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.
(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.
