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Consumer Non-Durables

Thai Beverage Public Co., Ltd.

  • 0.80 SGD
  • 0.00
  • 0.00%
  • Thailand
    Apr 20, 2018
  • Ticker
    SES(Y92)
  • Prev. close
    0.80
  • Market cap (SGD)
    20,089.10M
  • Market cap (USD)
    15,262.90M
  • Shares
    25,111.30M

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 beverages business. It operates through the following segments: Spirits, Beer, Non-alcoholic beverage, and Food. The Spirits segment refers to the production and sale of spirits products. The Beer segment is the sale and production of branded beer products. The Non-alcoholic beverages segment refers to the production and sale of branded water, soda, ready-to-drink coffee, energy drink, green tea, and fruit flavoured drinks. The Food segment is the operation of Japanese restaurants and distribution of foods and beverages. The company was founded on October 29, 2003 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2017 SGDUSD
Revenue7,670.11M5,499.98M
Gross Profit2,315.19M1,660.15M
Operating income1,112.54M797.77M
Income before tax1,099.79M788.62M
Net income1,393.15M998.98M
EBITDA1,286.25M922.33M
Diluted EPS0.050.03
Dividends Per Share0.020.01
Total Assets7,909.09M5,824.28M
Total liabilities2,513.40M1,850.88M
Total equity5,243.68M3,861.46M
Operating cash flow1,255.37M900.18M
Currency in SGDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Sep 2016Sep 2017
Revenue 6,343.10M 6,320.21M 6,903.80M 7,234.53M 7,670.11M
Gross Profit 1,745.74M 1,809.98M 1,972.44M 2,128.73M 2,315.19M
Operating income 855.13M 911.75M 930.58M 1,012.45M 1,112.54M
Income before tax 806.43M 881.33M 930.86M 1,003.61M 1,099.79M
Net income 778.99M 846.15M 1,061.88M 983.65M 1,393.15M
EBITDA 1,017.33M 1,069.17M 1,109.15M 1,183.66M 1,286.25M
Diluted EPS 0.03 0.03 0.04 0.02 0.05
Dividends Per Share 0.01 0.02 0.02 0.02 0.02
Total Assets 7,044.16M 6,927.05M 7,175.72M 7,383.99M 7,909.09M
Total liabilities 3,278.91M 2,711.05M 2,473.85M 2,516.02M 2,513.40M
Total equity 3,622.80M 4,078.52M 4,568.57M 4,724.65M 5,243.68M
Operating cash flow 734.40M 1,002.13M 939.05M 777.43M 1,255.37M
 Dec 2013Dec 2014Dec 2015Sep 2016Sep 2017
Revenue 5,069.11M 4,988.36M 5,020.00M 5,242.30M 5,499.98M
Gross Profit 1,395.12M 1,428.56M 1,434.23M 1,542.53M 1,660.15M
Operating income 683.38M 719.62M 676.66M 733.64M 797.77M
Income before tax 644.46M 695.61M 676.86M 727.24M 788.62M
Net income 622.53M 667.84M 772.13M 712.77M 998.98M
EBITDA 813.00M 843.87M 806.50M 857.70M 922.33M
Diluted EPS 0.02 0.02 0.03 0.02 0.03
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 5,579.09M 5,227.56M 5,058.13M 5,415.67M 5,824.28M
Total liabilities 2,596.95M 2,045.92M 1,743.80M 1,845.33M 1,850.88M
Total equity 2,869.32M 3,077.90M 3,220.36M 3,465.22M 3,861.46M
Operating cash flow 586.90M 790.95M 682.81M 563.34M 900.18M

Valuation Measures

Sep 2017
PER16.27
ROA18.21%
ROE27.95%
Operating margin14.50%
Profit margin18.16%

Key executives

  • President, Chief Executive Officer & Director: Thapana Sirivadhanabhakdi
  • Chief Financial Officer: Sithichai Chaikriangkrai
  • Director & Executive VP-Technology & Engineering: Pisanu Vichiensanth
  • Senior Vice President: Kamolnai Chaixanien
  • Senior Vice President: Nongnuch Buranasetkul

Shareholders

  • SIRIVADHANABHAKDI FAMILY (43.6%)
  • MM Group Ltd. (20.6%)
  • Capital Research & Management Co. (Global Investors) (2.7%)
  • Capital Research & Management Co. (World Investors) (2.0%)
  • Sirisopha Co. Ltd. (1.5%)
  • Genesis Investment Management LLP (1.2%)
  • TEJAPAIBUL VIVAT (0.8%)
  • Matthews International Capital Management LLC (0.8%)
  • Vontobel Asset Management, Inc. (0.7%)
  • SIRIVADHANABHAKDI PANOTE (0.4%)

Contact Details

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

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Competitors

  • Monster Beverage Corporation
  • Del Monte Pacific Limited
Last Updated on 20 Apr, 2018

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