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ThaiBev under siege after Budweiser shelves IPO

Bloomberg
Bloomberg7/15/2019 04:47 PM GMT+08  • 2 min read
ThaiBev under siege after Budweiser shelves IPO
(July 15): Thai Beverage PCL’s crown as top performer in Singapore this year is under siege after rival Anheuser-Busch InBev NV shelved the initial public offering of its Asian unit to raise up to US$9.8 billion ($13.3 billion).
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(July 15): Thai Beverage PCL’s crown as top performer in Singapore this year is under siege after rival Anheuser-Busch InBev NV shelved the initial public offering of its Asian unit to raise up to US$9.8 billion ($13.3 billion).

That’s according to analysts at Tellimer Research and KGI Securities (Singapore) Pte, who said that the stock will take a hit on “sentiment” as Budweiser Brewing Company APAC Ltd’s IPO had been expected to boost the valuation of ThaiBev as bankers guided the former’s multiples at a premium to the Bangkok-based brewer. Shares of ThaiBev tanked as much as 4.1% on Monday.

Even with the slump, ThaiBev is still the top performer on Singapore’s benchmark Straits Times Index this year. The stock had gained 42% or US$4.7 billion in market value as of Friday’s close. Of the 19 analysts tracking the stock as compiled by Bloomberg, none have a sell rating on the company.

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