Thai Beverage Public Company Limited (Y92) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Thai Beverage Public Company Limited stock S$0.72, price S$0.42, upside +73.5%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?Yes
Quality 50+?Yes
In an uptrend?No
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 23, 2026.
How to read this chart
60‑month range 0.3050 SGD – 0.5997 SGD · fair‑value band 0.4200 SGD – 0.9700 SGD · the 0.4150 SGD price screens below the 0.7200 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 23, 2026.
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Thai Beverage Public Company Limited, together with its subsidiaries, produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally.
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It operates through Spirits, Beer, Non-Alcoholic Beverages, Food, and Others segments.
The company offers beer; malt and yeast; spirits; mineral, drinking, and soda water; coffee, energy drinks, tea, fruit flavored drinks, and dairy products; canned food; ice cream; rice cakes/cubes, cooking needs, instant dessert powders, pre-mix beverages, and bread spreads; and soft drinks, electrolyte drinks, isotonic, milk, soya, juices, and confectioneries.
It also provides chilled and frozen food; beer concentrates; mechanical equipment; bricks and oak barrels; biogas; transportation by car; franchising; plastic packaging; investment and asset management; accounting; human resources and organization development; advertising and marketing; logistics; recycling; warehousing and storage; printing; education training; general and brands management; marketing management consulting; marketing research; treasury and financial; consultancy; public cold storage; machine repair; technical application; and digital and technology services.
In addition, the company is involved in the publishing of trade directory, business information, education, library reference, and trade books; trading of molasses, fertilizers, feeds, bottles, procurement and supplies; production of plastic packaging; property investment, development, management, and rental; manufacture and installation of food manufacturing equipment; wholesale and retail of food, beverage, and tobacco; and operation of japanese restaurants, bakeries, and vending machines.
Further, it engages in trademark holding; e-commerce; book and magazine distribution; and retail of books, stationery, magazines, and periodicals. Thai Beverage Public Company Limited was incorporated in 2003 and is based in Bangkok, Thailand.
Stock analysis
Thai Beverage Public Company Limited (Y92) currently trades at 0.4150 SGD, while our model-based Fair Value estimate is 0.7200 SGD, implying the stock looks roughly 42.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.7300 SGD per share, and 20 of the 24 models we run sit above the 0.4150 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.2300 SGD, and 4 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.4200 SGD (bear) to 0.9700 SGD (bull), the price of 0.4150 SGD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Thai Beverage Public Company Limited reported revenue of 333B THB in FY2025 versus 241B THB in FY2021, a compound +8.5%/yr. Reported net income was 25.4B THB in FY2025, compounding +0.7%/yr from FY2021.
Key figures
Market cap 10.4B SGD (≈ $8.1B) Mid · P/E ratio 11.0 · P/S ratio 0.84 · EPS (TTM) 0.0400 SGD · Dividend yield 6.0% · Net margin 7.6% · Return on equity 14.3% · Return on assets (EBIT) 8.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 12% below its 52-week high and 36% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 22% fair-value upside, at 73%, Y92 screens cheaper than that median.
Fair Value models
Bear0.4200 SGDFair Value 0.7200 SGDBull0.9700 SGD
Price 0.4150 SGD · Upside +73.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (0.0150 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
Start year 2020 (pandemic). Over 10 years: +6.8% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.7% vs 1.6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −1.6% a year for the price and +1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (55 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare Thai Beverage Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Wineries & Distilleries · 92 stocks
P/B1.95× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Thai Beverage Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/Y92
Frequently asked questions
Is Thai Beverage Public Company Limited (Y92) overvalued or undervalued?
As of Oct 23, 2026, our model estimates a fair value of 0.7200 SGD versus a price of 0.4150 SGD, about +73% upside (undervalued).
What is the fair value of Y92?
Our model-based fair value for Thai Beverage Public Company Limited is 0.7200 SGD (as of Oct 23, 2026), built from audited fundamentals. The current price: 0.4150 SGD.
What is the quality score of Y92?
Thai Beverage Public Company Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thai Beverage Public Company Limited (Y92)?
Our model-based price target is the fair value of 0.7200 SGD (as of Oct 23, 2026) from 24 valuation models. Cautious scenario 0.4200 SGD, optimistic scenario 0.9700 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Beverage Public Company Limited stock forecast for 2026?
Our models put fair value at 0.7200 SGD, about +73% upside versus a price of 0.4150 SGD (undervalued). Cautious scenario 0.4200 SGD, optimistic scenario 0.9700 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Beverage Public Company Limited (Y92)?
Thai Beverage Public Company Limited reported trailing-twelve-month revenue of about 330B THB (latest available figure, as of Oct 23, 2026).
Does Thai Beverage Public Company Limited pay a dividend?
Thai Beverage Public Company Limited currently shows a dividend yield of 6.02% relative to its recent price (as of Oct 23, 2026).
What growth is priced into Thai Beverage Public Company Limited (Y92)?
For today's price to be fair in a discounted-cash-flow model, Thai Beverage Public Company Limited would have to grow free cash flow by -0.4 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.6 % per year. As of Oct 23, 2026.
What discount rate (WACC) does the fair value of Y92 use?
