CGS-CIMB Research has reiterated its “add” rating for Thai Beverage (ThaiBev) considering the beverage manufacturer’s plan to list its beer business.

The brokerage believes the proposed IPO could rerate the stock.

“Looking back at 2019, when news first emerged, the stock traded up to 93.5 cents,” CGS-CIMB analyst Cezzane See writes in a note dated Feb 5.

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