Thai Beverage: Downgraded to Neutral at OCBC
- Looking ahead, OCBC believes that beer will drive growth in the coming years while the spirits segment would see a largely stable performance given the maturity of the industry.
- Two other factors that could help to expedite achieving the group’s vision2020 aims would be M&A as well as corporate restructuring involving the entities (TCC, F&N, FCL, Thai Bev).
- However, following the share price run up and limited upside, OCBC is downgrading the stock to a HOLD.
- TP lifted from $0.83 to $0.89 as the house rolls its valuation one-year forward.
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