# Thai Beverage Public Company (T6W.F)

Canonical: https://gigainvestors.com/s/T6W.F

Analysis as of: 2026-10-16T07:33:32.419Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: THB.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 0.28 per share; close as of 2026-10-15.

Estimated value: low EUR 0.40 per share, central EUR 0.45 per share, high EUR 0.51 per share. Buy at or below the central value EUR 0.45 per share. Valuation as of 2026-10-16T07:33:32.419Z; scenarios are not confidence intervals.

Expected annual return: 15.0% at the stated quote. About 15.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.12×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 15.4%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 29.6%

- Recent gross margin (lower of latest and 3-year median): 30.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 16.0%

- FY2020: 20.8%

- FY2021: 14.7%

- FY2022: 16.9%

- FY2023: 15.4%

- FY2024: 18.4%

- FY2025: 17.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: THB 139B

- Net income, five-year total: THB 135B

- Return on incremental invested capital: 61.0%

- Working capital / revenue, annual change: 0.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 1.09×

- FY2023: 1.13×

- FY2024: 0.98×

- FY2025: 0.84×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.0% vs 17.3%

- Per-share earnings: 0.93 to 1.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 4.0%

- Per-share value change: THB 0.16

- Per-share value, starting three-year median: THB 0.93

- Per-share value, ending three-year median: THB 1.08

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 16.0%

- ROIC, last three-year median: 17.3%

Chart: Earnings per share; fiscal year observations.

- FY2019: THB 0.93

- FY2020: THB 0.91

- FY2021: THB 0.98

- FY2022: THB 1.20

- FY2023: THB 1.09

- FY2024: THB 1.08

- FY2025: THB 1.01

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.33×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -3.7%

- FY2020: -3.3%

- FY2021: -1.6%

- FY2022: -2.9%

- FY2023: -0.7%

- FY2024: -2.1%

- FY2025: -4.1%

## Holders

## Price story

Down 41% since May 2022 · sales -2.1%

Story as of 2026-10-16T09:59:56.365Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.6% a year for ten years

### Sales · FY2024–2025

sales -2.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: THB 267B 

- FY2020: THB 253B 

- FY2021: THB 241B 

- FY2022: THB 272B 

- FY2023: THB 333B 

- FY2024: THB 340B 

- FY2025: THB 333B 

### Gross margin · FY2025

gross margin 31.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 28.9% 

- FY2020: 29.5% 

- FY2021: 29.7% 

- FY2022: 29.5% 

- FY2023: 29.6% 

- FY2024: 30.3% 

- FY2025: 31.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are THB 333.3 billion.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2025-09-30 (filed 2026-10-16T07:33:32.419Z); FY2025: revenue 333286188000; grossProfit 103508132000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); T6W.F: 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. 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.

### Why customers stay

Margins ranged from 29.6% to 31.1% during 2023–25; it earns 16.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2023-09-30 (filed 2026-10-16T07:33:32.419Z); FY2023: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2024-09-30 (filed 2026-10-16T07:33:32.419Z); FY2024: grossProfit / revenue = 30.3%.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2025-09-30 (filed 2026-10-16T07:33:32.419Z); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.419Z); 7-year return on capital observations [[2019,0.1599401308355252],[2020,0.2081443011330206],[2021,0.14717052548343304],[2022,0.16894344615218296],[2023,0.15358519360110498],[2024,0.1838476140584482],[2025,0.17286334703505724]]; median 0.16894344615218296. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.419Z); Gross margin observations: [[2021,0.29717604251711555],[2022,0.29540560703649277],[2023,0.2964198456322722]]; range within 2 percentage points.

