Siam Makro Pcl rose to a record in Bangkok trading after the Prachachat newspaper reported its parent SHV Holdings NV plans to sell its entire stake in Thailand’s biggest cash-and-carry wholesaler.
The company jumped 6.4 percent to 566 baht at the close, the highest level since the stock debuted in 1994. The stock was the second-best performer in the MSCI Emerging Markets Index, which dropped 0.3 percent.
SHV, a closely held Dutch energy company, hired advisers and aims to complete the sale of its holding in Bangkok-based Siam Makro by the end of this year, the Thai-language Prachachat said on its website, without saying where it obtained the information. Several retailers in Thailand are interested in buying Siam Makro’s stake, the report said.
“There is a chance that SHV is looking to sell its stake in Siam Makro,” Sureeporn Teewasuwet, an analyst at Finansia Syrus Securities Pcl, said by phone from Bangkok today. “Still, investors should be cautious because there is some uncertainty on this sale. Siam Makro’s current valuation is very expensive.”
Suchada Ithijarukul, chief executive officer of Siam Makro, wasn’t available for comment when called at her office. Calls made on a public holiday to the SHV Holdings office in Utrecht, the Netherlands, weren’t answered.
Siam Makro trades at about 32 times estimated 12-month earnings, according to a data compiled by Bloomberg. Big C Supercenter Pcl, the nation’s second-biggest operator of hypermarket stores, has a multiple of 24 and the SET Index trades at about 14 times estimated earnings. Siam Makro’s profit jumped 37 percent to 3.56 billion baht in 2012.
SHV’s unit and an affiliate held about 64 percent of Siam Makro as of March 2012, according to data on Siam Makro’s website.