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Thailand's largest beverage company, making Chang beer, spirits and non-alcoholic drinks, listed in Singapore.
Thailand's largest beverage company, making Chang beer, spirits and non-alcoholic drinks, listed in Singapore.
Sells beer and spirits in Thailand through a vast network of wholesalers and retailers, which has historically carried the profits. Bought a controlling stake in Vietnam's Sabeco brewer in 2017 and holds a stake in Fraser and Neave. Controlled by the family of Charoen Sirivadhanabhakdi.
In one line: A Thai peer to Constellation Brands/Diageo (spirits+beer).
Moat: narrow (brand, distribution, scale). Dominant Thai spirits/beer brands and extensive local distribution network built over decades.
Headquarters: Bangkok, Thailand (listed Singapore) · Founded: 2003
Size Thai Beverage Public (Y92.SI) is a Singapore Consumer Staples company (Beverages: Alcoholic) with a market value of $8.56B, the 16th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.43 on 6 Nov 2026.
Performance Over six months the shares gained 2.4%, against +10.3% for the median peer and -1.2% for the Singapore market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 7.5% over the last twelve months (peer median -1.3%); the operating margin is 13.2% (peer median 15.6%).
Valuation It trades at 10.6× forward earnings against a peer median of 17.1× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 20 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$13.1B | S$13.2B | S$12.8B | S$12.9B | S$10.9B |
| Revenue growth | — | +3% | -1% | +18% | — |
| Gross profit | S$4.20B | S$3.91B | S$3.71B | S$3.64B | S$3.07B |
| EBITDA | S$2.14B | S$2.05B | S$1.99B | S$1.94B | S$1.87B |
| Net income | S$995M | S$1.00B | S$1.02B | S$1.06B | S$1.20B |
| Free cash flow | S$1.43B | S$1.16B | S$1.07B | S$1.15B | S$1.53B |
| Capital expenditure | S$520M | S$555M | S$358M | S$339M | S$140M |
| Total debt | n/a | S$9.33B | S$9.59B | S$9.02B | S$8.16B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thai Beverage Public Y92.SI | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | Y92.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +10.6% | 2nd lowest of 21 |
| 6-month return | +2.4% | +10.3% | 10th lowest of 21 |
| Distance from 52-week high | -10.3% | -16.4% | 9th highest of 21 |
| Revenue growth (TTM) | -7.5% | -1.3% | 5th lowest of 20 |
| Operating margin | 13.2% | 15.6% | 7th lowest of 20 |
| Forward P/E | 10.6× | 17.1× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.7% | 1.9% | 4th least demanding of 18 |
| Growth delivered (Del g) | +3.2% | +7.3% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | -7.9 pp | -6.3 pp | 6th least demanding of 18 |
| ROIC minus cost of capital | +2.5 pp | +5.2 pp | 9th lowest of 20 |
| EV / EBITDA | 10.0× | 13.3× | 6th cheapest of 14 |
| Net debt / EBITDA | 3.5× | 1.6× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |