Thai Beverage Remains Buy on Economic Rebound in Vietnam, Thailand -- Market Talk

Dow Jones02-16

0453 GMT - Thai Beverage remains a buy call for RHB Research as it's a likely beneficiary of an economic rebound in Thailand and Vietnam, analyst Alfie Yeo says in a research report. RHB continues to expect better consumption recovery in both countries, driving the Singapore-listed beverage company's sales volume growth in the latter part of 2024. Its valuation is also attractive, with stock trading two standard deviations below historical forward mean of around 19X. However, RHB trims its FY 2024-2026 net profit forecasts for Thai Beverage by 2%-5% to reflect the company's lower-than-expected 1Q earnings, and reduces the target price to S$0.76 from S$0.82. Shares are 1.0% higher at S$0.50. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 15, 2024 23:53 ET (04:53 GMT)

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