Thai Beverage Valuation

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

Y92 (SGD0.54) is trading below our estimate of [[fair value]] (SGD0.96)

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 (SGD0.54) is trading below our estimate of fair value (SGD0.96)

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 Ratio	13.2x
Earnings	฿26.53b
Market Cap	฿349.58b

Y92 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2x
Enterprise Value/EBITDA	12.1x
PEG Ratio	2x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	27.4x
F34 Wilmar International	9.1x	5.9%	S$19.1b
E5H Golden Agri-Resources	15.2x	27.8%	S$3.4b
EB5 First Resources	9.6x	5.8%	S$2.3b
UNITDSPR United Spirits	75.7x	15.9%	₹1.1t
Y92 Thai Beverage	13.2x	6.6%	S$13.6b

Price-To-Earnings vs Peers: Y92 is good value based on its Price-To-Earnings Ratio (13.2x) compared to the peer average (27.4x).

Price to Earnings Ratio vs Industry

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

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: Y92 is good value based on its Price-To-Earnings Ratio (13.2x) compared to the Asian Beverage industry average (18.8x).

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 Ratio	13.2x
Fair PE Ratio	11.4x

Price-To-Earnings vs Fair Ratio: Y92 is expensive based on its Price-To-Earnings Ratio (13.2x) compared to the estimated Fair Price-To-Earnings Ratio (11.4x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	S$0.54	S$0.67 +24.1%	12.0%	S$0.85	S$0.56	n/a	13
Nov ’25	S$0.50	S$0.66 +32.2%	13.4%	S$0.86	S$0.52	n/a	13
Oct ’25	S$0.53	S$0.65 +24.4%	13.0%	S$0.84	S$0.51	n/a	13
Sep ’25	S$0.53	S$0.64 +21.4%	13.0%	S$0.83	S$0.50	n/a	13
Aug ’25	S$0.51	S$0.65 +27.9%	13.0%	S$0.82	S$0.50	n/a	13
Jul ’25	S$0.45	S$0.63 +42.3%	13.2%	S$0.80	S$0.50	n/a	13
Jun ’25	S$0.49	S$0.64 +29.5%	12.8%	S$0.80	S$0.50	n/a	13
May ’25	S$0.49	S$0.66 +33.5%	14.2%	S$0.81	S$0.49	n/a	14
Apr ’25	S$0.49	S$0.67 +36.2%	13.9%	S$0.82	S$0.50	n/a	14
Mar ’25	S$0.51	S$0.67 +32.8%	14.2%	S$0.83	S$0.50	n/a	14
Feb ’25	S$0.53	S$0.72 +37.6%	11.1%	S$0.88	S$0.59	n/a	15
Jan ’25	S$0.53	S$0.73 +38.8%	10.7%	S$0.90	S$0.60	n/a	14
Dec ’24	S$0.50	S$0.73 +45.8%	10.7%	S$0.90	S$0.60	n/a	14
Nov ’24	S$0.55	S$0.77 +42.0%	7.9%	S$0.89	S$0.65	S$0.50	14
Oct ’24	S$0.57	S$0.77 +33.7%	8.0%	S$0.88	S$0.64	S$0.53	14
Sep ’24	S$0.57	S$0.79 +38.2%	8.3%	S$0.90	S$0.66	S$0.53	13
Aug ’24	S$0.60	S$0.80 +31.6%	9.3%	S$0.89	S$0.63	S$0.51	13
Jul ’24	S$0.58	S$0.79 +36.4%	9.7%	S$0.93	S$0.62	S$0.45	14
Jun ’24	S$0.56	S$0.82 +45.9%	8.5%	S$0.94	S$0.72	S$0.49	14
May ’24	S$0.64	S$0.83 +29.7%	7.3%	S$0.95	S$0.74	S$0.49	15
Apr ’24	S$0.63	S$0.83 +31.3%	7.2%	S$0.94	S$0.74	S$0.49	15
Mar ’24	S$0.64	S$0.83 +30.2%	7.0%	S$0.94	S$0.74	S$0.51	15
Feb ’24	S$0.70	S$0.87 +23.7%	6.8%	S$0.97	S$0.78	S$0.53	14
Jan ’24	S$0.69	S$0.85 +23.5%	7.6%	S$0.95	S$0.73	S$0.53	14
Dec ’23	S$0.65	S$0.86 +33.8%	13.4%	S$1.22	S$0.73	S$0.50	15
Nov ’23	S$0.59	S$0.84 +41.0%	12.9%	S$1.16	S$0.73	S$0.55	14

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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