SINGAPORE (Dec 20): CIMB Research has downgraded its call on Thai Beverage (ThaiBev) while lowering its target price on the stock by 15 cents to $1, after imputing a potential impact to the group’s balance sheet from a recent acquisition which the research house deems pricey.

This follows news of ThaiBev gaining an estimated 26.3% stake in Saigon Beer Alcohol Beverage Corp (Sabeco) via its indirect-owned unit Vietnam Beverage, which won a bid for 53.6% of Sabeco for an aggregate price of VND109.7 trillion ($6.5 billion).

See: ThaiBev's unit seeks to buy a near US$5 bil stake in Sabeco

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