ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintTitle ChevronIcon Twitter
Consumer Non-Durables

Thai Beverage Public Co., Ltd.

Company Background

Thai Beverage, Thailand's largest thirst-quencher, offers both alcoholic and non-alcoholic drinks. One of its best-known brands is Chang beer, which controls the second largest slice of Thailand's beer market, after Singha beer. Thai Beverage is listed on the Singapore stock exchange; the Thai bourse restricts the listing of alcohol-related stocks.

The company was founded in 2003 through the consolidation of 58 beer and spirits businesses, such as the Chang beer, owned by billionaire Charoen Sirivadhanabhakdi, a Chinese immigrant. Charoen has expanded into non-alcohol business in recent years through acquisitions of beverage makers. Brands owned include green-tea beverage Oishi and est cola, a Pepsi knockoff. In 2012, it acquired a roughly 29% stake in Singaporean beverage maker Fraser and Neave, in line with its long-term strategy to strengthen its non-alcoholic business and operations outside Thailand.

The Sirivadhanabhakdi family's stake in Thai Beverage is around 30%. Charoen is chairman and his son Thapana serves as president and CEO.

While Thai Beverage is its core business, the family also has investments in real estate, hotels, financial and consumer products. It has a majority stake in Thai-listed trading house Berli Jucker, which recently acquired Metro's Vietnam operations. Metro is a German-based chain of warehouse-style retailers and wholesalers.

Business Summary

Thai Beverage Public Co., Ltd. is a holding company, which engages in the production and distribution of beverage. It operates through the following segments: Spirits, Beer, Non-alcoholic Beverage, and Food. The Spirits segment produces and sell spirits products. The Beer segment manufactures branded beer products. The Non-Alcoholic Beverages segment offers branded water, soda, ready-to-drink coffee, energy drink, green tea, and fruit flavoured drinks. The Food segment involves in the operation of Japanese restaurants, and allocation of foods and beverages. Its brands include Ruang Khao, SangSom, Mekhong, Hong Thong, Blend 285, Oishi RTD green tea, and Chang Beer.The company was founded on October 29, 2003 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2019 SGDUSD
Gross Profit3,229.54M2,362.19M
Operating income1,405.77M1,028.22M
Income before tax1,141.90M835.22M
Net income1,004.09M734.42M
Diluted EPS0.040.02
Dividends Per Share0.020.01
Total Assets18,484.67M13,366.59M
Total liabilities11,687.74M8,451.61M
Total equity5,238.56M3,788.10M
Operating cash flow1,514.09M1,107.45M
Currency in SGDCurrency in USD

Historical Data

 Dec 2015Sep 2016Sep 2017Sep 2018Sep 2019
Revenue 6,903.80M 7,234.53M 7,670.11M 9,541.39M 11,535.21M
Gross Profit 1,972.44M 2,128.73M 2,315.19M 2,669.43M 3,229.54M
Operating income 930.58M 1,012.45M 1,112.54M 1,093.22M 1,405.77M
Income before tax 930.86M 1,003.61M 1,099.79M 842.63M 1,141.90M
Net income 1,061.88M 983.65M 1,393.15M 745.33M 1,004.09M
EBITDA 1,109.15M 1,183.66M 1,286.25M 1,345.66M 1,691.61M
Diluted EPS 0.04 0.02 0.05 0.02 0.04
Dividends Per Share 0.02 0.02 0.02 0.01 0.02
Total Assets 7,175.72M 7,383.99M 7,909.09M 17,722.17M 18,484.67M
Total liabilities 2,473.85M 2,516.02M 2,513.40M 11,153.50M 11,687.74M
Total equity 4,568.57M 4,724.65M 5,243.68M 5,110.15M 5,238.56M
Operating cash flow 939.05M 777.43M 1,255.37M 868.71M 1,514.09M
 Dec 2015Sep 2016Sep 2017Sep 2018Sep 2019
Revenue 5,020.00M 5,242.30M 5,499.98M 7,099.27M 8,437.22M
Gross Profit 1,434.23M 1,542.53M 1,660.15M 1,986.19M 2,362.19M
Operating income 676.66M 733.64M 797.77M 813.41M 1,028.22M
Income before tax 676.86M 727.24M 788.62M 626.96M 835.22M
Net income 772.13M 712.77M 998.98M 554.56M 734.42M
EBITDA 806.50M 857.70M 922.33M 1,001.23M 1,237.29M
Diluted EPS 0.03 0.02 0.03 0.02 0.02
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 5,058.13M 5,415.67M 5,824.28M 12,970.44M 13,366.59M
Total liabilities 1,743.80M 1,845.33M 1,850.88M 8,162.99M 8,451.61M
Total equity 3,220.36M 3,465.22M 3,861.46M 3,740.00M 3,788.10M
Operating cash flow 682.81M 563.34M 900.18M 646.36M 1,107.45M

Valuation Measures

Sep 2019
Operating margin12.18%
Profit margin8.70%

Key executives

  • Chief Executive Officer & CEO-Center of Excellence: Thapana Sirivadhanabhakdi
  • COO, Executive Director & Senior Executive VP: Ueychai Tantha-Obhas
  • Executive Director & Senior Executive VP-Finance: Sithichai Chaikriangkrai
  • Executive Director & SEVP-Technology & Engineering: Pisanu Vichiensanth
  • Chief People Officer & EVP: Agapol Na Songkhla


  • MM Group Ltd. (20.6%)
  • Capital Research & Management Co. (Global Investors) (1.1%)
  • FIL Investment Management (Singapore) Ltd. (0.7%)
  • Fidelity Management & Research Co. LLC (0.7%)
  • Matthews International Capital Management LLC (0.5%)

Contact Details

  • Website:
  • Address: 14 Vibhavadi Rangsit Road, Chomphon, Chatuchak, Bangkok, 10900, Thailand
  • Phone: +66.2.785.5555

Related Companies

  • Green Bean Co. Ltd.
  • International Beverage Holdings (Singapore) Pte Ltd.
  • Alliance Asia Investment Pte Ltd.
  • QSR of Asia Co. Ltd.
  • TCC Hotel Asset Management Co. Ltd.
  • Pomthip (2012) Co. Ltd.
  • Krittayabun Co. Ltd.
  • InterBev Trading (Hong Kong) Ltd.
  • Food of Asia Co. Ltd.
  • Chang International Co. Ltd.
  • Nateechai Co. Ltd.
  • Kankwan Co. Ltd.
  • Pompalang Co. Ltd.
  • Pomkit Co., Ltd.
  • Pomnakorn Co. Ltd.
  • Pomklung Co. Ltd.
  • Gaew Grung Thai Co. Ltd.
  • Num Kijjakarn Co. Ltd.
  • Num Palang Co. Ltd.
  • Modern Trade Management Co. Ltd.
  • Beer Thai (1991) Plc
  • Sangsom Co. Ltd.
  • Num Nakorn Co. Ltd.
  • Nummuang Co. Ltd.
  • Num Yuk Co., Ltd
  • InterBev (Cambodia) Co. Ltd.
  • Red Bull Distillery Group of Cos.
  • Interbev Malaysia Sdn. Bhd.
  • Interbev Singapore Ltd.
  • Feed Addition Co. Ltd.


  • Del Monte Pacific Limited
  • Monster Beverage Corporation
Last Updated on 27 Oct, 2020

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more