UOB Kay Hian analyst Llelleythan Tan has maintained “buy” on Thai Beverage (ThaiBev) with the same target price of 92 cents.

“We value: the spirits business at 17 times EV/EBITDA, lower than global peers; the beer business at 16 times EV/EBITDA, in line with ASEAN peers; the non-alcoholic beverages (NAB) business at 2.5 times EV/sales; and the food business at 14 times EV/EBITDA, in line with local peers,” writes Tan in an Oct 22 report.

“Frasers Property and Fraser & Neave, in which ThaiBev owns 29% each, are valued based on market value,” he adds.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook