Thai Beverage - OCBC Investment 2016-10-11: Listing of Sabeco may be delayed

Thai Beverage - OCBC Investment 2016-10-11: Listing of Sabeco may be delayed THAI BEVERAGE PUBLIC CO LTD Y92.SI

Thai Beverage - Listing of Sabeco may be delayed

  • A report by Bangkok Post on 6 Oct had stated that Thai Beverage (Thai Bev)'s subsidiary Thai Beverage Logistics Co was in talks to acquire Ticon Industrial Connection PCL, a Thailand- based provider of industrial properties. 
  • Contrary to this report, it turned out to be Frasers Centrepoint Limited that had agreed to acquire a ~40% stake in Ticon, according to FCL’s announcement on Mon. 
  • Separately, on the potential bidding for a stake in Vietnam’s state- owned brewer Sabeco and Habeco, Reuters reported that Phan Dang Tuat, the industry and trade ministry official, said that strategic stake sales were not currently under consideration, and the listing of Sabeco on the Ho Chi Minh Stock Exchange may be delayed to 2017. 
  • The competition for a stake in Sabeco is strong, with around 20 investors reportedly expressing interest. 
  • We continue to wait out on this development. 
  • We currently have a HOLD rating and fair value estimate of S$1.01 on the stock.




Jodie Foo CFA OCBC Investment | http://www.ocbcresearch.com/ 2016-10-11
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 1.01 Same 1.010



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