Brokers' take

Thai Beverage > Buy UOB Kay Hian Research, March 31 March 31 close: S$0.94 Target price: S$1.09

WE value Thai Beverage (ThaiBev) using sum of the parts, deriving a target price of S$1.09. The major part of ThaiBev's value comes from the spirits business which accounted for 73 per cent while the beer business accounted for 15 per cent of our valuation. Its valuation remains attractive at the current level with its FY2017…