Simons Trading Research
Thai Beverage - Anchoring for Future Growth
- Maintain BUY with lower target price of SGD0.88 from SGD1.02, implying 29% upside.
- 3QFY18 PATMI of THB6bn was below our as well as consensus’ estimates, as the World Cup failed to boost alcohol consumption in Thailand. We believe the market has priced in the softening of demand in the near term.
- Medium-term, we still like the company for its leading market share in key emerging ASEAN countries. We believe Thai Beverage is a company with strong brand equity, which still holds deep value in the long run.
Source: RHB Invest Research - 16 Aug 2018
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