Brokers' take

Thai Beverage (ThaiBev) | Hold (downgraded) May 13 close: S$0.765 Fair value: S$0.88 OCBC Investment Research, May 13

ThaiBev's results were within expectations. Q2 net profit declined 12 per cent year-on-year (yoy) to 5.8 billion baht (S$249.9 million), which translates to 24 per cent of our initial full-year forecast.

For the half year, net profit core improved 11 per cent yoy to 13.2 billion baht or 55 per cent of our initial full-year forecast. The decline in bottomline was mainly driven by poorer results from the spirits segment on domestic consumption softness.