### Where the cash goes

Reinvests 3.7% of cash earnings; earns 61% on new investment.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2019-09-30 (filed 2026-10-16T07:33:32.419Z); FY2019: growth capex 0; upkeep 5814517000; owner earnings 24092430000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2020-09-30 (filed 2026-10-16T07:33:32.419Z); FY2020: growth capex 0; upkeep 4649840000; owner earnings 24547930800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2021-09-30 (filed 2026-10-16T07:33:32.419Z); FY2021: growth capex 0; upkeep 3557565000; owner earnings 27702626200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2022-09-30 (filed 2026-10-16T07:33:32.419Z); FY2022: growth capex 0; upkeep 3497743000; cash acquisitions 868592000; owner earnings 32765254071.328526. Growth capex plus acquisitions / owner earnings = 0.02650954569462862.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2023-09-30 (filed 2026-10-16T07:33:32.419Z); FY2023: growth capex 0; upkeep 4932091000; cash acquisitions 7791688000; owner earnings 30927764400. Growth capex plus acquisitions / owner earnings = 0.2519318208463849.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2024-09-30 (filed 2026-10-16T07:33:32.419Z); FY2024: growth capex 0; upkeep 9422249000; cash acquisitions 394517000; owner earnings 26695072600. Growth capex plus acquisitions / owner earnings = 0.014778644954874557.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2025-09-30 (filed 2026-10-16T07:33:32.419Z); FY2025: growth capex 0; upkeep 14068310000; cash acquisitions 788207000; owner earnings 21189120336.03162. Growth capex plus acquisitions / owner earnings = 0.03719866551796734.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.419Z); Incremental return on capital 0.6095285268926314, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.419Z); Dividend observations: [[2019,9794278000],[2020,10799755000],[2021,12810565000],[2022,12560441000],[2023,15074852000],[2024,15076605000],[2025,15580902000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/T6W.STU.json#2025-09-30 (filed 2026-10-16T07:33:32.419Z); FY2025: cash repurchases 62014000 THB.

### Are managers owners

Insiders own 71.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); T6W.F SharesStats.PercentInsiders = 71.34 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.419Z); Ten-year compound average after fade. Initial solved rate -0.0917190635923466. Price 0.2822; FX 0.026630279680365295; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 0.61 per share

