Thai Beverage Public Company Limited

SGX:Y92 Stock Report

Market Cap: S$11.1b

Thai Beverage Future Growth

Future criteria checks 1/6

Thai Beverage is forecast to grow earnings and revenue by 5.5% and 4.1% per annum respectively. EPS is expected to grow by 5.7% per annum. Return on equity is forecast to be 17.6% in 3 years.

Key information

5.5%

Earnings growth rate

5.70%

EPS growth rate

Beverage earnings growth10.9%
Revenue growth rate4.1%
Future return on equity17.59%
Analyst coverage

Good

Last updated25 Jun 2026

Recent future growth updates

No updates

Recent updates

Narrative Update • Jun 18

Y92: Interim Dividend Timeline And Lower P/E Should Support Share Price

Analysts have trimmed their SGD fair value estimate for Thai Beverage stock from SGD0.53 to SGD0.51, reflecting adjusted assumptions for the discount rate, revenue growth, profit margins and future P/E. What’s in the News for Thai Beverage Thai Beverage has scheduled a board meeting for May 14, 2026, according to company disclosures.
Narrative Update • Jun 03

Y92: Lower Revenue Assumptions And Modest Margins Will Constrain Future Upside Potential

Analysts have raised their price target on Thai Beverage to SGD0.39 from SGD0.37, citing updated assumptions that reflect their latest views on fair value, revenue growth, profit margins and future P/E. What's in the News No recent company specific news items or key developments are available from the referenced sources at this time.
Narrative Update • May 15

Y92: Higher Discount Rate Assumptions Will Limit Future Upside Potential

Analysts have slightly reduced their SGD fair value estimate for Thai Beverage to SGD0.37 from SGD0.38, reflecting updated views on revenue growth, profit margins and the stock's forward P/E multiple. Valuation Changes Fair Value: SGD0.38 has been reduced slightly to SGD0.37.
Narrative Update • May 01

Y92: Updated Capital Structure Will Support Future Upside Potential

Analysts have maintained their SGD fair value estimate for Thai Beverage, citing only minor adjustments to revenue growth, profit margin and future P/E assumptions that do not materially change their overall price target view. What's in the News Thai Beverage updated Clause 4 of its Memorandum of Association to reflect existing registered capital of B25,169,999, divided into 25,169,999,999 ordinary shares with a par value of B1 each, replacing the previous wording on registered capital and share count (company filing).
Narrative Update • Apr 17

Y92: Higher Margin Assumptions And Lower P/E Multiple Will Limit Future Upside

Analysts have trimmed their SGD price target on Thai Beverage, citing updated assumptions that combine a slightly lower fair value estimate and revenue growth outlook with a modestly higher profit margin and a reduced future P/E multiple. What's in the News Thai Beverage updated Clause 4 of its Memorandum of Association so that registered capital is Baht 25,169,999, divided into 25,169,999,999 shares with a par value of Baht 1 each, replacing the previous registered capital structure (Key Developments).
Narrative Update • Apr 02

Y92: Cleaner Capital Structure Will Support Future Upside Potential

Analysts have trimmed their price target on Thai Beverage to reflect a slightly lower fair value of SGD0.61, with modest updates to revenue growth, profit margin and future P/E assumptions shaping the revised view. What's in the News Thai Beverage updated its Memorandum of Association so that registered capital is stated as Baht 25,169,999, divided into 25,169,999,999 shares with a par value of Baht 1 each, aligning legal documentation with the current capital structure (Key Developments).
Narrative Update • Mar 19

Y92: Higher Future P/E And Capital Alignment Will Support Upside Potential

Analysts have made a modest upward adjustment to their SGD price target for Thai Beverage, reflecting slightly higher assumptions for revenue growth, profit margins, and future P/E multiples in their updated models. What's in the News Thai Beverage updated Clause 4 of its Memorandum of Association so that registered capital is stated as Baht 25,169,999, divided into 25,169,999,999 shares with a par value of Baht 1 each, aligning the legal documentation with the current capital structure (Key Developments).
Narrative Update • Mar 05

