SGX:Y92

Stock Analysis Report

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Executive Summary

Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, and internationally.


Snowflake Analysis

Proven track record average dividend payer.

Share Price & News

How has Thai Beverage's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: Y92 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.4%

Y92

6.2%

SG Beverage

0.8%

SG Market


1 Year Return

-18.5%

Y92

38.6%

SG Beverage

-21.6%

SG Market

Return vs Industry: Y92 underperformed the SG Beverage industry which returned 38.6% over the past year.

Return vs Market: Y92 exceeded the SG Market which returned -21.6% over the past year.


Shareholder returns

Y92IndustryMarket
7 Day1.4%6.2%0.8%
30 Day-3.4%13.0%-4.0%
90 Day5.2%36.7%4.5%
1 Year-16.4%-18.5%40.7%38.6%-17.3%-21.6%
3 Year-16.8%-23.0%129.2%118.2%-11.7%-22.3%
5 Year7.3%-7.2%204.5%173.8%-6.7%-23.7%

Price Volatility Vs. Market

How volatile is Thai Beverage's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Thai Beverage undervalued compared to its fair value and its price relative to the market?

17.07x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Y92 (SGD0.71) is trading above our estimate of fair value (SGD0.63)

Significantly Below Fair Value: Y92 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: Y92 is good value based on its PE Ratio (17.1x) compared to the XA Beverage industry average (26x).

PE vs Market: Y92 is poor value based on its PE Ratio (17.1x) compared to the SG market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: Y92 is poor value based on its PEG Ratio (1.8x)


Price to Book Ratio

PB vs Industry: Y92 is overvalued based on its PB Ratio (3x) compared to the XA Beverage industry average (1.9x).


Next Steps

Future Growth

How is Thai Beverage forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

9.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Y92's forecast earnings growth (9.6% per year) is above the savings rate (2.2%).

Earnings vs Market: Y92's earnings (9.6% per year) are forecast to grow faster than the SG market (8.5% per year).

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

Revenue vs Market: Y92's revenue (5.6% per year) is forecast to grow faster than the SG market (4.2% per year).

High Growth Revenue: Y92's revenue (5.6% 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 (19.4%).


Next Steps

Past Performance

How has Thai Beverage performed over the past 5 years?

-2.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: Y92 has high quality earnings.

Growing Profit Margin: Y92's current net profit margins (9%) are higher than last year (8.4%).


Past Earnings Growth Analysis

Earnings Trend: Y92's earnings have declined by -2.8% per year over the past 5 years.

Accelerating Growth: Y92's earnings growth over the past year (7.8%) exceeds its 5-year average (-2.8% per year).

Earnings vs Industry: Y92 earnings growth over the past year (7.8%) exceeded the Beverage industry 1.7%.


Return on Equity

High ROE: Y92's Return on Equity (15.7%) is considered low.


Next Steps

Financial Health

How is Thai Beverage's financial position?


Financial Position Analysis

Short Term Liabilities: Y92's short term assets (฿84.0B) do not cover its short term liabilities (฿95.3B).

Long Term Liabilities: Y92's short term assets (฿84.0B) do not cover its long term liabilities (฿164.7B).


Debt to Equity History and Analysis

Debt Level: Y92's debt to equity ratio (131.1%) is considered high.

Reducing Debt: Y92's debt to equity ratio has increased from 40.6% to 131.1% over the past 5 years.

Debt Coverage: Y92's debt is not well covered by operating cash flow (14.9%).

Interest Coverage: Y92's interest payments on its debt are well covered by EBIT (5.9x coverage).


Balance Sheet


Next Steps

Dividend

What is Thai Beverage current dividend yield, its reliability and sustainability?

3.03%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: Y92's dividend (3.03%) is higher than the bottom 25% of dividend payers in the SG market (2.67%).

High Dividend: Y92's dividend (3.03%) is low compared to the top 25% of dividend payers in the SG market (5.95%).


Stability and Growth of Payments

Stable Dividend: Y92's dividend payments have been volatile in the past 10 years.

Growing Dividend: Y92's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.4%), Y92's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Y92's dividends in 3 years are forecast to be covered by earnings (52.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

Thapana Sirivadhanabhakdi (45yo)

12.5yrs

Tenure

Mr. Thapana Sirivadhanabhakdi has been Non-Executive Director at Thai Group Holdings Public Company Limited since July 11, 2018. Mr. Sirivadhanabhakdi serves as Vice Chairman and Executive Director of Amar ...


Leadership Team

NamePositionTenureCompensationOwnership
Charoen Sirivadhanabhakdi
Executive Chairman17.5yrsno data1.21% ฿213.4m
Thapana Sirivadhanabhakdi
President12.5yrsno data0.43% ฿75.4m
Khunying Wanna Sirivadhanabhakdi
1st Executive Vice Chairman17.5yrsno datano data
Sithichai Chaikriangkrai
Group CFO16.75yrsno data0.00047% ฿83.2k
Ueychai Tantha-Obhas
Senior EVP15yrsno data0.0051% ฿908.3k
Banjong Chintanasiri
Senior VP & Deputy CFO of Accounting3.75yrsno datano data
Pisanu Vichiensanth
Senior EVP16.75yrsno data0.00047% ฿83.2k
Namfon Aungsutornrungsi
Head of Investor Relations Department6.5yrsno datano data
Sitra Horsinchai
Legal Officerno datano datano data
Suporn Denpaisarn
Vice President of Marketing & Non-Alcoholic Beverage Business Groupno datano datano data

3.8yrs

Average Tenure

66yo

Average Age

Experienced Management: Y92's management team is considered experienced (3.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Charoen Sirivadhanabhakdi
Executive Chairman17.5yrsno data1.21% ฿213.4m
Thapana Sirivadhanabhakdi
President12.5yrsno data0.43% ฿75.4m
Khunying Wanna Sirivadhanabhakdi
1st Executive Vice Chairman17.5yrsno datano data
Sithichai Chaikriangkrai
Group CFO16.75yrsno data0.00047% ฿83.2k
Ueychai Tantha-Obhas
Senior EVP15yrsno data0.0051% ฿908.3k
Pisanu Vichiensanth
Senior EVP16.75yrsno data0.00047% ฿83.2k
Prasit Kovilaikool
Lead Independent Directorno data฿286.00kno data
Tat Pun Ng
Independent Director14.33yrs฿114.00kno data
Vivat Tejapaibul
Director16.75yrs฿66.00k0.65% ฿114.5m
Pornchai Matangkasombut
Independent Director14.33yrs฿66.00kno data

16.8yrs

Average Tenure

74.5yo

Average Age

Experienced Board: Y92's board of directors are seasoned and experienced ( 16.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Thai Beverage Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Thai Beverage Public Company Limited
  • Ticker: Y92
  • Exchange: SGX
  • Founded: 2003
  • Industry: Distillers and Vintners
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$17.707b
  • Shares outstanding: 25.12b
  • Website: https://www.thaibev.com

Location

  • Thai Beverage Public Company Limited
  • 14 Vibhavadi Rangsit Road
  • Chomphon Sub-District
  • Bangkok
  • 10900
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
Y92SGX (Singapore Exchange)YesOrdinary SharesSGSGDMay 2006
T6WDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMay 2006
TBVP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMay 2006
TBVP.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDNov 2008

Biography

Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, and internationally. The company operates through Spirits, Beer, Non-Alcoholic Beverages, and Food segments. It offers liquor, beer, malt, and yeast products; spirits, including brown spirits, white spirits, herbs, and other products; and non-alcoholic beverages comprising drinking and soda water, electrolyte beverages, energy drinks, green and herbal tea, ready-to-drink coffee, carbonated soft drinks, isotonics, soya drinks, Asian and sparkling drinks, coconut water, cordials, pasteurized milk, UHT milk, sterilized milk, yoghurt, canned milk, pasteurized juice, ready-to-drink juice, ice cream, and cereal bars. The company also provides chilled and frozen food products, and snack products, as well as canned food products; and fertilizers and feeds, bricks, and oak barrels. In addition, it is involved in the trading of molasses; provision of transportation and distribution, advertising and marketing, consultancy, asset and brands management, public cold storage, and human resources and organization development services; operation of Japanese restaurants, bakeries, and social enterprise; and production and distribution of biogas. Further, the company is involved in the trading of bottles and supplies; wholesale and distribution of beverages; and production of plastic packaging and related businesses. Additionally, it engages in asset management activities; development and investment in properties; mechanical equipment manufacturing; warehousing business; trading of chemical and packaging materials; manufacture of equipment used in food manufacturing; and installation and maintenance of machinery system and equipment. Thai Beverage Public Company Limited was founded in 2003 and is based in Bangkok, Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/10 12:41
End of Day Share Price2020/07/09 00:00
Earnings2020/03/31
Annual Earnings2019/09/30


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.