“Thaibev’s share price took a beating after its 2QFY17 results disappointed, with net profit falling 23% y-o-y. However, the share price has somewhat recovered since. We had always taken the view that Thaibev was merely facing mini headwinds due to the mourning period and we expect consumption to normalise over time,” notes Seow.
SINGAPORE (July 7): CIMB Research is maintaining its “add” recommendation on Thai Beverage (ThaiBev) with an unchanged target price of $1.07.
In a Thursday report, analyst Jonathan Seow expresses the view that any near-term consumption weakness which may arise from Thailand’s year-long mourning period or its impending tax hike would be temporary for the beverage company.
