Carabao Group Public Company Limited (SET: CBG) plummeted almost 4% in early trade on Friday, hitting a new one-year and seven-month low, as costs rose in response to a recent spike in the main inflation rate.
At 16.00 hrs. local time in Thailand, the share price of CBG dropped THB3.25/share or 3.16% to THB99.75/share, with a trading value of THB1,245 million. The share price peaked at THB103.00/share and bottomed at THB99.00/share.
According to Phillip Securities Thailand, CBG’s stock price today underperformed the beverage sector due to rising costs pressured by higher inflation. This would signal a slower revenue recovery than the market anticipates. Also, increasing the selling price is challenging during this time period. However, given the recent price decline, Phillip recommends that now is a good moment for traders to add CBG to their portfolios.
