Thai Bev

Thai Bev: 3Q12 results. Revenue at THB 37.6b, +28% yoy, mainly due to an increase in sales from the spirits business (+14%), non-alcoholic beverages (+304%) and the food business (+25%). Beer sales was flat, at -1% yoy. Sales volume increased across all segments except energy drinks. Gross margins improved to 29.5% from 25.2% , and Thai Bev recorded THB 0.5b new contribution from associates arising from the FNN acquisition, but this was offset by net loss on forex and higher finance costs. Net profit came to THB 3.0b, +16% yoy. Co remained silent about its intentions for FNN, which will likely be closely watched by the mkt. The stock trades at 15.1x annualized 9M12 P/E, 3.9x P/B.