Thai Beverage Public Company Limited

SGX:Y92 Stock Report

Market Cap: S$13.8b

Thai Beverage Valuation

Is Y92 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of Y92 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Y92 (SGD0.55) is trading below our estimate of fair value (SGD1.12)

Significantly Below Fair Value: Y92 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for Y92?

Key metric: As Y92 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for Y92. This is calculated by dividing Y92's market cap by their current earnings.
What is Y92's PE Ratio?
PE Ratio12.8x
Earnings฿27.22b
Market Cap฿348.73b

Price to Earnings Ratio vs Peers

How does Y92's PE Ratio compare to its peers?

The above table shows the PE ratio for Y92 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31x
F34 Wilmar International
8.9x5.9%S$18.7b
E5H Golden Agri-Resources
14.2x27.8%S$3.2b
UNITDSPR United Spirits
77.4x15.8%₹1.1t
CPR Davide Campari-Milano
23.5x15.1%€7.2b
Y92 Thai Beverage
12.8x7.1%S$13.8b

Price-To-Earnings vs Peers: Y92 is good value based on its Price-To-Earnings Ratio (12.8x) compared to the peer average (31x).

Price to Earnings Ratio vs Industry

How does Y92's PE Ratio compare vs other companies in the Asian Beverage Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
Y92 12.8xIndustry Avg. 18.9xNo. of Companies26PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: Y92 is good value based on its Price-To-Earnings Ratio (12.8x) compared to the Asian Beverage industry average (18.9x).

Price to Earnings Ratio vs Fair Ratio

What is Y92's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

Y92 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.8x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: Y92 is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst Y92 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$0.55
S$0.67
+22.6%
12.0%S$0.85S$0.56n/a13
Dec ’25S$0.56
S$0.67
+18.6%
12.0%S$0.85S$0.56n/a13
Nov ’25S$0.50
S$0.66
+32.2%
13.4%S$0.86S$0.52n/a13
Oct ’25S$0.53
S$0.65
+24.4%
13.0%S$0.84S$0.51n/a13
Sep ’25S$0.53
S$0.64
+21.4%
13.0%S$0.83S$0.50n/a13
Aug ’25S$0.51
S$0.65
+27.9%
13.0%S$0.82S$0.50n/a13
Jul ’25S$0.45
S$0.63
+42.3%
13.2%S$0.80S$0.50n/a13
Jun ’25S$0.49
S$0.64
+29.5%
12.8%S$0.80S$0.50n/a13
May ’25S$0.49
S$0.66
+33.5%
14.2%S$0.81S$0.49n/a14
Apr ’25S$0.49
S$0.67
+36.2%
13.9%S$0.82S$0.50n/a14
Mar ’25S$0.51
S$0.67
+32.8%
14.2%S$0.83S$0.50n/a14
Feb ’25S$0.53
S$0.72
+37.6%
11.1%S$0.88S$0.59n/a15
Jan ’25S$0.53
S$0.73
+38.8%
10.7%S$0.90S$0.60n/a14
Dec ’24S$0.50
S$0.73
+45.8%
10.7%S$0.90S$0.60S$0.5614
Nov ’24S$0.55
S$0.77
+42.0%
7.9%S$0.89S$0.65S$0.5014
Oct ’24S$0.57
S$0.77
+33.7%
8.0%S$0.88S$0.64S$0.5314
Sep ’24S$0.57
S$0.79
+38.2%
8.3%S$0.90S$0.66S$0.5313
Aug ’24S$0.60
S$0.80
+31.6%
9.3%S$0.89S$0.63S$0.5113
Jul ’24S$0.58
S$0.79
+36.4%
9.7%S$0.93S$0.62S$0.4514
Jun ’24S$0.56
S$0.82
+45.9%
8.5%S$0.94S$0.72S$0.4914
May ’24S$0.64
S$0.83
+29.7%
7.3%S$0.95S$0.74S$0.4915
Apr ’24S$0.63
S$0.83
+31.3%
7.2%S$0.94S$0.74S$0.4915
Mar ’24S$0.64
S$0.83
+30.2%
7.0%S$0.94S$0.74S$0.5115
Feb ’24S$0.70
S$0.87
+23.7%
6.8%S$0.97S$0.78S$0.5314
Jan ’24S$0.69
S$0.85
+23.5%
7.6%S$0.95S$0.73S$0.5314
Dec ’23S$0.65
S$0.86
+33.8%
13.4%S$1.22S$0.73S$0.5015

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 21:33
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/09/30

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 here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

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 .

Analyst Sources

Thai Beverage Public Company Limited is covered by 24 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Thitithep NophaketBofA Global Research
Wei OngCFRA Equity Research
Mat CollingsCGS International