SINGAPORE (Oct 26): Exotix Capital is initiating coverage on Thai Beverage with a “buy” recommendation and a target price of 90 cents.

“ThaiBev is on the verge of sustained earnings growth, powered by its foray into Vietnam and a turnaround in the Thai beer business,” says analyst Nirgunan Tiruchelvam in a report on Thursday.

After five quarters of sub-par growth due to the mourning period since the death of the king, the analyst expects vibrant growth in beer revenues in the next three years. In addition, ThaiBev’s investment in a 54% stake in Sabeco could create synergies and drive earnings in Vietnam, he says.

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