- 2016-11: EUR 0.56 per share

- 2016-12: EUR 0.58 per share

- 2017-01: EUR 0.55 per share

- 2017-02: EUR 0.62 per share

- 2017-03: EUR 0.60 per share

- 2017-04: EUR 0.60 per share

- 2017-05: EUR 0.54 per share

- 2017-06: EUR 0.55 per share

- 2017-07: EUR 0.58 per share

- 2017-08: EUR 0.56 per share

- 2017-09: EUR 0.55 per share

- 2017-10: EUR 0.60 per share

- 2017-11: EUR 0.59 per share

- 2017-12: EUR 0.56 per share

- 2018-01: EUR 0.56 per share

- 2018-02: EUR 0.51 per share

- 2018-03: EUR 0.50 per share

- 2018-04: EUR 0.53 per share

- 2018-05: EUR 0.48 per share

- 2018-06: EUR 0.46 per share

- 2018-07: EUR 0.47 per share

- 2018-08: EUR 0.37 per share

- 2018-09: EUR 0.44 per share

- 2018-10: EUR 0.42 per share

- 2018-11: EUR 0.39 per share

- 2018-12: EUR 0.36 per share

- 2019-01: EUR 0.46 per share

- 2019-02: EUR 0.51 per share

- 2019-03: EUR 0.54 per share

- 2019-04: EUR 0.54 per share

- 2019-05: EUR 0.51 per share

- 2019-06: EUR 0.53 per share

- 2019-07: EUR 0.54 per share

- 2019-08: EUR 0.57 per share

- 2019-09: EUR 0.58 per share

- 2019-10: EUR 0.60 per share

- 2019-11: EUR 0.57 per share

- 2019-12: EUR 0.59 per share

- 2020-01: EUR 0.52 per share

- 2020-02: EUR 0.50 per share

- 2020-03: EUR 0.37 per share

- 2020-04: EUR 0.45 per share

- 2020-05: EUR 0.41 per share

- 2020-06: EUR 0.42 per share

- 2020-07: EUR 0.38 per share

- 2020-08: EUR 0.37 per share

- 2020-09: EUR 0.37 per share

- 2020-10: EUR 0.36 per share

- 2020-11: EUR 0.46 per share

- 2020-12: EUR 0.46 per share

- 2021-01: EUR 0.51 per share

- 2021-02: EUR 0.45 per share

- 2021-03: EUR 0.48 per share

- 2021-04: EUR 0.44 per share

- 2021-05: EUR 0.41 per share

- 2021-06: EUR 0.43 per share

- 2021-07: EUR 0.38 per share

- 2021-08: EUR 0.42 per share

- 2021-09: EUR 0.40 per share

- 2021-10: EUR 0.45 per share

- 2021-11: EUR 0.44 per share

- 2021-12: EUR 0.42 per share

- 2022-01: EUR 0.42 per share

- 2022-02: EUR 0.43 per share

- 2022-03: EUR 0.46 per share

- 2022-04: EUR 0.46 per share

- 2022-05: EUR 0.48 per share

- 2022-06: EUR 0.44 per share

- 2022-07: EUR 0.44 per share

- 2022-08: EUR 0.45 per share

- 2022-09: EUR 0.44 per share

- 2022-10: EUR 0.40 per share

- 2022-11: EUR 0.43 per share

- 2022-12: EUR 0.46 per share

- 2023-01: EUR 0.47 per share

- 2023-02: EUR 0.44 per share

- 2023-03: EUR 0.43 per share

- 2023-04: EUR 0.42 per share

- 2023-05: EUR 0.40 per share

- 2023-06: EUR 0.38 per share

- 2023-07: EUR 0.40 per share

- 2023-08: EUR 0.38 per share

- 2023-09: EUR 0.39 per share

- 2023-10: EUR 0.36 per share

- 2023-11: EUR 0.34 per share

- 2023-12: EUR 0.35 per share

- 2024-01: EUR 0.36 per share

- 2024-02: EUR 0.35 per share

- 2024-03: EUR 0.33 per share

- 2024-04: EUR 0.33 per share

- 2024-05: EUR 0.33 per share

- 2024-06: EUR 0.30 per share

- 2024-07: EUR 0.34 per share

- 2024-08: EUR 0.36 per share

- 2024-09: EUR 0.36 per share

- 2024-10: EUR 0.36 per share

- 2024-11: EUR 0.39 per share

- 2024-12: EUR 0.36 per share

- 2025-01: EUR 0.38 per share

- 2025-02: EUR 0.36 per share

- 2025-03: EUR 0.36 per share

- 2025-04: EUR 0.34 per share

- 2025-05: EUR 0.31 per share

- 2025-06: EUR 0.30 per share

- 2025-07: EUR 0.30 per share

- 2025-08: EUR 0.31 per share

- 2025-09: EUR 0.30 per share

- 2025-10: EUR 0.30 per share

- 2025-11: EUR 0.30 per share

- 2025-12: EUR 0.29 per share

- 2026-01: EUR 0.33 per share

- 2026-02: EUR 0.32 per share

- 2026-03: EUR 0.28 per share

- 2026-04: EUR 0.27 per share

- 2026-05: EUR 0.29 per share

- 2026-06: EUR 0.29 per share

- 2026-07: EUR 0.30 per share

- 2026-08: EUR 0.31 per share

- 2026-09: EUR 0.29 per share

- 2026-10: EUR 0.28 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 0.41 per share, central EUR 0.46 per share, high EUR 0.53 per share

- FY2024: low EUR 0.41 per share, central EUR 0.47 per share, high EUR 0.54 per share

- FY2025: low EUR 0.39 per share, central EUR 0.44 per share, high EUR 0.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:18.006Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.