SINGAPORE (Nov 16): OCBC is maintaining its “buy” call on Thai Beverage with an unchanged fair value of 83 cents. Although some concerns remain for Thailand’s economy, OCBC says the group’s alcoholic portfolio is quite defensive.  

In a report out on Friday, lead analyst Jodie Foo says Thai Beverage’s 3Q15 results came in broadly in line with OCBC’s expectations.

The group’s PATMI of THB8 billion, which made up 34% of our full-year estimate, was helped by a THB3.8 billion gain from F&N’s disposal of Myanmar Brewery Limited.

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