In today’s briefing:
- ThaiBev’s BeerCo IPO: What’s It Worth?
- SPH REIT Option Has 1 Week To Go – Look Elsewhere
- Las Vegas Sands: Totally Asia Facing, It Is Valued on Financial Strength Amid Covid Challenges
ThaiBev’s BeerCo IPO: What’s It Worth?
- Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion, according to press reports.
- In ThaiBev’s BeerCo IPO: Third Time’s the Charm?, we look at the latest developments and results.
- The target raise by offering 20% of BeerCo’s issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests a valuation range of US$5.0-5.2 billion.
SPH REIT Option Has 1 Week To Go – Look Elsewhere
- The SPH REIT (SPHREIT SP) “option” has performed admirably so far, up 4.2% in a month, and now it is time to look elsewhere.
- SPH REIT has outperformed its Retail S-REIT peers and is now near the top of its undisturbed 3-year range.
- And there are potential large flow events on the horizon which would benefit the Peers more than SPH REIT.
Las Vegas Sands: Totally Asia Facing, It Is Valued on Financial Strength Amid Covid Challenges
- LVS is now entirely a balance sheet play in that its cash position vs. run rate assures good liquidity through the lingering covid crisis.
- Maturities of its debt pose no problems for refis until ’24,’25–and even minimal then.
- Recurring sporadic covid outbreaks and Beijing policies impede GGR recovery. We are moving LVS from BUY to HOLD to reflect the value of its sustainability rather than growth.
Before it’s here, it’s on Smartkarma
