Tuesday, March 1, 2016

Thai Bev

Thai Bev: 4Q results showed evidence of an inflection in beer market share and profitability.
Marketing for the NAB segment is likely to taper off, and spirits remains stable, supporting a 10% EPS CAGR for 2015-17e. Valuation looks attractive vs. peers.
MS raised to OW with TP of $0.78.

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