Following Thai Beverage’s (ThaiBev) 9M FY20 business update, most analysts are positive on the company despite the impact from the restrictions to curb the spread of the novel coronavirus (Covid-19).

CGS-CIMB Research, however, is not one of them.

The brokerage believes that lower earnings before interest, tax, depreciation and amortisation (Ebitda) recorded by Fraser and Neave (F&N) and Frasers Property in the same period may indicate lower earnings registered by both associate companies.

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