Thai Bev

Thai Bev: The weak tourism trend in Thailand is the main reason why spirits under-performed in 3Q, becoming the primary reason for the earnings shortfall. While spirits should do slightly better in 4Q, higher A&P spend for non-al and food suggest an earnings upside surprise there is unlikely. Beer offers the best potential for an earnings surprise; it did fine in 3Q vs. terrific in 2Q. CIMB keeps its Hold rating with TP of $0.78.