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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.

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Relative Valuation

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.