Thai Beverage

Thai Beverage: CIMB maintains O/p with $0.71 TP. House understand that there will be changes to the alcoholic excise tax policy motivated by the govt’s desire to prevent importers from understating cost. There is little clarity at this stage but do not think that Spirits margins will be adversely affected. In fact, Spirits volume may benefit. There has been no official statement yet but house do not think that these changes will be detrimental to spirits margin. There are no changes to house FY13-15 EPS estimates and SOP-based target price for now. Overall, keep Outperform call and expect re-rating catalysts from further corporate restructuring.