Singapore: 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 (IPO) of its Asian unit to raise up to US$9.8bil.
That’s according to analysts at Tellimer Research and KGI Securities (S) 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% yesterday.
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