OCBC Investment Research has placed a "buy" call on the shares of Thai Beverage with a target price of S$0.81.

This, as the company could see more upside ahead after initiating a strong rebound off its near two-year key uptrend support and S$0.715 horizontal support on significant trading volume in the last session.

The research house said the relative strength index has also rebounded strongly just above its historical strong support of 30 per cent level, suggesting that the upside momentum could be picking up again.

"The counter could climb higher towards the next key resistance at S$0.81 (key peak) in the weeks ahead. Meanwhile, we advocate a stop-loss exit around S$0.69, which is slightly below the S$0.715 firm support," it said.