SINGAPORE (Nov 28): Analysts are maintaining their “buy” calls on Thai Beverage despite a disappointing 4Q.

The 11% and 11.4% y-o-y decline in domestic spirit and beer volumes were due to cautious consumer spending among lower income consumers in FY18.

This was exacerbated by the high base effect of higher agent sales in Sep 2017 as they were positioning for an excise tax hike.

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