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

Proven track record second-rate 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


Market Performance


7 Day Return

4.5%

Y92

-0.8%

SG Beverage

-0.002%

SG Market


1 Year Return

38.1%

Y92

56.6%

SG Beverage

0.6%

SG Market

Return vs Industry: Y92 underperformed the SG Beverage industry which returned 56.6% over the past year.

Return vs Market: Y92 exceeded the SG Market which returned 0.6% over the past year.


Shareholder returns

Y92IndustryMarket
7 Day4.5%-0.8%-0.002%
30 Day3.4%-1.3%-1.5%
90 Day9.5%9.4%-6.8%
1 Year41.1%38.1%59.2%56.6%4.7%0.6%
3 Year3.8%-4.1%136.2%124.6%15.1%2.7%
5 Year42.6%23.3%247.9%211.3%10.1%-8.2%

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 compared to its fair value and its price relative to the market?

21.91x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Y92 (SGD0.93) is trading above our estimate of fair value (SGD0.72)

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 (21.9x) compared to the Beverage industry average (25.9x).

PE vs Market: Y92 is poor value based on its PE Ratio (21.9x) compared to the SG market (13.5x).


Price to Earnings Growth Ratio

PEG Ratio: Y92 is poor value based on its PEG Ratio (2.9x)


Price to Book Ratio

PB vs Industry: Y92 is overvalued based on its PB Ratio (4.4x) 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 19 analysts?

7.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Y92's forecast earnings growth (7.6% per year) is above the savings rate (2.3%).

Earnings vs Market: Y92's earnings (7.6% per year) are forecast to grow faster than the SG market (5.5% per year).

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

Revenue vs Market: Y92's revenue (5% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: Y92's revenue (5% 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?

0.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: Y92's earnings have grown by 0.8% per year over the past 5 years.

Accelerating Growth: Y92's earnings growth over the past year (18.5%) exceeds its 5-year average (0.8% per year).

Earnings vs Industry: Y92 earnings growth over the past year (18.5%) exceeded the Beverage industry 12.8%.


Return on Equity

High ROE: Y92's Return on Equity (17.7%) is considered low.


Return on Assets

ROA vs Industry: Y92 has a higher Return on Assets than the Beverage industry average last year.


Return on Capital Employed

ROCE Improving: Y92's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Thai Beverage's financial position?


Financial Position Analysis

Short Term Liabilities: Y92's short term assets (฿75.8B) exceeds its short term liabilities (฿45.5B)

Long Term Liabilities: Y92's short term assets (75.8B) do not cover its long term liabilities (211.8B)


Debt to Equity History and Analysis

Debt Level: Y92's debt to equity ratio (150%) is considered high

Reducing Debt: Y92's debt to equity ratio has increased from 56.7% to 150% over the past 5 years.

Debt Coverage: Y92's debt is not well covered by operating cash flow (16.2%).

Interest Coverage: Y92's interest payments on its debt are well covered by EBIT (5.2x coverage).


Balance Sheet

Inventory Level: Y92 has a high level of physical assets or inventory.

Debt Coverage by Assets: Y92's 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?

1.90%

Current Dividend Yield


Dividend Yield vs Market

company1.9%marketbottom25%2.6%markettop25%5.7%industryaverage1.5%forecastin3Years2.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Y92's dividend (1.9%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: Y92's dividend (1.9%) is low compared to the top 25% of dividend payers in the SG market (5.71%).

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 (41.6%), 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 (52.1% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Thapana Sirivadhanabhakdi (44yo)

11.8yrs

Tenure

0

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

3.0yrs

Average Tenure

65yo

Average Age

Experienced Management: Y92's management team is considered experienced (3 years average tenure).


Board Age and Tenure

16.0yrs

Average Tenure

73.5yo

Average Age

Experienced Board: Y92's board of directors are seasoned and experienced ( 16 years average tenure).


Insider Trading

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


Recent Insider Transactions

Sell฿20,425,03624 Sep 19
Capital Research and Management Company
EntityCompany
Shares22,694,500
Max Price฿0.90
Buy฿61,20014 May 19
Ueychai Tantha-Obhas
EntityIndividual
Role
Member of the Board of Directors
Senior EVP
Shares80,000
Max Price฿0.76
Buy฿121,00007 Dec 18
Ueychai Tantha-Obhas
EntityIndividual
Role
Member of the Board of Directors
Senior EVP
Shares200,000
Max Price฿0.60

Ownership Breakdown


Management Team

  • Charoen Sirivadhanabhakdi (75yo)

    Executive Chairman

    • Tenure: 16.8yrs
  • Thapana Sirivadhanabhakdi (44yo)

    President

    • Tenure: 11.8yrs
  • Ueychai Tantha-Obhas (70yo)

    Senior EVP

    • Tenure: 14.3yrs
  • Sithichai Chaikriangkrai (65yo)

    CFO, Senior EVP of Finance & Director

    • Tenure: 16yrs
  • Pisanu Vichiensanth (63yo)

    Senior EVP

    • Tenure: 16yrs
  • Khunying Wanna Sirivadhanabhakdi (76yo)

    1st Executive Vice Chairman

    • Tenure: 16.8yrs
  • Banjong Chintanasiri (61yo)

    Senior VP & Deputy CFO of Accounting

    • Tenure: 3yrs
  • Suporn Denpaisarn

    Vice President of Marketing & Non-Alcoholic Beverage Business Group

    • Tenure: 0yrs
  • Chusri Prasertsin

    Assistant Vice President of Office of Legal Affairs

    • Tenure: 0yrs
  • Namfon Aungsutornrungsi

    Head of Investor Relations Department

    • Tenure: 5.8yrs

Board Members

  • Prasit Kovilaikool (75yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: ฿275.00k
  • Charoen Sirivadhanabhakdi (75yo)

    Executive Chairman

    • Tenure: 16.8yrs
  • Tat Pun Ng (74yo)

    Independent Director

    • Tenure: 13.6yrs
    • Compensation: ฿110.00k
  • Thapana Sirivadhanabhakdi (44yo)

    President

    • Tenure: 11.8yrs
  • Vivat Tejapaibul (73yo)

    Director

    • Tenure: 16yrs
    • Compensation: ฿64.00k
  • Ueychai Tantha-Obhas (70yo)

    Senior EVP

    • Tenure: 14.3yrs
  • Sithichai Chaikriangkrai (65yo)

    CFO, Senior EVP of Finance & Director

    • Tenure: 16yrs
  • Pornchai Matangkasombut (78yo)

    Independent Director

    • Tenure: 13.6yrs
    • Compensation: ฿64.00k
  • Pisanu Vichiensanth (63yo)

    Senior EVP

    • Tenure: 16yrs
  • Khunying Wanna Sirivadhanabhakdi (76yo)

    1st Executive Vice Chairman

    • Tenure: 16.8yrs

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$22.602b
  • Shares outstanding: 25.11b
  • 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 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 Analysis2019/10/21 12:42
End of Day Share Price2019/10/21 00:00
Earnings2019/06/30
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.