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$ThaiBev (Y92.SG)$ $ThaiBev(Y92.SI) ...DBS, call Thai Beve...

$ThaiBev(Y92.SI) ...DBS, call

Thai Beverage (THBEV SP) – BUY
BeerCo IPO set to return
Price Target (12-mth): S$0.92, Upside 36.3%

- ThaiBev will resume its spin-off of its BeerCo unit, after it was paused due to market volatility and a spike in COVID-19 cases in Thailand and Vietnam
- Up to 20% of issued ordinary shares could be publicly offered
- The rational for the spin-off is to unlock value for shareholders and create a separate platform for BeerCo to operate on while helping deleverage the ThaiBev Group
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