Y92: Future Earnings Multiple Will Support Share Price Despite Softer Margins

Narrative update on Thai Beverage Analysts have trimmed their SGD fair value estimate for Thai Beverage from SGD0.56 to SGD0.53, as they now model slightly softer revenue growth and profit margins. This is partly offset by a modestly lower discount rate and largely unchanged forward P/E assumptions.
Narrative Update • Feb 19

Y92: Higher Future P/E And Capital Alignment Will Support Upside Potential

Analysts have lowered their price target on Thai Beverage from SGD0.75 to SGD0.62, citing more conservative assumptions for revenue growth and profit margins. This is partly offset by a higher expected future P/E multiple.
Narrative Update • Feb 04

Y92: Governance Revisions And Rich P/E Will Restrain Future Upside

Analysts have modestly raised their price target on Thai Beverage, citing slightly higher assumptions for revenue growth, profit margins and future P/E. These changes together lift their estimated fair value to about $0.39.
Analysis Article • Jan 23

Thai Beverage Public Company Limited's (SGX:Y92) Share Price Is Matching Sentiment Around Its Earnings

With a price-to-earnings (or "P/E") ratio of 11.5x Thai Beverage Public Company Limited ( SGX:Y92 ) may be sending...
Narrative Update • Jan 21

Y92: Softer Margins And Lower P/E Will Constrain Future Upside

Analysts have trimmed their price target for Thai Beverage to reflect updated fair value estimates, slightly softer assumptions for revenue growth and profit margin, and a lower forward P/E multiple. This has resulted in a modest reduction in the implied upside for the shares.
Narrative Update • Jan 06

Y92: Fair Outlook Will Balance Richer Growth Assumptions And Leaner Margins

The analyst price target for Thai Beverage has been revised slightly lower to reflect updated views on fair value and profit margins. Analysts point to a modest change in discount rate, a different revenue growth outlook of 2.58%, and an updated future P/E of 11.51x as the key drivers of their recalibration.
Narrative Update • Dec 19

Y92: Future Earnings Multiple Will Support Share Price Upside

Analysts have raised their price target on Thai Beverage slightly, citing a modest uplift in fair value to roughly in line with prior estimates of intrinsic worth, as small refinements to the discount rate, revenue growth, profit margin, and future valuation multiples support a marginally higher assessment of the companys long term earnings power. Valuation Changes Fair Value: nudged higher from SGD 0.558 to about SGD 0.560, reflecting a very small upward revision.
Narrative Update • Dec 05

Y92: Future Earnings Multiple Will Support Share Price Upside

Analysts have nudged their price target for Thai Beverage lower to reflect a modestly reduced fair value estimate of approximately 0.56, down from about 0.59. They attribute the change to slower expected revenue growth, slightly softer profit margins and a higher future earnings multiple.
Analysis Article • Nov 26

Thai Beverage (SGX:Y92) Takes On Some Risk With Its Use Of Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Narrative Update • Nov 21

Y92: Future Earnings And Stable Margins Will Drive Share Price Higher

Analysts have raised their fair value estimate for Thai Beverage slightly from $0.59 to $0.59 per share, citing incremental improvements in projected revenue growth and modest adjustments in key financial assumptions. Valuation Changes Fair Value Estimate: Adjusted upward slightly from SGD 0.59 to SGD 0.59 per share.
Narrative Update • Nov 06

Y92: Future Profits And Stable Margins Will Drive Share Price Upside

Analysts have slightly reduced their fair value estimate for Thai Beverage from $0.60 to $0.59 per share. They point to a more conservative outlook driven by modest revisions to future profits and valuation multiples.
Narrative Update • Oct 22

Analysts Slightly Lower Thai Beverage Price Target Following Minor Valuation Adjustments

Analysts have slightly lowered their price target for Thai Beverage, trimming it by less than $0.01 per share. They cited marginal adjustments in the discount rate and future price-to-earnings estimates.
Analysis Article • Oct 12

Calculating The Intrinsic Value Of Thai Beverage Public Company Limited (SGX:Y92)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Thai Beverage fair value estimate is S$0.47 Thai Beverage's...
Narrative Update • Oct 08

IBIL's Increased Stake In Fraser And Neave Will Expand Future Market Reach

Analysts have slightly reduced their fair value estimate for Thai Beverage from $0.61 to $0.60 per share, citing modest adjustments to growth and discount rate assumptions. Valuation Changes The Fair Value Estimate has decreased slightly from SGD 0.61 to SGD 0.60 per share.
Analysis Article • Sep 21

