19 January, 2021

Vietnam: Analysts expect lower valuation for ThaiBev’s beer assets

UOB Kay Hian (UOBKH) on January 18 said it is reasonable to expect a lower valuation for Thai Beverage Company's beer assets, given Sabeco - its Vietnam brand - had been impacted by drink-driving regulations and Covid-19 restrictions, The Business Times reported.

The research team's note follows news that ThaiBev has revived plans to list its regional beer assets through an initial public offering in Singapore, people familiar with the matter told Reuters.

UOBKH analyst Lucas Teng said drink-driving regulations are expected to have a more permanent effect on alcohol consumption and could put valuation on a lower range compared with 2019.

"However, Vietnam's young population still makes the market a compelling prospect for growth," he noted.

He said recovery has been encouraging thus far and estimates beer volumes in Vietnam to be approximately 15-20 per cent below pre-Covid-19 levels as at end-FY2020.

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