|Bid||95.80 x 900|
|Ask||95.83 x 1000|
|Day's Range||95.74 - 96.04|
|52 Week Range||64.55 - 102.70|
|Beta (3Y Monthly)||1.35|
|PE Ratio (TTM)||25.85|
|Forward Dividend & Yield||2.03 (2.08%)|
|1y Target Est||106.14|
AB InBev could be putting some fizz back into plans for an IPO of its Asia-Pacific business, Budweiser APAC. Those plans went flat back in July ... When, within days of a global roadshow, the giant brewer - the world's largest - dramatically shelved what would have been the largest IPO this year, citing market factors. Sources now tell Reuters AB aims to relaunch the float as soon as next week - and wants to raise about 5 billion dollars. That's around half its original ambitions. But could help scrape the top off a heavy debt burden - currently around 100 billion dollars. For its part, AB said in a statement it was continuing to explore an IPO in Hong Kong. The Asian unit no longer includes its Australian operations. They were sold to Japan's Asahi Group for 11 billion dollars shortly after the July decision. The sources say AB is tentatively looking to price the deal on September 23 and list the unit on September 30.
Sep.12 -- Anheuser-Busch InBev NV is aiming to raise about $5 billion in its resumed plans to float its Asian unit in Hong Kong, two months after it scrapped a listing that would have been the world’s biggest initial public offering this year, people familiar with the matter said. Fion Li reports on "Bloomberg Markets: Asia."
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(Bloomberg Opinion) -- Hong Kong’s IPO market is unexpectedly coming back to life. It may be a brief revival.Companies from Anheuser-Busch InBev SA’s Asian unit to Megvii Technology Ltd. aim to raise more than $10 billion selling shares before the year is out. It’s a turnaround that appeared improbable as recently as mid-August, when the Hang Seng Index erased its gain for the year amid anti-government protests and concerns over weakening global growth.Hong Kong’s benchmark stocks gauge has bounced 8% since Aug. 13, among the best-performing indexes worldwide in that period, as traders bet that China’s government will try to buoy investor spirits in the run-up to Oct. 1, when the country celebrates the 70th anniversary of the founding of the People’s Republic. That’s created a window of opportunity for companies that previously struggled to generate enough investor interest.Budweiser Brewing Company APAC Ltd. is the prime example. The unit of AB InBev, the world’s largest brewer, pulled what would have been the world’s biggest initial public offering in mid-July after failing to draw sufficient demand for the $9.8 billion sale. The company is back with a pared-down $5 billion offering and aims to list by the end of September, Carol Zhong, Julia Fioretti, Jinshan Hong and Crystal Tse of Bloomberg News reported last week, citing people familiar with the matter.The brewer is seeking to list minus its Australian operations, which the company agreed to sell to Asahi Group Holdings Ltd. for $11.3 billion soon after withdrawing its IPO in July. That hived off a slower-growing part of its operations, which may help attract investors who balked at Budweiser Brewing’s valuation last time around.Other than a rising stock market, a simple technical reason may account for the brewer’s haste to try again. A company that seeks to list within six months of its first application doesn’t need to prepare a new set of accounts, meaning Budweiser Brewing can just strip the Australian operations from its financials when pitching to investors this time around.Others lining up at the IPO well include Megvii, a Beijing-based artificial intelligence startup that’s seeking $1 billion; consumer lender Home Credit NV, which is targeting as much as $1.5 billion; Chinese sportswear retailer Topsports International Holdings Ltd., which aims to raise about $1 billion; and ESR Cayman Ltd., a logistics real estate developer backed by Warburg Pincus that earlier shelved a $1.2 billion deal. The first to list of the current crop may be biotechnology firm Shanghai Henlius Biotech Inc., which has already started taking orders for a $477 million sale.The biggest flotation of all may come in October, when New York-traded Alibaba Group Holding Ltd. will seek to raise as much as $15 billion in a secondary listing, Reuters reported last month.The resurgence in the IPO market is a tonic for Hong Kong Exchanges & Clearing Ltd., which has faced skepticism over its $36.6 billion bid for London Stock Exchange Group Plc and whose shares have dropped 16% from this year’s high. Hong Kong has slipped in the pecking order of global stock exchanges after topping the rankings in 2018. Companies raised $10.8 billion in IPOs this year through Sept. 13, less than half of the total in the same period last year.The question is whether there will be enough investor demand to soak up all the stock that an eager and growing group of listing candidates is waiting to thrust on buyers. Meanwhile, Hong Kong’s economy is deteriorating and the protests haven’t gone away. Companies must also consider whether China’s feelgood efforts will extend beyond Oct. 1.Time may be of the essence for this crowd. To contact the author of this story: Nisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Police in India's capital New Delhi are probing a case of alleged tax evasion involving Anheuser-Busch InBev , according to a police officer and a document seen by Reuters, a setback for the brewer already battling a three-year city ban. Local authorities barred AB InBev, the world's largest brewer, in July from selling its beer in the high profile New Delhi market for evading taxes. The Delhi ban followed an investigation by city authorities which found that beer maker SABMiller - acquired by AB InBev in 2016 for around $100 billion - used duplicate barcodes on its beer bottles supplied to city retailers that year, allowing it to pay lower taxes.
