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WEEKLY INVESTMENT IDEAS - 20211206 - Thaibev Singtel Wilmar BEN
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The emergence of Omicron is fuelling uncertainty in markets, as investors await information about the heavily mutated coronavirus variant and gauge how badly it could damage the global recovery. Hence we recommend exposure to companies whose businesses are resilient in spite of the pandemic.

Thai Beverage (THBEV SP) is Thailand’s largest beverage producer with the largest market share in spirits. Its products include spirits, beer, non-alcohol beverages and food. 4QFY21 keep spirits volumes elevated, weathering the effects of COVID-19-related measures such as the closure of entertainment venues and restaurants in Thailand. The spirits segment has proven once again to be a very resilient segment, largely sheltered from the effects of COVID-19 due to its off-premise consumption nature. The group also continued to benefit from the well-managed SG&A costs. UOBKH Research has SOTP-based target price of $0.92 for the stock.

provides an extensive rangeSingtel (ST SP) of telecommunications and digital services to consumers and businesses across Asia, Australia, Africa and the US. It serves over 753 million mobile customers in 21 countries, including Singapore, Australia (via wholly owned subsidiary Singtel Optus) and the emerging markets of India, Indonesia, the Philippines, Thailand and Africa. Anticipates an improving outlook for Bharti as the Indian wireless industry becomes a quasi-duopoly, which would drive revenue and earnings growth going forward. Meanwhile, its subsidiary, Optus, is seeing a better competitive environment as operators remove discounts and are offering less bonus data. EPS is forecasted to finally grow 31% and 18% for FY2022 (YE March) and FY2023.

Wilmar (WIL SP) is involved in oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, manufacturing of consumer products, specialty fats, oleochemicals, biodiesel and fertilisers as well as flour and rice milling. It is the leading manufacturer of consumer pack edible oils, rice and flour and edible oils refiner in China with over 350 manufacturing plants in 66 locations across the country. We like Wilmar for its diversified and integrated business model which has delivered good results performance despite the global uncertainty. UOBKH Research has SOTP-based target price of $6.00 for the stock.

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