ThaiBev drops 7% on unexpectedly poor Q1 results; analysts turn bearish on stock
Plunge in profit was largely due to non-recurring costs of 2.35 billion baht from four acquisitions in the first quarter
Singapore
ANALYSTS have made bearish calls on Thai Beverage (ThaiBev) shares after the group posted first-quarter results that were well below expectations.
OCBC placed its rating and fair value estimate for the stock "under review", while UOB Kay Hian downgraded to a "hold" call, reducing its target price to S$0.99 from S$1.06. Similarly, CIMB maintained a "hold" call on the counter, reducing its target price from S$1 to S$0.98.
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