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 2018	SGD	USD
Revenue	9,541.39M	7,099.27M
Gross Profit	2,696.99M	2,006.70M
Operating income	1,127.26M	838.74M
Income before tax	876.67M	652.29M
Net income	769.71M	572.70M
EBITDA	1,360.18M	1,012.04M
Diluted EPS	0.03	0.02
Dividends Per Share	0.01	0.01
Total Assets	17,023.42M	12,459.05M
Total liabilities	11,084.39M	8,112.40M
Total equity	5,118.34M	3,745.99M
Operating cash flow	850.04M	632.47M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2014	Dec 2015	Sep 2016	Sep 2017	Sep 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 2014	Dec 2015	Sep 2016	Sep 2017	Sep 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
PER	22.14
ROA	6.17%
ROE	14.85%
Operating margin	11.81%
Profit margin	8.06%

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 (45.2%)
MM Group Ltd. (20.6%)
Capital Research & Management Co. (World Investors) (3.0%)
Capital Research & Management Co. (Global Investors) (1.5%)
TEJAPAIBUL VIVAT (0.8%)
Matthews International Capital Management LLC (0.8%)
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 15 Nov, 2019