Brokers' take

Thai Beverage | Hold (maintained) May 28 close: S$0.82 Target price: S$0.86 OCBC Investment Research, May 28

Since our downgrade to "hold" on May 13 to Monday's close, Thai Beverage (ThaiBev) has posted total returns of -1.6 per cent against the benchmark index's -2.9 per cent.

We believe the initial share price softness is likely due to moderated expectations for domestic spirit volume growth for the rest of the year, as well as a response to the strength of the rally from the start of the year to May 13. Is it worth collecting ThaiBev shares now? As at May 27's close, valuations look reasonable but are not particularly compelling to us.