Goldman Sachs analyst Xuan Tan upgraded Thai Beverage (TBVPF) to Buy from Neutral with a price target of S$0.72, up from S$0.61. The firm says that after a “volatile few years,” Vietnam beer consumption should revert to its “high growth path” in 2025 with a macro recovery and easing impact from Decree 100. ThaiBev is well positioned for an earnings inflection with 11% Patmi growth in 2025, the analyst tells investors in a research note.
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