Our models discount Thai Beverage Public Company Limited at 8.3 %: a base by market capitalisation (mid), damped by beta 0.47, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thai Beverage Public Company Limited that is -0.4 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Thai Beverage Public Company Limited (Y92) delivered so far?
Over the past 5 years revenue at Thai Beverage Public Company Limited grew +5.6 % a year. The price currently implies -0.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thai Beverage Public Company Limited (Y92) growing?
The median revenue growth in the sector is +3.1 % a year. That is the yardstick for the growth priced into Thai Beverage Public Company Limited (-0.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thai Beverage Public Company Limited (Y92)?
The free-cash-flow yield on the price is 11.63 %: that much free cash flow Thai Beverage Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thai Beverage Public Company Limited (Y92)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Beverage Public Company Limited it is 0.7200 SGD per share (as of Oct 23, 2026), against a price of 0.4150 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Thai Beverage Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 23, 2026, Y92 trades below its calculated fair value: price 0.4150 SGD, fair value 0.7200 SGD, a gap of about +73% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of Y92?
No. The price is what the market pays today (0.4150 SGD); the fair value is what the company's own numbers justify (0.7200 SGD). For Thai Beverage Public Company Limited the two are 0.3050 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Beverage Public Company Limited worth?
The market values Thai Beverage Public Company Limited at about 10.4B SGD (market capitalisation, as of Oct 23, 2026). Per share that is 0.4150 SGD; our models calculate a fair value of 0.7200 SGD per share.
What do the bullish and bearish scenarios say about Y92?
Our models span a range for Thai Beverage Public Company Limited: cautious scenario 0.4200 SGD, base 0.7200 SGD, optimistic 0.9700 SGD per share (as of Oct 23, 2026, price 0.4150 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of Y92?
Thai Beverage Public Company Limited trades at a price-to-earnings ratio of 11.0 (as of Oct 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.7200 SGD is built from several models across several years. Other multiples: PEG 1.0, P/B 2.0, P/S 0.8, EV/EBITDA 7.9.
What is the PEG ratio of Y92?
The PEG ratio of Thai Beverage Public Company Limited is 1.02 (P/E divided by earnings growth, as of Oct 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Thai Beverage Public Company Limited (Y92)?
Balance-sheet figures for Thai Beverage Public Company Limited (as of Oct 23, 2026): return on equity 14.3%, debt of 1.30 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is Y92 from its 52-week high?
Thai Beverage Public Company Limited trades at 0.4150 SGD, about 12% below its 52-week high of 0.4738 SGD and 36% above the low of 0.3050 SGD (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7200 SGD is for.
Which stocks are comparable to Thai Beverage Public Company Limited?
From the same area (Consumer Defensive) we also value Kweichow Moutai Co, Wuliangye Yibin Co, Shanxi Xinghuacun Fen Wine Factory Co, Pernod Ricard SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thai Beverage Public Company Limited stock attractive at the current price?
The data as of Oct 23, 2026: price 0.4150 SGD, calculated fair value 0.7200 SGD (+73%), Quality Score 59/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of Y92 calculated?
We run Thai Beverage Public Company Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.7200 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Thai Beverage Public Company Limited currently trades 42 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thai Beverage Public Company Limited (Y92)?
The closing price on Oct 28, 2026 was 0.4150 SGD. Our model-based fair value is 0.7200 SGD, about +73% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Beverage Public Company Limited right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (0.4200 SGD to 0.9700 SGD) leaves room in how you read the outcome.
Where does the earnings growth of Thai Beverage Public Company Limited (Y92) come from?
Earnings per share at Thai Beverage Public Company Limited grew +2.9 % a year from 2011 to 2022. Broken into its drivers: revenue per share +6.1 %, EBIT margin +1.8 %, tax rate +0.3 %, residual (interest, one-offs) −4.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thai Beverage Public Company Limited
How large is the market capitalisation of Thai Beverage Public Company Limited (Y92)?
The market capitalisation of Thai Beverage Public Company Limited is 10.4B SGD (≈ $8.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thai Beverage Public Company Limited (Y92)?
The price-to-sales ratio of Thai Beverage Public Company Limited is 0.84 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thai Beverage Public Company Limited (Y92)?
Earnings per share at Thai Beverage Public Company Limited are 0.0400 SGD (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Beverage Public Company Limited (Y92)?
The dividend yield of Thai Beverage Public Company Limited is 6.0% (payout 62.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thai Beverage Public Company Limited (Y92)?
The net margin of Thai Beverage Public Company Limited is 7.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thai Beverage Public Company Limited (Y92)?
The return on equity (ROE) of Thai Beverage Public Company Limited is 14.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thai Beverage Public Company Limited (Y92)?
On an EBIT basis the return on assets of Thai Beverage Public Company Limited is 8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thai Beverage Public Company Limited (Y92)?
The operating margin of Thai Beverage Public Company Limited is 14.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Beverage Public Company Limited (Y92)?
Revenue at Thai Beverage Public Company Limited is growing +1.0% versus a year earlier (3y avg +7.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thai Beverage Public Company Limited (Y92)?
Earnings per share at Thai Beverage Public Company Limited are growing +8.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thai Beverage Public Company Limited (Y92) carry?
The net debt of Thai Beverage Public Company Limited is 185B THB (fiscal year 2025, ≈ 5.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 23, 2026