(Bloomberg) -- Two Hong Kong initial public offerings that had been postponed earlier this year are rearing their heads again.Warburg Pincus-backed ESR Cayman Ltd., a logistics real estate platform, on Friday refiled listing documents with the Hong Kong stock exchange, a day after the world’s largest brewer Anheuser-Busch InBev did the same for its Asian unit.The potential return of the two deals, which had initially sought to raise about $11 billion between them, marks a remarkable turnaround for the fortunes of the Hong Kong stock exchange, which is languishing behind Shanghai and New York in terms of IPO proceeds. Companies have only raised $10.8 billion in Hong Kong IPOs so far this year, less than the amount withdrawn, according to data compiled by Bloomberg.Budweiser Brewing Company APAC Ltd. -- AB InBev’s Asian unit -- and ESR Cayman are respectively the largest and third-biggest pulled deals globally this year, the data show. Should they successfully complete their IPOs on the second attempt, it would give a boost to investor confidence and other prospective issuers waiting in the pipeline.Market confidence has been hit hard by ongoing anti-government protests in Hong Kong and the U.S.-China trade war, causing some Chinese companies to shift their IPOs to the U.S. The fact that AB InBev and ESR Cayman had to put off their IPOs because of lackluster investor demand underscores price sensitivity among the investors, many of whom lost money on IPOs last year and are pushing back against lofty valuations.IPO activity has picked up significantly in Hong Kong in recent weeks. Shanghai Henlius Biotech is set to be the first company since July to price a deal over $100 million when it closes its books next week, while Bank of Guizhou, Home Credit and Topsports International Holdings are currently gauging investor demand for deals that could fetch around a billion each.UPCOMING LISTINGS:Budweiser Brewing Company APAC Ltd.Hong Kong exchangeSize about $5bLaunching as soon as next weekJPMorgan, Morgan StanleyShanghai Henlius BiotechHong Kong exchangeSize up to $477mTaking orders from Sept. 11Pricing Sept. 18BofA Merrill Lynch, CICC, Citi, CMBI, Fosun HaniTopsports International HoldingsHong Kong exchangePremarketing started Sept. 9Size about $1bBank of America, Morgan StanleyLendlease Global Commercial REITSingapore exchangePremarketing started Sept. 2Citi among joint bookrunnersAsset WorldThailand exchangePrice: 6 bahtSize up to $1.6bProperty arm of billionaire Charoen SirivadhanabhakdiListing date: Oct. 10Home CreditHong Kong exchangePremarketing started Sept. 2Citi, HSBC, Morgan StanleyAllHome (home-furnishing retailer)Size up to $347mOpened books Sept. 13Pricing Sept. 26Listing Oct. 10Owned by billionaire Manuel VillarBhakti Agung PropertindoJakarta exchangePrice: 150 rupiahIssuance date: Sept. 13Listing date: Sept. 16Telefast Indonesia (provider of enterprise software solutions)Jakarta ExchangeKresna Sekuritas and Trimegah SekuritasOffering expected Sept. 9-11Expected listing Sept. 16More ECM situations we are following:Hong Kong biotech IPOs shine with 24% gain in just over a yearBernstein analysts give AB InBev’s Budweiser Brewing Company APAC Ltd. excluding the Australian assets an enterprise value of $52b on a 12-month forward basis, which implies a next-12-months EV/Ebitda multiple of 22.6x, they say in a noteChina’s Uber-for-trucks startup Full Truck Alliance said it’s weighing an initial public offering after breaking even from May, defying a sector-wide downturnAllHome Corp. and shareholder AllValue Holdings Corp. offer as much as 1.125b shares at 11.50-14.00 pesos apiece in an initial public offering in the Philippines, according to terms for the deal obtained by BloombergAccording to the draft registration statement for Metro Pacific’s IPO of its hospital unit, the company expects to sell 381.3 million shares of the unit in the Philippine IPOSEE ALSOAsia ECM Weekly AgendaIPO dataU.S. ECM WatchEU ECM WatchTo receive the ECM Watch in your inbox daily, click the “subscribe” button at the top of this articleTo contact the reporter on this story: Julia Fioretti