Thai Beverage is testing the critical 0.700 level currently on TOP 2 VOLUME. If it manages to break and stay above this 0.700 level, can see it trend higher and find a new high probably from 0.74 to 0.75 region. Has been consolidating from more than a week from 0.65 to 0.685 level and finally some movement today seen. A follow up from last Monday 13th May 2013 technical buy call.
Stop loss at 0.67.
StanChart – 22 May 2013
n We visited Myanmar and met the management of Fraser & Neave (F&N), Myanmar Brewery‟s controlling shareholders.
n The country‟s extended isolation has led to a shortage of basic consumer items – and a thirst for beer. Myanmar could generate 47% of Thai Beverage (Thai Bev)‟s beer volume growth in 2013-17.
n We consider Thai Bev an excellent proxy for the opportunities in Myanmar, despite rising competition. Thai Bev has a 29% stake in F&N and we believe there is a strong likelihood of a restructuring. We estimate Myanmar Brewery would represent 8% of Thai Bev‟s NAV under the restructuring scenario.
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