Thai Beverage PCL

Thai Beverage PCL maintains a capital structure characterized by significant leverage, with a debt-to-equity ratio of 1.67 and long-term debt totaling 235.45 billion THB against total equity of 141.28 billion THB. The balance sheet shows total assets of 509.59 billion THB and total liabilities of 368.31 billion THB. Liquidity is assessed as medium, supported by a current ratio of 1.48, though the company holds minimal cash and equivalents of 140,000 THB, resulting in a negative net cash position after subtracting total debt. Operating cash flow stands at 46.03 billion THB, while free cash flow is 11.69 billion THB, indicating that capital expenditures of 14.07 billion THB consume a substantial portion of operating cash generation.

Profitability metrics indicate a return on equity of 17.95% and a return on assets of 4.98%. The company generated revenue of 333.29 billion THB, with gross profit of 103.51 billion THB and operating income of 41.05 billion THB, leading to net income of 25.36 billion THB. While specific cohort median comparisons are not provided in the input data, the ROE suggests efficient use of equity capital despite the high leverage profile. The gross margin, derived from the financial snapshot, is approximately 31.1%, reflecting the typical margin structure for beverage producers.

Segment and geographic revenue mix data is not present in the provided input, preventing a detailed analysis of revenue concentration by product line or region. The company's activity is broadly defined as Food & Beverage Producers, but specific breakdowns of revenue sources are omitted from the available data.

Historical period data for revenue and net income trends is not included in the input, limiting the ability to assess growth trajectory over the past five years or eight quarters. The analysis relies solely on the latest normalized period's financial snapshot, which shows a stable base of operations with significant asset and liability scales.

Risk assessment highlights medium liquidity risk and low dilution risk. A key flag notes that net cash is negative after subtracting total debt, emphasizing the reliance on operating cash flow to service debt obligations. The dilution risk is low, with basic and diluted shares outstanding being identical at 25.13 billion shares, indicating no significant options or convertible securities impacting share count in the current period.

Recent observations include analyst estimates with a mean price target of 0.52 THB and a median of 0.53 THB, ranging from a low of 0.39 THB to a high of 0.60 THB. The mean recommendation is 2.07, with four strong buys, six buys, and three holds, suggesting a generally positive sentiment among analysts. No specific filing, news, or transcript observations are provided in the input data.

Operating and net margins exceed Food & Beverage cohort medians, indicating superior profitability relative to peers.

Analysts project 13.4% upside to a mean price target of 0.516, reflecting positive market sentiment.

Cash conversion ratio of 1.82 exceeds the 75th percentile of the cohort, highlighting strong cash generation.

Revenue grew at an 8.5% CAGR over four years, showing historical top-line expansion capability.

The company carries a high credit risk flag, suggesting potential difficulties in meeting debt obligations.

Debt-to-equity ratio of 1.67 sits in the bottom quartile of the cohort, indicating excessive leverage.

Revenue declined 2.1% year-over-year in FY2025, marking the first annual contraction in the provided period.

Revenue THB 86.52B, +1,4% YoY; Operating income +16,9% YoY.

• ▍Revenue THB 86.52B, +1,4% YoY
• ▍Operating income +16,9% YoY
• ▍Net income +9,4% YoY
• ▍Net margin 8.5%

Revenue THB 86.70B, −6,0% YoY; Operating income −10,1% YoY.

• ▍Revenue THB 86.70B, −6,0% YoY
• ▍Operating income −10,1% YoY
• ▍Net income −13,8% YoY
• ▍Net margin 7.9%

Free cash flow −11,6% YoY.

• ▍Free cash flow −11,6% YoY

Revenue THB 85.35B; Operating income THB 10.75B.

• ▍Revenue THB 85.35B
• ▍Operating income THB 10.75B
• ▍Net margin 7.9%

Revenue THB 92.27B; Operating income THB 12.05B.

• ▍Revenue THB 92.27B
• ▍Operating income THB 12.05B
• ▍Net margin 8.6%

Revenue THB 333.29B, −2,1% YoY; Operating income −3,3% YoY.

• ▍Revenue THB 333.29B, −2,1% YoY
• ▍Operating income −3,3% YoY
• ▍Net income −20,6% YoY
• ▍Free cash flow −37,6% YoY
• ▍Net margin 7.6%

Revenue THB 340.29B, +2,2% YoY; Operating income +7,1% YoY.

• ▍Revenue THB 340.29B, +2,2% YoY
• ▍Operating income +7,1% YoY
• ▍Net income +0,5% YoY
• ▍Free cash flow −1,4% YoY
• ▍Net margin 9.4%

Revenue THB 332.93B, +22,2% YoY; Operating income +2,7% YoY.

• ▍Revenue THB 332.93B, +22,2% YoY
• ▍Operating income +2,7% YoY
• ▍Net income +5,5% YoY
• ▍Free cash flow −22,1% YoY
• ▍Net margin 9.5%

Revenue THB 272.36B, +13,2% YoY; Operating income +14,2% YoY.

• ▍Revenue THB 272.36B, +13,2% YoY
• ▍Operating income +14,2% YoY
• ▍Net income +22,2% YoY
• ▍Free cash flow +42,6% YoY
• ▍Net margin 11.1%

Revenue THB 240.54B; Operating income THB 33.78B.

• ▍Revenue THB 240.54B
• ▍Operating income THB 33.78B
• ▍Net margin 10.2%