Thai Beverage Public Co., Ltd.

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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 2019	SGD	USD
Revenue	11,535.21M	8,437.22M
Gross Profit	3,229.54M	2,362.19M
Operating income	1,405.77M	1,028.22M
Income before tax	1,141.90M	835.22M
Net income	1,004.09M	734.42M
EBITDA	1,691.61M	1,237.29M
Diluted EPS	0.04	0.02
Dividends Per Share	0.02	0.01
Total Assets	18,484.67M	13,366.59M
Total liabilities	11,687.74M	8,451.61M
Total equity	5,238.56M	3,788.10M
Operating cash flow	1,514.09M	1,107.45M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019
Revenue	6,903.80M	7,234.53M	7,670.11M	9,541.39M	11,535.21M
Gross Profit	1,972.44M	2,128.73M	2,315.19M	2,669.43M	3,229.54M
Operating income	930.58M	1,012.45M	1,112.54M	1,093.22M	1,405.77M
Income before tax	930.86M	1,003.61M	1,099.79M	842.63M	1,141.90M
Net income	1,061.88M	983.65M	1,393.15M	745.33M	1,004.09M
EBITDA	1,109.15M	1,183.66M	1,286.25M	1,345.66M	1,691.61M
Diluted EPS	0.04	0.02	0.05	0.02	0.04
Dividends Per Share	0.02	0.02	0.02	0.01	0.02
Total Assets	7,175.72M	7,383.99M	7,909.09M	17,722.17M	18,484.67M
Total liabilities	2,473.85M	2,516.02M	2,513.40M	11,153.50M	11,687.74M
Total equity	4,568.57M	4,724.65M	5,243.68M	5,110.15M	5,238.56M
Operating cash flow	939.05M	777.43M	1,255.37M	868.71M	1,514.09M

	Dec 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019
Revenue	5,020.00M	5,242.30M	5,499.98M	7,099.27M	8,437.22M
Gross Profit	1,434.23M	1,542.53M	1,660.15M	1,986.19M	2,362.19M
Operating income	676.66M	733.64M	797.77M	813.41M	1,028.22M
Income before tax	676.86M	727.24M	788.62M	626.96M	835.22M
Net income	772.13M	712.77M	998.98M	554.56M	734.42M
EBITDA	806.50M	857.70M	922.33M	1,001.23M	1,237.29M
Diluted EPS	0.03	0.02	0.03	0.02	0.02
Dividends Per Share	0.01	0.01	0.01	0.01	0.01
Total Assets	5,058.13M	5,415.67M	5,824.28M	12,970.44M	13,366.59M
Total liabilities	1,743.80M	1,845.33M	1,850.88M	8,162.99M	8,451.61M
Total equity	3,220.36M	3,465.22M	3,861.46M	3,740.00M	3,788.10M
Operating cash flow	682.81M	563.34M	900.18M	646.36M	1,107.45M

Valuation Measures

Sep 2019
PER	22.12
ROA	5.54%
ROE	19.40%
Operating margin	12.18%
Profit margin	8.70%

Key executives

President, CEO & Executive 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 & EVP: Agapol Na Songkhla

Shareholders

SIRIVADHANABHAKDI FAMILY (45.2%)
MM Group Ltd. (20.6%)
Capital Research & Management Co. (World Investors) (2.9%)
Capital Research & Management Co. (Global Investors) (1.4%)
Matthews International Capital Management LLC (0.8%)
TEJAPAIBUL VIVAT (0.6%)
Norges Bank Investment Management (0.5%)
SIRIVADHANABHAKDI PANOTE (0.4%)
SIRIVADHANABHAKDI THAPANA (0.4%)
TECHAJAREONVIKUL THAPANEE (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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Competitors

Del Monte Pacific Limited
Monster Beverage Corporation

Last Updated on 21 Feb, 2020