SINGAPORE (Aug 15): DBS Group Research is keeping Thai Beverage at “buy” with target price of 94 cents saying the group’s potential of evolving into a regional beverage player remains intact although its share price is expected to remain volatile given weak domestic consumption.

To recap, ThaiBev’s 3Q18 results was weak as expected. Earnings fell 61% y-o-y largely due to the absence of fair value gains recognised in the same quarter a year ago by associate F&N on an investment in Vinamilk which amounted to THB 8.5 billion.

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