in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Lianting Tu at email@example.com, Teo Chian Wei, Margo TowieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- This year’s biggest initial public offering since Uber is back on. Anheuser-Busch InBev NV is reviving plans for an IPO of Asian subsidiary Budweiser Brewing Company after the embarrassment of pulling the sale in July. The possible $5 billion listing has a better chance of success than last time, but investors still have a strong hand to push back on price.The deal failed last time for two reasons. Its sheer size – seeking to sell almost $10 billion of stock – fell foul of basic laws of supply and demand. If AB InBev had to find a lot of buyers, it didn’t make its life easy by attempting to sell the stock at an expensive multiple of expected earnings.The business is today smaller and more attractive. AB InBev wisely agreed to sell its low-growth Australian assets shortly before scrapping the listing. A clear majority of the Asian unit’s assets are now in fast-growing emerging markets, which makes a growth valuation is easier to justify. Meanwhile, the share prices of its listed peers have gone up. Moreover, AB InBev is cutting the offer size down. The supply-demand equation looks much easier to balance.This doesn’t change the fact that AB InBev needs this deal to happen, and has a vested interest in the shares performing well after they list. The Australian sale helps alleviate AB InBev’s very high debt burden, expected to fall to 3.5 times Ebitda by the end of next year from 4.8 times Ebitda at the last assessment. That also gives the company a bit of headroom to raise debt for acquisitions. Even so, the main advantage of an Asian listing remains the creation of a currency for doing deals. Its performance after listing will be crucial to that currency being acceptable, or a useful way of printing money.Shorn of Australia, the remaining business could deliver roughly $2.5 billion of Ebitda in 2020, according estimates from Bernstein research. Put that on 19 times, in line with Hong Kong-listed China Resources Beer Holdings Co. Ltd, and it suggests a trading value of around $50 billion, assuming negligible net debt.Investors need to be aware that the company’s growth ambitions are likely to involve more deal-making in region, which brings with it the risk of overpaying for already expensive assets, and botched integrations. On the long view, AB InBev’s acquisition strategy has delivered good returns for investors – twice those of the Stoxx Europe 600 index over the last decade. Even so, caution – and a reasonable discount – is warranted.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: Stephanie Baker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Anheuser-Busch InBev NV is aiming to raise about $5 billion in a Hong Kong listing of its Asian unit by the end of September, people familiar with the matter said, reviving a plan scrapped two months ago for what would have been the world’s biggest initial public offering of 2019.The Belgian brewer is gauging investor demand and will launch the deal as soon as next week, said the people, who asked not to be identified as the information is private. On Thursday, the company said the resumed listing application involves its minority stake in Budweiser Brewing Company APAC Ltd., without its Australian operations, which it agreed to sell to Asahi Group Holdings Ltd. for $11.3 billion shortly after shelving the IPO in July.The decision to proceed with the share sale would depend on “a number of factors and prevailing market conditions,” AB InBev said. A representative for the firm declined to make further comment.The listing could be a boost to the Hong Kong bourse at a time when the market has been roiled by the U.S.