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On a longer-term horizon, we believe its ongoing transformation into a regional beverage player will help to further re-rate the counter.Its associate, Fraser & Neave Ltd (FNN) now owns 18.74% in Vinamilk, and has stated an intention to increase this further. Share swap unlikely; FNN regional investment vehicle.

In each case, Thai pragmatism, and sense of duty, prevails, and the nation normalizes very quickly.” David Scowsill, president and chief operating officer of the World Travel and Tourism Council, said the succession of the king’s heir, Crown Prince Vajiralongkorn, will bring a “calm transition” to the country.

About 30 million visitors came to Thailand last year, a number that is expected to reach a record high this year because of an influx from China.

Tourism contributed billion to the country’s gross domestic product in 2015, nearly 21 percent, according to the World Travel and Tourism Council.

Although the government made it clear that visitors should continue with their travel plans — as long as they try to dress and act respectfully — bars and restaurants have since been closed, loud music avoided and alcohol sometimes difficult to come by.

All of this has put a damper on one of the world’s most popular party spots.

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While 1H17 saw results dipping by 2% y-o-y, we believe 2H17 could turn in a better y-o-y performance on the back of tighter cost control.

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