target price of 62 cents from 65 cents, despite lower-than-expected FY2025 earnings. “We stay positive on ThaiBev due to its strong market leadership position in Thailand and Vietnam. ThaiBev 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.
Analysts are struggling to get cheery about Thai Beverage after it reported lower FY2025 earnings, given higher marketing costs amid tepid demand growth driven by softer consumer sentiment in its key markets.
In FY2025 ended Sept 30, the company reported patmi of THB25.4 billion ($1.03 billion), down 6.8% y-o-y. Revenue was down 2% y-o-y to THB333 billion. A final dividend of THB0.47 was declared, bringing FY2025 total dividend to THB0.62, equivalent to a payout ratio of 61%.
