OCBC Investment Research is downgrading its “buy” to “hold” recommendation on Thai Beverage (ThaiBev), while lifting its fair value estimate for the stock from 83 cents to 89 cents. In a Thursday report, lead analyst Jodie Foo notes that ThaiBev’s share price, following 1Q16 results, has “done well thus far” and serves as a “testament to the success of its new marketing strategy for Chang Beer”. It is partially in observation of this sharebro price run-up that the stock has been downgraded. “Recall that (ThaiBev’s) market share for beer had increased from 30% to ~40% and (its) ASP, volume and net profit had improved significantly,” says Foo, adding that it is this segment that will help to drive its growth in the years to come. Foo also reckons that the group’s Vision 2020 strategic roadmap revenue contributions from the NAB and countries beyond Thailand could potentially be accelerated by mergers ......