The offer price, which represents a 28% premium to Sermsuk’s last trading price as at July 3, values the company at 16.8 billion baht, or 68 times its FY2023 net profit of 248 million baht.
The team at DBS Group Research has maintained its “buy” call on Thai Beverage (SGX:Y92
) (ThaiBev) and target price of 69 cents as the group took another step to restructuring its food and non-alcoholic beverage (NAB) businesses.
ThaiBev announced, on July 3, that it will make a tender offer of 63 baht ($2.33) per share for all 93.9 million shares that it does not already own in Sermsuk Public Company following approval from the group’s board of directors. The group intends to delist Sermsuk from the Stock Exchange of Thailand (SET) upon the successful closure of the offer.
