Is Thai Beverage expensive?

Thai Beverage is currently trading 4 times its book value. For $0.40 per share, investors are owning $0.10 worth of their assets.

However, with the recent acquisition of F&N, Thai Beverage will be able to expand its distribution network in SEA.

Some institutions claimed that its valuations are still cheap.
Source: http://www.remisiers.org/cms_images/research/Dec10-Dec14_2012/Thai_Beverage_AmFraser_121211.pdf

I still think the valuations now are expensive but i've decided to spend a quarter of my reserves to buy Thai Beverage.

The amount of cash on hand now is crucial as the STI had hit a 1 year high. Whether it will drop or not within the next few months in 2013, it is always better to keep some spare cash in case good stocks become cheap.

This is the lesson i learned in 2011 when stock prices took a dive and i was desperate for cash as OCBC and Keppel dropped to ~$6. I did not manage to ride the wave as i was cashless at that point of time.