Singapore Stock Market News

Thai Beverage - The third cog

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Publish date: Wed, 20 Mar 2013, 12:38 PM
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Oishi is already an integral engine of Thai Bev; its combination with F&N and Serm Suk is now being mapped. In a recent company visit, Oishi narrated its aggressive growth plans. We also understood how Serm Suk's returnable-bottle logistics form a formidable barrier of entry.

Weaker 2012 non-alcoholic earnings were due to temporal factors and is not a concern. We tweak our FY13-14 estimates and raise our SOP target price on a higher target multiple for the non-alcoholic beverage business. Maintain Outperform with catalysts to come from earnings delivery by non-alcoholic beverage division.
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