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 forecast price-earnings ratio of 20.4 times being lower than its global peers'. . . We expect ThaiBev to post a 10 per cent revenue compounded annual growth rate in FY2016-19, driven by the beer business.
SingTel > Buy OCBC Investment Research, March 31 March 31 close: S$3.92 Target price: S$4.25
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