Thai Beverage Public Co., Ltd.

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See more articles on 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 2022	SGD	USD
Revenue	10,882.89M	7,935.69M
Gross Profit	3,071.53M	2,239.73M
Operating income	1,564.34M	1,140.70M
Income before tax	1,394.39M	1,016.77M
Net income	1,202.99M	877.21M
EBITDA	1,874.46M	1,366.83M
Diluted EPS	0.04	0.03
Dividends Per Share	0.02	0.01
Total Assets	19,369.40M	13,498.78M
Total liabilities	9,882.44M	6,887.20M
Total equity	7,826.84M	5,454.62M
Operating cash flow	1,664.71M	1,213.89M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022
Revenue	9,541.39M	11,535.21M	11,236.22M	10,303.12M	10,882.89M
Gross Profit	2,669.43M	3,229.11M	3,210.40M	2,907.38M	3,071.53M
Operating income	1,093.22M	1,405.34M	1,581.38M	1,478.96M	1,564.34M
Income before tax	842.63M	1,141.90M	1,315.38M	1,250.54M	1,394.39M
Net income	745.33M	1,004.09M	1,008.53M	1,055.59M	1,202.99M
EBITDA	1,345.66M	1,691.59M	1,872.40M	1,814.40M	1,874.46M
Diluted EPS	0.02	0.04	0.04	0.04	0.04
Dividends Per Share	0.01	0.02	0.02	0.02	0.02
Total Assets	17,722.17M	18,496.24M	18,703.12M	19,024.29M	19,369.40M
Total liabilities	11,153.50M	11,699.45M	10,974.35M	10,591.14M	9,882.44M
Total equity	5,110.15M	5,238.42M	6,143.06M	6,859.74M	7,826.84M
Operating cash flow	868.71M	1,514.09M	1,461.46M	1,203.19M	1,664.71M

	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022
Revenue	7,099.27M	8,437.22M	8,120.92M	7,682.54M	7,935.69M
Gross Profit	1,986.19M	2,361.87M	2,320.30M	2,167.89M	2,239.73M
Operating income	813.41M	1,027.91M	1,142.93M	1,102.79M	1,140.70M
Income before tax	626.96M	835.22M	950.69M	932.47M	1,016.77M
Net income	554.56M	734.42M	728.91M	787.10M	877.21M
EBITDA	1,001.23M	1,237.28M	1,353.27M	1,352.91M	1,366.83M
Diluted EPS	0.02	0.02	0.02	0.03	0.03
Dividends Per Share	0.01	0.01	0.01	0.01	0.01
Total Assets	12,970.44M	13,374.96M	13,700.91M	14,013.18M	13,498.78M
Total liabilities	8,162.99M	8,460.08M	8,039.23M	7,801.37M	6,887.20M
Total equity	3,740.00M	3,787.99M	4,500.08M	5,052.84M	5,454.62M
Operating cash flow	646.36M	1,107.45M	1,056.26M	897.16M	1,213.89M

Valuation Measures

Sep 2022
PER	12.52
ROA	6.26%
ROE	16.38%
Operating margin	14.37%
Profit margin	11.05%

Key executives

President, Chief Executive Officer & Director: Thapana Sirivadhanabhakdi
COO, Executive Director & Senior Executive VP: Ueychai Tantha-Obhas
Group CFO & CFO-International Business: Prapakon Thongtheppairot
Executive Director & Chief Technology Officer: Pisanu Vichiensanth
Director, Chief Investment Officer & Senior EVP: Sithichai Chaikriangkrai

Shareholders

SIRIVADHANABHAKDI FAMILY (45.2%)
MM Group Ltd. (18.1%)
Vontobel Asset Management AG (0.7%)
FIL Investment Management (Hong Kong) Ltd. (0.7%)
BLI - Banque de Luxembourg Investments SA (0.5%)
Fidelity Investments Canada ULC (0.3%)
Allspring Global Investments LLC (0.3%)
First Eagle Investment Management LLC (0.3%)
Templeton Asset Management Ltd. (0.2%)
Baillie Gifford & Co. (0.2%)

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

Monster Beverage Corporation

Last Updated on 27 Jan, 2023