Thai Beverage

Thai Bev: Holdco Discount Narrows as Thai Bev Prepares to Restart the Beer Unit IPO

Event-Driven
352 Views, 10 May 2022 12:20
EXECUTIVE SUMMARY
  • In a regulatory filing last Thursday, Thai Beverage (THBEV SP) said that it had restarted its Beer Unit IPO at a much lower valuation than before.
  • Based on the current NAV discount of 13%, we think this is already priced-in Thai Bev’s share price.
  • Nonetheless, a 13% NAV discount could be too light in our opinion and there could be downside potential to the NAV discount following the completion of the Beer Unit IPO.
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Oshadhi Kumarasiri
Equity Analyst
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's... 

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