Brokers' take

Thai Beverage | Accumulate (Initiation) July 10 close: S$0.915 Target price: S$1.05 Phillip Securities Research, July 10

ThaiBev's premiumisation efforts have paid off. We believe that the momentum would continue to make Chang beer the leading beer in Thailand (with at least 45 per cent of market share) by 2020.

There is demand recovery for alcoholic beverages as the impact from the mourning period is to ebb in Q1 FY2018; and with improving consumer sentiment and a broader economic recovery in Thailand.