CGS-CIMB downgrades ThaiBev to 'hold' as earnings, revenue will be hit by restrictive measures

SINGAPORE (April 20): CGS-CIMB Research has downgraded Thai Beverage (ThaiBev) to a “hold” rating with a lower target price of 70 cents from 90 cents previously.

This comes as the brokerage has turned cautious on ThaiBev’s prospects ahead, given the restrictive measures imposed in Thailand and Vietnam to combat the spread of the novel coronavirus (Covid-19) pandemic.

The brokerage has forecast a decline in spirit and beer volumes of 8.9% and 16.1%, respectively, in FY20.

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