Our longer-term optimism on Thai Bev has not changed. Our downgrade yesterday was premised on the fact that expectations have got ahead of themselves and we expect a short-term share price pullback. The weak tourism trend in Thailand is the main reason why spirits under-performed in 3Q, becoming the primary reason for the earnings shortfall. While spirits should do slightly better in 4Q, higher A&P spend for non-al and food suggest an earnings upside surprise there is unlikely. Beer offers the best potential for an earnings surprise; it did fine in 3Q vs. terrific in 2Q. Valuations remain our current grouse. We keep our SOP target price and our Hold rating.