For now, though, CGS-CIMB has incrementally raised its target price for the stock to 87.2 cents. “We await further details on the deal before making any changes to our forecasts and target price,” says See. On Feb 5, ThaiBev announced the proposed listing of BeerCo, which will hold its Thai beer business and Saigon Alcohol Beer and Beverage Joint Stock Corp (Sabeco). Up to 20% of the total number of shares in BeerCo will be included in the IPO, which could value it to about US$10 billion. According to CGS-CIMB, the successful listing of BeerCo could pare down ThaiBev’s debt at the group level.