SINGAPORE (Nov 27): Brokerages are unanimously positive on Thai Beverage (ThaiBev) after the F&B group last week reported a surge in FY17 earnings on the back of fair value gains by Singapore-based Fraser & Neave (F&N), coming in line with general expectations.
See: ThaiBev reports 38.3% rise in full-year earnings to $1.4 bil, aided by fair value gains
The improvement in full year earnings has led Phillip Capital to upgrade its call on the stock to “buy” with a higher target price of $1.18 after rolling over valuations to FY18E, taking into consideration the potential earnings from the group’s new Spirits business in Myanmar, as well as the new loans to fund its acquisition spree.
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