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.


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