SGX:Y92

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Second-rate dividend payer with questionable track record.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-2.3%

SGX:Y92

0.0003%

SG Beverage

-0.5%

SG Market


1 Year Return

16.6%

SGX:Y92

20.1%

SG Beverage

1.7%

SG Market

Y92 outperformed the Beverage industry which returned 4.5% over the past year.

Y92 outperformed the Market in Singapore which returned 1.7% over the past year.


Share holder returns

Y92IndustryMarket
7 Day-2.3%0.0003%-0.5%
30 Day1.2%3.6%3.4%
90 Day5.0%8.8%0.8%
1 Year19.1%16.6%22.7%20.1%5.9%1.7%
3 Year-3.9%-12.0%-0.9%-9.1%22.9%9.6%
5 Year57.7%35.2%59.6%37.1%14.9%-4.2%

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 based on future cash flows and its price relative to the stock market?

21.64x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Thai Beverage's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Thai Beverage's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Thai Beverage is good value based on earnings compared to the Asia Beverage industry average.

Thai Beverage is overvalued based on earnings compared to the Singapore market.


Price Based on Expected Growth

Thai Beverage is poor value based on expected growth next year.


Price Based on Value of Assets

Thai Beverage is overvalued based on assets compared to the Asia Beverage industry average.


Next Steps

Future Growth

How is Thai Beverage expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

9.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Thai Beverage's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).

Thai Beverage's earnings are expected to grow by 9.8% yearly, however this is not considered high growth (20% yearly).

Thai Beverage's revenue growth is positive but not above the Singapore market average.

Thai Beverage's earnings growth is expected to exceed the Singapore market average.

Thai Beverage's earnings growth is expected to exceed the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Thai Beverage is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Thai Beverage performed over the past 5 years?

2.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Thai Beverage's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.

Thai Beverage's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Thai Beverage's 1-year earnings growth is negative, it can't be compared to the Asia Beverage industry average.


Return on Equity

Thai Beverage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Thai Beverage used its assets more efficiently than the Asia Beverage industry average last year based on Return on Assets.


Return on Capital Employed

Thai Beverage's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

  • Explore strong past performing companies in the food, beverage & tobacco industry.

Financial Health

How is Thai Beverage's financial position?


Financial Position Analysis

Thai Beverage is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Thai Beverage's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Thai Beverage's level of debt (140.2%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (62.6% vs 140.2% today).

Debt is not well covered by operating cash flow (14%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.1x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.3x debt.


Next Steps

Dividend

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

2.83%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Thai Beverage's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.62%).

Thai Beverage's dividend is below the markets top 25% of dividend payers in Singapore (5.54%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.3x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.9x coverage).


Next Steps

Management

What is the CEO of Thai Beverage's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Thapana Sirivadhanabhakdi (44yo)

11.5yrs

Tenure

Mr. Thapana Sirivadhanabhakdi serves as Vice Chairman and Executive Director of Amarin Printing and Publishing Public Company Limited. Mr. Sirivadhanabhakdi serves as Member of Executive Board at Amarin Pr ...


Management Age and Tenure

2.8yrs

Average Tenure

65yo

Average Age

The tenure for the Thai Beverage management team is about average.


Board Age and Tenure

15.8yrs

Average Tenure

73.5yo

Average Age

The average tenure for the Thai Beverage board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

More shares have been bought than sold by Thai Beverage individual insiders in the past 3 months.


Recent Insider Transactions

BuyS$61,20014 May 19
Ueychai Tantha-Obhas
EntityIndividual
Role
Senior EVP
Member of the Board of Directors
Shares80,000
Max PriceS$0.76
BuyS$121,00007 Dec 18
Ueychai Tantha-Obhas
EntityIndividual
Role
Senior EVP
Member of the Board of Directors
Shares200,000
Max PriceS$0.60
BuyS$10,684,57208 Aug 18
Capital Research and Management Company
EntityCompany
Shares14,246,100
Max PriceS$0.75

Ownership Breakdown


Management Team

  • Thapana Sirivadhanabhakdi (44yo)

    President

    • Tenure: 11.5yrs
  • Banjong Chintanasiri (61yo)

    Senior VP & Deputy CFO of Accounting

    • Tenure: 2.8yrs
  • Pisanu Vichiensanth (63yo)

    Senior EVP

    • Tenure: 2.8yrs
  • Suporn Denpaisarn

    Vice President of Marketing & Non-Alcoholic Beverage Business Group

  • Khunying Wanna Sirivadhanabhakdi (76yo)

    1st Executive Vice Chairman

  • Sithichai Chaikriangkrai (65yo)

    CFO, Senior EVP of Finance & Director

    • Tenure: 2.8yrs
  • Ueychai Tantha-Obhas (70yo)

    Senior EVP

    • Tenure: 0.8yrs
  • Chusri Prasertsin

    Assistant Vice President of Office of Legal Affairs

  • Namfon Aungsutornrungsi

    Head of Investor Relations Department

    • Tenure: 5.5yrs
  • Charoen Sirivadhanabhakdi (75yo)

    Executive Chairman


Board Members

  • Thapana Sirivadhanabhakdi (44yo)

    President

    • Tenure: 15.8yrs
  • Prasit Kovilaikool (75yo)

    Lead Independent Director

    • Compensation: ฿275.00k
  • Pisanu Vichiensanth (63yo)

    Senior EVP

    • Tenure: 15.8yrs
  • Khunying Wanna Sirivadhanabhakdi (76yo)

    1st Executive Vice Chairman

    • Tenure: 16.5yrs
  • Sithichai Chaikriangkrai (65yo)

    CFO, Senior EVP of Finance & Director

    • Tenure: 15.8yrs
  • Ueychai Tantha-Obhas (70yo)

    Senior EVP

    • Tenure: 14.0yrs
  • Pornchai Matangkasombut (78yo)

    Independent Director

    • Tenure: 13.3yrs
    • Compensation: ฿64.00k
  • Vivat Tejapaibul (73yo)

    Director

    • Tenure: 15.8yrs
    • Compensation: ฿64.00k
  • Tat Pun Ng (74yo)

    Independent Director

    • Tenure: 13.3yrs
    • Compensation: ฿110.00k
  • Charoen Sirivadhanabhakdi (75yo)

    Executive Chairman

    • Tenure: 16.5yrs

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$21.723b
  • Shares outstanding: 25.11b
  • Website: Click here

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 and internationally. The company operates ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/07/15 12:45
End of Day Share Price2019/07/15 00:00
Earnings2019/03/31
Annual Earnings2018/09/30


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.