SINGAPORE (Sept 21): RHB Research is maintaining “buy” on Thai Beverage (ThaiBev) with an unchanged target price of 88 cents despite expectations of 4Q18 alcohol volumes to continue their decline due to the high base effect in 4Q17, which saw trade agents stocking up prior to the excise tax hike.

This is because the research house sees more upside potential than downside risks moving into FY19, as it anticipates improving rural income as well as positive vibes from the upcoming general election in Thailand – both of which should in turn benefit domestic alcohol consumption in the longer run.

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