Thai Beverage Public Company Limited's (SGX:Y92) Business And Shares Still Trailing The Market

Thai Beverage Public Company Limited's ( SGX:Y92 ) price-to-earnings (or "P/E") ratio of 10.7x might make it look like...
Analysis Article • Aug 15

Returns At Thai Beverage (SGX:Y92) Appear To Be Weighed Down

SGX:Y92 1 Year Share Price vs Fair Value Explore Thai Beverage's Fair Values from the Community and select yours If...
Analysis Article • Jul 10

Thai Beverage (SGX:Y92) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
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New Narrative • Nov 25

Beer And Beverage Synergies Fuel Growth While Critical IPO Boosts Market Presence

Improved operational efficiencies and reduced costs in the beer business are expected to enhance profitability and increase net margins.

Earnings and Revenue Growth Forecasts

SGX:Y92 - Analysts future estimates and past financials data (THB Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
9/30/2028365,38730,36440,47048,15511
9/30/2027351,69528,88241,23946,55114
9/30/2026337,11527,06744,42752,89013
3/31/2026330,04426,61536,80650,017N/A
12/31/2025332,37425,98834,58748,025N/A
9/30/2025334,70425,36132,36846,033N/A
6/30/2025339,09826,04830,23343,136N/A
3/31/2025343,49126,73528,21240,355N/A
12/31/2024342,56826,97528,48639,268N/A
9/30/2024341,64627,21628,75938,181N/A
6/30/2024351,40026,85831,81441,502N/A
3/31/2024361,15426,50134,86944,822N/A
12/31/2023347,95726,96732,60741,962N/A
9/30/2023334,76027,43430,34439,103N/A
6/30/2023306,57028,67328,66335,044N/A
3/31/2023278,38029,91226,98130,984N/A
12/31/2022275,36930,00934,24837,998N/A
9/30/2022272,35930,10641,51545,013N/A
6/30/2022263,24728,33639,08442,637N/A
3/31/2022254,13526,56536,65340,261N/A
12/31/2021241,31424,33526,49029,321N/A
9/30/2021241,26424,64528,51032,067N/A
6/30/2021244,67924,20934,10437,620N/A
3/31/2021248,09423,77439,69843,174N/A
12/31/2020250,45122,79837,85042,497N/A
9/30/2020254,41422,75232,61637,265N/A
6/30/2020258,38621,47729,70933,768N/A
3/31/2020262,62323,44027,52233,161N/A
12/31/2019271,17724,278N/A32,961N/A
9/30/2019268,09523,272N/A38,476N/A
6/30/2019261,68222,943N/A36,194N/A
3/31/2019259,68121,738N/A31,314N/A
12/31/2018257,11322,543N/A34,226N/A
9/30/2018229,69517,943N/A22,280N/A
6/30/2018221,25219,864N/A26,476N/A
3/31/2018205,87929,649N/A26,446N/A
12/31/2017188,64429,612N/A27,390N/A
9/30/2017189,99734,510N/A29,573N/A
6/30/2017181,01634,058N/A24,638N/A
3/31/2017181,37824,631N/A23,648N/A
12/31/2016186,34926,634N/A26,286N/A
9/30/2016190,67224,949N/A29,975N/A
6/30/2016188,64628,392N/A27,805N/A
3/31/2016181,99228,448N/A26,384N/A
12/31/2015172,59826,463N/A22,484N/A
9/30/2015166,91226,919N/A20,769N/A
6/30/2015165,71622,641N/A21,831N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Y92's forecast earnings growth (5.5% per year) is above the savings rate (2.6%).

Earnings vs Market: Y92's earnings (5.5% per year) are forecast to grow slower than the SG market (7% per year).

High Growth Earnings: Y92's earnings are forecast to grow, but not significantly.

Revenue vs Market: Y92's revenue (4.1% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: Y92's revenue (4.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Y92's Return on Equity is forecast to be low in 3 years time (17.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/26 02:48
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Thai Beverage Public Company Limited is covered by 19 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nirgunan TiruchelvamAletheia Analyst Network Limited
Lucy YuBofA Global Research
Meghana KandeCGS International