14 July, 2006

Thailand: JP Morgan started Thai Bev at ‘overweight’ July 12

JP Morgan started coverage of Thai Beverage with ‘overweight’ rating, US32 cents target price, Dow Jones Newswires announced July 13.

JP Morgan cited non-cyclical demand, dominant market share, stable margins, and strong cash flow. It eyes 9% earnings CAGR for 2005-2008, but a faster free cash flow growth. It also says negligible capex needed for next 5 years, potential upside from price hikes, local and regional M&A and new product launches. JP Morgan added that stock traded at "massive discounts to regional peers". Last rates were down 1.7% and shares traded US28.5 cents.

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