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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 in 2003 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2022 SGDUSD
Gross Profit3,071.53M2,239.73M
Operating income1,564.34M1,140.70M
Income before tax1,394.39M1,016.77M
Net income1,202.99M877.21M
Diluted EPS0.040.03
Dividends Per Share0.020.01
Total Assets19,369.40M13,498.78M
Total liabilities9,882.44M6,887.20M
Total equity7,826.84M5,454.62M
Operating cash flow1,664.71M1,213.89M
Currency in SGDCurrency in USD

Historical Data

 Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022
Revenue 9,541.39M 11,535.21M 11,236.22M 10,303.12M 10,882.89M
Gross Profit 2,669.43M 3,229.11M 3,210.40M 2,907.38M 3,071.53M
Operating income 1,093.22M 1,405.34M 1,581.38M 1,478.96M 1,564.34M
Income before tax 842.63M 1,141.90M 1,315.38M 1,250.54M 1,394.39M
Net income 745.33M 1,004.09M 1,008.53M 1,055.59M 1,202.99M
EBITDA 1,345.66M 1,691.59M 1,872.40M 1,814.40M 1,874.46M
Diluted EPS 0.02 0.04 0.04 0.04 0.04
Dividends Per Share 0.01 0.02 0.02 0.02 0.02
Total Assets 17,722.17M 18,496.24M 18,703.12M 19,024.29M 19,369.40M
Total liabilities 11,153.50M 11,699.45M 10,974.35M 10,591.14M 9,882.44M
Total equity 5,110.15M 5,238.42M 6,143.06M 6,859.74M 7,826.84M
Operating cash flow 868.71M 1,514.09M 1,461.46M 1,203.19M 1,664.71M
 Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022
Revenue 7,099.27M 8,437.22M 8,120.92M 7,682.54M 7,935.69M
Gross Profit 1,986.19M 2,361.87M 2,320.30M 2,167.89M 2,239.73M
Operating income 813.41M 1,027.91M 1,142.93M 1,102.79M 1,140.70M
Income before tax 626.96M 835.22M 950.69M 932.47M 1,016.77M
Net income 554.56M 734.42M 728.91M 787.10M 877.21M
EBITDA 1,001.23M 1,237.28M 1,353.27M 1,352.91M 1,366.83M
Diluted EPS 0.02 0.02 0.02 0.03 0.03
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 12,970.44M 13,374.96M 13,700.91M 14,013.18M 13,498.78M
Total liabilities 8,162.99M 8,460.08M 8,039.23M 7,801.37M 6,887.20M
Total equity 3,740.00M 3,787.99M 4,500.08M 5,052.84M 5,454.62M
Operating cash flow 646.36M 1,107.45M 1,056.26M 897.16M 1,213.89M

Valuation Measures

Sep 2022
Operating margin14.37%
Profit margin11.05%

Key executives

  • President, Chief Executive Officer & Director: Thapana Sirivadhanabhakdi
  • COO, Executive Director & Senior Executive VP: Ueychai Tantha-Obhas
  • Group CFO & CFO-International Business: Prapakon Thongtheppairot
  • Executive Director & Chief Technology Officer: Pisanu Vichiensanth
  • Director, Chief Investment Officer & Senior EVP: Sithichai Chaikriangkrai


  • MM Group Ltd. (18.1%)
  • Vontobel Asset Management AG (0.7%)
  • FIL Investment Management (Hong Kong) Ltd. (0.7%)
  • BLI - Banque de Luxembourg Investments SA (0.5%)
  • Fidelity Investments Canada ULC (0.3%)
  • Allspring Global Investments LLC (0.3%)
  • First Eagle Investment Management LLC (0.3%)
  • Templeton Asset Management Ltd. (0.2%)
  • Baillie Gifford & Co. (0.2%)

Contact Details

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

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Last Updated on 27 Jan, 2023

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