Thai Bev

Thai Bev: In a UBS rpt, house cites that despite being a fairly large and liquid stock, ThaiBev is ineligible for MSCI Index inclusion given its incorporation in Thailand and listing in Singapore. However, MSCI has recently launched a consultation process on potential enhancements to its methodology and one of the proposed changes is to start considering companies not listed in their "country of classification" for index inclusion. If implemented, UBS understand it could result in ThaiBev's inclusion into MSCI Thailand as early as Feb-15 and serve as a catalyst for further potential upside. On restructuring of ThaiBev's 28.6% stake in FCL and FNN, UBS are still of the view that a share swap between ThaiBev and TCC assets is the most likely scenario which would result in streamlining of interests. While the timing for this remains uncertain, any progress here could remove the overhang and lead to further rerating. UBS has a Buy rating and TP of $0.84.