ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Consumer Non-Durables

Thai Beverage Public Co., Ltd.

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 in 2003 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2021 SGDUSD
Revenue10,303.12M7,682.54M
Gross Profit2,907.38M2,167.89M
Operating income1,478.96M1,102.79M
Income before tax1,250.54M932.47M
Net income1,055.59M787.10M
EBITDA1,814.40M1,352.91M
Diluted EPS0.040.03
Dividends Per Share0.030.02
Total Assets19,024.29M14,013.18M
Total liabilities10,591.14M7,801.37M
Total equity6,859.74M5,052.84M
Operating cash flow1,203.19M897.16M
Currency in SGDCurrency in USD

Historical Data

 Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021
Revenue 7,670.11M 9,541.39M 11,535.21M 11,236.22M 10,303.12M
Gross Profit 2,315.19M 2,669.43M 3,229.11M 3,210.40M 2,907.38M
Operating income 1,112.54M 1,093.22M 1,405.34M 1,581.38M 1,478.96M
Income before tax 1,099.79M 842.63M 1,141.90M 1,315.38M 1,250.54M
Net income 1,393.15M 745.33M 1,004.09M 1,008.53M 1,055.59M
EBITDA 1,286.25M 1,345.66M 1,691.59M 1,872.40M 1,814.40M
Diluted EPS 0.05 0.02 0.04 0.04 0.04
Dividends Per Share 0.02 0.01 0.02 0.02 0.03
Total Assets 7,909.09M 17,722.17M 18,496.24M 18,703.12M 19,024.29M
Total liabilities 2,513.40M 11,153.50M 11,699.45M 10,974.35M 10,591.14M
Total equity 5,243.68M 5,110.15M 5,238.42M 6,143.06M 6,859.74M
Operating cash flow 1,255.37M 868.71M 1,514.09M 1,461.46M 1,203.19M
 Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021
Revenue 5,499.98M 7,099.27M 8,437.22M 8,120.92M 7,682.54M
Gross Profit 1,660.15M 1,986.19M 2,361.87M 2,320.30M 2,167.89M
Operating income 797.77M 813.41M 1,027.91M 1,142.93M 1,102.79M
Income before tax 788.62M 626.96M 835.22M 950.69M 932.47M
Net income 998.98M 554.56M 734.42M 728.91M 787.10M
EBITDA 922.33M 1,001.23M 1,237.28M 1,353.27M 1,352.91M
Diluted EPS 0.03 0.02 0.02 0.02 0.03
Dividends Per Share 0.01 0.01 0.01 0.01 0.02
Total Assets 5,824.28M 12,970.44M 13,374.96M 13,700.91M 14,013.18M
Total liabilities 1,850.88M 8,162.99M 8,460.08M 8,039.23M 7,801.37M
Total equity 3,861.46M 3,740.00M 3,787.99M 4,500.08M 5,052.84M
Operating cash flow 900.18M 646.36M 1,107.45M 1,056.26M 897.16M

Valuation Measures

Sep 2021
PER15.59
ROA5.59%
ROE16.23%
Operating margin14.35%
Profit margin10.24%

Key executives

  • President, Chief Executive Officer & Director: Thapana Sirivadhanabhakdi
  • COO, Executive Director & Senior Executive VP: Ueychai Tantha-Obhas
  • Executive Director & Senior Executive VP-Finance: Sithichai Chaikriangkrai
  • Executive Director & SEVP-Technology & Engineering: Pisanu Vichiensanth
  • Chief People Officer & Executive Vice President: Agapol Na Songkhla

Shareholders

  • SIRIVADHANABHAKDI FAMILY (45.2%)
  • MM Group Ltd. (18.1%)
  • Vontobel Asset Management AG (0.8%)
  • TEJAPAIBUL VIVAT (0.6%)
  • BLI - Banque de Luxembourg Investments SA (0.5%)
  • TEJAPAIBUL NATTHAVAT (0.5%)
  • Fidelity Investments Canada ULC (0.4%)
  • FIL Investment Management (Hong Kong) Ltd. (0.4%)
  • SIRIVADHANABHAKDI PANOTE (0.4%)
  • SIRIVADHANABHAKDI THAPANA (0.4%)

Contact Details

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

Related Companies

  • Green Bean Co. Ltd.
  • Vietnam F&B Alliance Investment JSC
  • International Beverage Holdings (Singapore) Pte Ltd.
  • Alliance Asia Investment Pte Ltd.
  • QSR of Asia Co. Ltd.
  • TCC Hotel Asset Management Co. Ltd.
  • Pomthip (2012) Co. Ltd.
  • Krittayabun Co. Ltd.
  • InterBev Trading (Hong Kong) Ltd.
  • Food of Asia Co. Ltd.
  • Chang International Co. Ltd.
  • Nateechai Co. Ltd.
  • Kankwan Co. Ltd.
  • Pompalang Co. Ltd.
  • Pomkit Co., Ltd.
  • Pomnakorn Co. Ltd.
  • Pomklung Co. Ltd.
  • Gaew Grung Thai Co. Ltd.
  • Num Kijjakarn Co. Ltd.
  • Num Palang Co. Ltd.
  • Modern Trade Management Co. Ltd.
  • Beer Thai (1991) Plc
  • Sangsom Co. Ltd.
  • Num Nakorn Co. Ltd.
  • Nummuang Co. Ltd.
  • Num Yuk Co., Ltd
  • InterBev (Cambodia) Co. Ltd.
  • Red Bull Distillery Group of Cos.
  • Interbev Malaysia Sdn. Bhd.
  • Interbev Singapore Ltd.

Competitors

  • Monster Beverage Corporation
Last Updated on 13 May, 2022

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more