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Consumer Non-Durables

Thai Beverage Public Co., Ltd.

  • 0.59 SGD
  • 0.00
  • 0.00%
  • Thailand
    Dec 17, 2018
  • Ticker
    SES(Y92)
  • Prev. close
    0.59
  • Market cap (SGD)
    14,815.67M
  • Market cap (USD)
    10,777.25M
  • Shares
    25,111.32M

Company Background

Thai Beverage, Thailand's largest thirst-quencher, offers both alcoholic and non-alcoholic drinks. One of its best-known brands is Chang beer, which controls the second largest slice of Thailand's beer market, after Singha beer. Thai Beverage is listed on the Singapore stock exchange; the Thai bourse restricts the listing of alcohol-related stocks.

The company was founded in 2003 through the consolidation of 58 beer and spirits businesses, such as the Chang beer, owned by billionaire Charoen Sirivadhanabhakdi, a Chinese immigrant. Charoen has expanded into non-alcohol business in recent years through acquisitions of beverage makers. Brands owned include green-tea beverage Oishi and est cola, a Pepsi knockoff. In 2012, it acquired a roughly 29% stake in Singaporean beverage maker Fraser and Neave, in line with its long-term strategy to strengthen its non-alcoholic business and operations outside Thailand.

The Sirivadhanabhakdi family's stake in Thai Beverage is around 30%. Charoen is chairman and his son Thapana serves as president and CEO.

While Thai Beverage is its core business, the family also has investments in real estate, hotels, financial and consumer products. It has a majority stake in Thai-listed trading house Berli Jucker, which recently acquired Metro's Vietnam operations. Metro is a German-based chain of warehouse-style retailers and wholesalers.

Business Summary

Thai Beverage Public Co., Ltd. is a holding company, which engages in the production and distribution of beverage. It operates through the following segments: Spirits, Beer, Non-alcoholic Beverage, and Food. The Spirits segment produces and sell spirits products. The Beer segment manufactures branded beer products. The Non-Alcoholic Beverages segment offers branded water, soda, ready-to-drink coffee, energy drink, green tea, and fruit flavoured drinks. The Food segment involves in the operation of Japanese restaurants, and allocation of foods and beverages. Its brands include Ruang Khao, SangSom, Mekhong, Hong Thong, Blend 285, Oishi RTD green tea, and Chang Beer.The company was founded on October 29, 2003 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2018 SGDUSD
Revenue9,541.39M7,099.27M
Gross Profit2,696.99M2,006.70M
Operating income1,127.26M838.74M
Income before tax876.67M652.29M
Net income769.71M572.70M
EBITDA1,360.18M1,012.04M
Diluted EPS0.030.02
Dividends Per Share0.010.01
Total Assets17,023.42M12,459.05M
Total liabilities11,084.39M8,112.40M
Total equity5,118.34M3,745.99M
Operating cash flow850.04M632.47M
Currency in SGDCurrency in USD

Historical Data

 Dec 2014Dec 2015Sep 2016Sep 2017Sep 2018
Revenue 6,320.21M 6,903.80M 7,234.53M 7,670.11M 9,541.39M
Gross Profit 1,809.98M 1,972.44M 2,128.73M 2,315.19M 2,696.99M
Operating income 911.75M 930.58M 1,012.45M 1,112.54M 1,127.26M
Income before tax 881.33M 930.86M 1,003.61M 1,099.79M 876.67M
Net income 846.15M 1,061.88M 983.65M 1,393.15M 769.71M
EBITDA 1,069.17M 1,109.15M 1,183.66M 1,286.25M 1,360.18M
Diluted EPS 0.03 0.04 0.02 0.05 0.03
Dividends Per Share 0.02 0.02 0.02 0.02 0.01
Total Assets 6,927.05M 7,175.72M 7,383.99M 7,909.09M 17,023.42M
Total liabilities 2,711.05M 2,473.85M 2,516.02M 2,513.40M 11,084.39M
Total equity 4,078.52M 4,568.57M 4,724.65M 5,243.68M 5,118.34M
Operating cash flow 1,002.13M 939.05M 777.43M 1,255.37M 850.04M
 Dec 2014Dec 2015Sep 2016Sep 2017Sep 2018
Revenue 4,988.36M 5,020.00M 5,242.30M 5,499.98M 7,099.27M
Gross Profit 1,428.56M 1,434.23M 1,542.53M 1,660.15M 2,006.70M
Operating income 719.62M 676.66M 733.64M 797.77M 838.74M
Income before tax 695.61M 676.86M 727.24M 788.62M 652.29M
Net income 667.84M 772.13M 712.77M 998.98M 572.70M
EBITDA 843.87M 806.50M 857.70M 922.33M 1,012.04M
Diluted EPS 0.02 0.03 0.02 0.03 0.02
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 5,227.56M 5,058.13M 5,415.67M 5,824.28M 12,459.05M
Total liabilities 2,045.92M 1,743.80M 1,845.33M 1,850.88M 8,112.40M
Total equity 3,077.90M 3,220.36M 3,465.22M 3,861.46M 3,745.99M
Operating cash flow 790.95M 682.81M 563.34M 900.18M 632.47M

Valuation Measures

Sep 2018
PER22.14
ROA6.17%
ROE14.85%
Operating margin11.81%
Profit margin8.06%

Key executives

  • President, CEO & Executive Director: Thapana Sirivadhanabhakdi
  • Executive Director & Senior Executive VP-Finance: Sithichai Chaikriangkrai
  • Executive Director & SEVP-Technology & Engineering: Pisanu Vichiensanth
  • Executive Director & Senior Executive VP: Ueychai Tantha-Obhas
  • Senior VP-Sustainable Business Development: Jean Lebreton

Shareholders

  • SIRIVADHANABHAKDI FAMILY (43.6%)
  • MM Group Ltd. (20.6%)
  • Capital Research & Management Co. (World Investors) (3.2%)
  • Capital Research & Management Co. (Global Investors) (1.9%)
  • Sirisopha Co. Ltd. (1.5%)
  • TEJAPAIBUL VIVAT (0.8%)
  • Matthews International Capital Management LLC (0.8%)
  • Vontobel Asset Management, Inc. (0.5%)
  • BLI - Banque de Luxembourg Investments SA (0.4%)
  • SIRIVADHANABHAKDI PANOTE (0.4%)

Contact Details

  • Website:http://www.thaibev.com
  • Address: 14 Vibhavadi Rangsit Road, Chomphon, Chatuchak, Bangkok, 10900, Thailand
  • Phone: +66.2.785.5555

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  • Red Bull Distillery Group of Cos.
  • Interbev Malaysia Sdn. Bhd.
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Competitors

  • Monster Beverage Corporation
  • Del Monte Pacific Limited
Last Updated on 17 Dec, 2018

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