Defensive despite Covid-19 impact
■ 3QFY9/21 EBITDA of THB11.3bn (+3% qoq, +20% yoy) was above
expectations. Strong margins offset weaker-than-expected sales growth.
■ Amid tighter Covid-19 restrictions, we like THBEV’s defensiveness, given its
strength in off-trade channels and strong product portfolio.
■ Reiterate Add and our TP of S$0.84.