-China trade war and ongoing anti-government protests that have occasionally flared into violence. At $5 billion, the AB InBev Asia’s share sale would be the world’s second largest this year, trailing Uber Technologies Inc.’s $8.1 billion U.S. IPO in May, according to data compiled by Bloomberg.The Hong Kong dollar strengthened to the highest in a month as traders speculated that such large share sale will lock up funds and tighten liquidity in the city. The currency gained as much as 0.18% to 7.8247 versus the greenback, before trading at 7.8296 as of 3:29 p.m. local time. Shares of AB InBev jumped as much as 4% in early trading in Brussels, their biggest advance in seven weeks.AB InBev Bounces Back With Asahi Deal and Talk of New IPO The quick return to a possible IPO is the latest move in the beer giant’s whiplash plan to cut its $100 billion-plus debt pile after its mega-acquisition of SABMiller in 2016. Even as the initial IPO, which aimed to raise $9.8 billion, failed to garner enough support from institutional funds to meet the company’s ambitious expectations, Chief Executive Officer Carlos Brito was in separate talks to offload its Australian unit to the Japanese brewer Asahi.“The refile came earlier than we expected,” said Euan McLeish, a Hong Kong-based consumer analyst at Sanford C. Bernstein. “It’s not clear exactly why ABI is in such a rush when the Australian sale has materially reduced investor concerns over debt. Potentially they are looking to take advantage of high beer valuations in China, or perhaps they have an M&A deal waiting in the wings and they need a listing to execute it.”The removal of AB InBev’s Australian unit, in hiving off a slow-growing part of its Asia-Pacific empire, potentially makes the latest IPO plan more attractive to investors who balked at the previous deal’s valuation. Without Australia, the Asian unit’s revenue in 2018 was $6.7 billion, representing organic growth of 7.4%, said the company in its latest preliminary prospectus.In the earlier filing, the Asian unit including Australia had revenue of $8.5 billion, representing organic growth of 6.1%.Why Budweiser and Bankers Failed to Sell the King of IPOs AB InBev’s hope is that its leading position in the premium beer market in China -- with its millions of drinkers -- will still be attractive to investors, although it’s now facing rising pressure from competitors like Heineken NV, as well as shifting trends in Chinese tastes. While the Leuven, Belgium-based company commands 43% of the premium market in China, that’s down from 47% in 2014, according to data from Euromonitor International.JPMorgan Chase & Co. and Morgan Stanley are the joint sponsors of the deal, according to the prospectus.(Updates to add AB InBev share performance in fifth paragraph)To contact the reporters on this story: Carol Zhong in Hong Kong at firstname.lastname@example.org;Julia Fioretti in Hong Kong at email@example.com;Jinshan Hong in Hong Kong at firstname.lastname@example.org;Crystal Tse in Hong Kong at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, ;Rachel Chang at email@example.com, ;Lianting Tu at firstname.lastname@example.org, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Anheuser-Busch InBev is planning to raise about $5 billion (4.06 billion pounds) from a revived float of its Asian operations after the world's largest beer maker shelved a Hong Kong IPO in July, people with knowledge of the matter said. AB InBev, which had aimed to raise as much as $9.8 billion through an IPO of Budweiser Brewing Company APAC Ltd to help with its heavy debt burden of over $100 billion, aims to re-launch the float as soon as next week, the sources said. The listing would be a boost for the Hong Kong Stock Exchange after Reuters reported last month that China's biggest e-commerce company Alibaba Group Holding Ltd had delayed a Hong Kong listing worth up to $15 billion amid growing political unrest there.
AB InBev and SABMiller were not immediately available for comment when contacted by Reuters. Distell approached the Competition Commission with allegations that the merged entity removed competitors' advertising material from retail outlets, among others, the tribunal said in a statement, adding that the Commission found there was no breach.
Anheuser-Busch Inbev (BUD) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
While it may not be enough for some shareholders, we think it is good to see the Anheuser-Busch InBev SA/NV (EBR:ABI...