Operating Margin

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Price: 33.56 USD Market Closed

Market Cap: 8.4B USD

351.7%

Improving

by 5.2%

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin

351.7%

Operating Income

฿48.2B

Revenue

฿333.3B

Operating Margin shows how much profit a company makes from its regular business activities after covering operating costs. It helps measure how efficiently the company turns sales into profit.

Operating Margin

351.7%

Operating Income

$48.2B

Revenue

฿333.3B

Peer Comparison

Country		Company	Market Cap	Operating Margin
TH		Thai Beverage PCL SGX:Y92	11.8B SGD	Loading...
CN		Kweichow Moutai Co Ltd SSE:600519	1.7T CNY	Loading...
CN		Wuliangye Yibin Co Ltd SZSE:000858	407.8B CNY	Loading...
UK		Diageo PLC LSE:DGE	36.1B GBP	Loading...
ZA	D	Distell Group Holdings Ltd JSE:DGH	40.7B Zac	Loading...
CN		Shanxi Xinghuacun Fen Wine Factory Co Ltd SSE:600809	209.2B CNY	Loading...
US		Constellation Brands Inc NYSE:STZ	27.2B USD	Loading...
CN		Luzhou Laojiao Co Ltd SZSE:000568	171B CNY	Loading...
FR		Pernod Ricard SA PAR:RI	18.5B EUR	Loading...
CN		Jiangsu Yanghe Brewery Joint-Stock Co Ltd SZSE:002304	96.2B CNY	Loading...
US		Brown-Forman Corp NYSE:BF.B	12.4B USD	Loading...

Market Distribution

Min	-8 867.3%
30th Percentile	1.7%
Median	6.4%
70th Percentile	13.2%
Max	352.6%

Other Profitability Ratios

Thai Beverage PCL
Glance View

Economic Moat

None

Market Cap

8.4B USD

Industry

Beverages

In the bustling world of the Southeast Asian beverage industry, Thai Beverage Public Company Limited (Thai Bev) stands as a towering figure. Established in 2003, but with roots tracing back to a century-old brewing heritage, the company swiftly cultivated a dynamic portfolio that includes beers, spirits, non-alcoholic beverages, and food. The key to Thai Bev's success lies in its strategic combination of tradition and innovation. Leveraging deep-rooted consumer loyalty to brands such as Chang Beer and SangSom Rum, Thai Bev has sustained a dominant market presence, all while dynamically expanding its offerings. Positioned as one of the largest beverage companies in the region, it maintains a deft balance in its core operations, achieving steady revenue streams through diversified yet synergistic product lines. Thai Bev's financial prowess is a product of its robust operational strategy, which harmonizes local expertise with a broadening international footprint. The company deftly maneuvers through the complexities of both local markets and global ambitions, focusing on producing high-quality products that cater to evolving consumer preferences. Its investments in state-of-the-art facilities and aggressive marketing campaigns have further solidified its market position. With cost-effective production processes and an extensive distribution network spanning local and regional markets, Thai Bev efficiently channels the lion's share of its revenue through domestic sales. This strategy, combined with selective acquisitions and partnerships, has bolstered its competitive edge both at home and abroad, steadily increasing shareholder value and cementing its status as a beverage behemoth.

View TBVPY Analysis

TBVPY Intrinsic Value

Undervaluation 53%

Intrinsic Value

Price

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

The AI Assistant may sometimes provide inaccurate information.

Make your own investment decisions or consult a licensed financial advisor.

Thai Beverage PCL
OTC:TBVPY

Peer Comparison

Market Distribution

Other Profitability Ratios

Thai Beverage PCL
Glance View

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Thai Beverage PCL OTC:TBVPY