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Si ta ta...!!
3Q13 results below street estimates, as the higher FNN associate contributions failed to make up for the short fall in the main Thai F& B business. Total sales dipped 7% y/y to THB35.0b, vs consensus of THB38.8b. Net profit climbed 33% to THB4.1b (excluding one of gains related to the FNN stake acquisition last year), mainly boosted by the associate contribution from FNN, but was below consensus of THB5.4b. Excluding the FNN contribution, net profit from the Thai business declined 23% to THB3.7b. The bottom line drag came mainly from a 1.0ppt compression in gross margin to 28.5%. Gross profit slid 10% to THB10.0b, impacted by a decline in i) the spirits business (-8%) following an upward revision in excise tax that took effect from 3 Sep, and ii) the non-alcoholic beverages business (-49%), due to a drop off in sales from its Sermsuk products after its licensed brand products was terminated. Higher labor costs from the broader implementation of a minimum wage policy also impacted margins. At the last close of $0.54, the stock trades at 21.3x annualized 3Q13 P/E, 3.9x P/B. StanChart reiterates its Outperform call with TP $0.75. Notes that despite the short term challenges, Thai Bev?s core business remains solid. Expects the group?s core spirits business to generate operating earnings CAGR of 7% over 2014-17e. The house continues to see a 75% probability of an injection of FNN?s F& B business into Thai Bev in exchange for the latter?s 29% stake in both F& N and Fraser Centrepoint. The house tips THB8b in synergy gains arising from such a restructuring.
Who's buying today
Some F& N bondholders vote against amending debt terms
Singapore beverage and property conglomerate Fraser and Neave Ltd said investors in some of its notes voted against amending the terms of the debt, which would complicate the company's plan to spin off its core property unit.
Holders of notes 5.5 per cent 2016 and 6.0 per cent 2019 voted against the company's proposal to amend terms, after F& N launched a consent solicitation exercise for S$808.25 million (US$647.48 million) of outstanding Singapore dollar bonds to avoid triggering an event of default from the listing of Frasers Centrepoint, the property unit, and to pay down the debt ahead of maturity.
Bondholders of three other series of debt supported the plan, the company said.
F& N said it would consider its options in light of the voting results and make an announcement at an appropriate time.
Thai Beverage Public Company's net profit for the fiscal third quarter ended Sept 30, 2013 fell to 4.08 billion baht (S$161.01 million) from 15.68 billion baht a year ago.
Revenue from sale of goods came in at 35.04 billion baht, down from 37.58 billion baht a year earlier.
Support : )
dskdsk ( Date: 14-Nov-2013 19:27) Posted:
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Good points. Beverage and spirit business are safe bet. Reaching 70 cents is just a matter of time - not an issue
dskdsk ( Date: 14-Nov-2013 19:27) Posted:
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But results announced today - how were they? Good or bad ?
The 'short-selling' season have ended and the BB have accumulated enough. So we should finally see the price dictated by market force. I am gonna hold it for a year minimum and will not blink should it rise or fall within a year? few hurdles to look out for, i.e. the reits spin off, lawsuit with the generals, and the subsequent plans on how TB will butcher F& N for its benefit. It should breach the 70 mark in a year, which will trigger selling? and buying from new investors
2gether ( Date: 14-Nov-2013 15:50) Posted:
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are we seeing some bullish signal from here !!
wesely2k ( Date: 14-Nov-2013 09:38) Posted:
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When will reach the high again??? 0.70
With the F& N spin off their Reit today, it would benefit ThaiBev as it fit into its corperate structure.
Hope its ThaiBev earning will be nice.
Chart have been consolidating sideway anything might happen soon.
Gd luck to all ThaiBev investor :)
Would, could, should F& N default???
F& N alleged threats of voluntary default will come into focus this week as the company meets shareholders and bondholders to discuss its plans to list its property arm.
Bondholders are up in arms over what they feel is a deeply unfair attack on their rights, while minority shareholders wonder what all of this actually means for the business.
whats the basis?
Share^Warrior ( Date: 11-Nov-2013 23:22) Posted:
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oh..! that is you after drinking too much beer..!
spss1955 ( Date: 12-Nov-2013 13:02) Posted:
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Any one knows who are the lawyers for Myanmar Economic Holdings and Thaibev in the arbitration proceedings.
Also if Thaibev can justify aggressive valuations for its share in the brewery, chances are that MEH may just capitulate rather that give out hard cash.
2gether ( Date: 11-Nov-2013 12:46) Posted:
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Pete, is that you? lol.
Peter_Pan ( Date: 11-Nov-2013 13:25) Posted:
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@ what price?
Share^Warrior ( Date: 11-Nov-2013 23:22) Posted:
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ThaiBev will trend upwards in the short term
