SINGAPORE (June 29): DBS is reiterating its “buy” call on Thai Beverage with a target price of $1.07 on expectations slowing consumption in Thailand is only a temporary blip.
“While 1H17 saw results dipping by 2% y-o-y, we believe 2H17 could turn in a better y-o-y performance on the back of tighter cost control,” says lead analyst Andy Sim in a Thursday report, adding pullbacks in the share price offer a chance to accumulate the stock.
In addition, the expectations of excise tax increase could lead to distributors and agents to stock up, thus spurring sales in 4Q17F.
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