Thai Beverage Upgraded on Earnings
Thai Beverage (ThaiBev) has had a strong Q3, net profit was up 16 per cent helped by better sales revenue across all of its beverage lines, “an encouraging sign, despite threats of Moody’s downgrades, ThaiBev looks to have a bright future, we have upgraded the stock to a strong buy and my 2015 price target is $1 SGD” Shayne Heffernan said in a note to traders today.
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ThaiBev Net profit stood at 2.98 billion Thai baht (S$119.7 million) for the three months ended 30 September 2012, up from 2.58 billion Thai baht (S$102.9 million) a year earlier.
ThaiBev’s revenue in Q3 rose 28 per cent on-year to 37.6 billion Thai baht (S$1.5 billion), up from 29.3 billion Thai baht (S$1.2 billion).
For the first nine months of this year, net profit rose 42 per cent to 12.3 billion Thai baht, while revenue climbed 32 per cent to 119.6 billion Thai baht in the period.
In a filing to the Singapore Exchange, the company reported a 38 per cent growth in its international business sales in the first nine months of 2012.
ThaiBev, the manufacturer of Chang Beer, is controlled by Thai billionaire Charoen Sirivadhanabhakdi.
Mr Charoen, through his vehicle TCC Assets, is battling Overseas Union Enterprise (OUE) – controlled by Indonesian tycoon Stephen Riady – to take over Fraser and Neave (F&N).
Last week, OUE put up a S$9.08-a-share bid for F&N, in an attempt to thwart Charoen’s S$8.88-a-share offer, which values the Singapore-listed conglomerate at around S$12.8 billion.
F&N shareholders have until 22 November to decide on Thai Bev’s offer.
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Heffernan Capital Management
Business Development Director – Private Client Group,
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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