Hey Michael, just recently subscribed to you page! Thanks for the great write-up and deep-dive into Thaibev. It's a company I've been tracking for the last few years. It does seem significantly undervalued and they probably have a great runway ahead. The two things that have prevented me from investing is the political risk out of Thailand and the history of poor acquisitions. Are these the two fears justified in your view, especially now that the gap to fair value is even bigger than a year ago?
Thanks for the detailed presentation Michael. Since beer prices are already relatively high, do you think they'll have trouble passing through high raw material prices (especially wheat) in the coming quarters? Given the market is pretty mature yet margins are low despite a duopoly, what would you need to see changing for margins to rise?
Hey Michael, just recently subscribed to you page! Thanks for the great write-up and deep-dive into Thaibev. It's a company I've been tracking for the last few years. It does seem significantly undervalued and they probably have a great runway ahead. The two things that have prevented me from investing is the political risk out of Thailand and the history of poor acquisitions. Are these the two fears justified in your view, especially now that the gap to fair value is even bigger than a year ago?
Thanks for the detailed presentation Michael. Since beer prices are already relatively high, do you think they'll have trouble passing through high raw material prices (especially wheat) in the coming quarters? Given the market is pretty mature yet margins are low despite a duopoly, what would you need to see changing for margins to rise?