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RHB restarts coverage of Thaibev with 'buy' with World Cup expected to lift demand

PC Lee
PC Lee5/10/2018 03:23 PM GMT+08  • 3 min read
RHB restarts coverage of Thaibev with 'buy' with World Cup expected to lift demand
SINGAPORE (May 10): RHB Securities is resuming coverage of Thai Beverage with a “buy” and lower target price of $1.06, saying the stock is oversold despite slower-than-expected recovery in alcohol consumption in Thailand.
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SINGAPORE (May 10): RHB Securities is resuming coverage of Thai Beverage with a “buy” and lower target price of $1.06, saying the stock is oversold despite slower-than-expected recovery in alcohol consumption in Thailand.

Although muted beer consumption volumes remain a concern, RHB believes it has been priced in at current levels.

Trading at 81 cents as at 3.19pm, the stock is valued at 18 times FY18F earnings, which RHB says is “undemanding” as it is close to -1SD of its three-year average forward P/E of 19.6 times.

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