After the bidding war of APB (holding company of Tiger beer) finished, the F&N company which is now a subsidiary of Thai Beverages had gone through a series of leadership restructuring and divestment of property division and now it is focusing on beverages especially non-alcohol beverages division. The latest news was to acquire a company in Malaysia to further expand its product range and distribution network to South East Asia countries.
F&N has several brands under itself, which includes but not limited to:
- F&N
- 100 Plus
- Seasons
- NutriTea
- FruitTree
- Magnolia
- NutriSoy
It is a leading soft drinks & dairy company mainly in South East Asia (Malaysia, Singapore, Thailand etc), achieved S$2.3 Billion sales in FY2013 and EBITDA S$270 Million and has market cap of more than US$3 Billion.
Below are some of the snapshots from presentation slides of road show:
Below are some of the snapshots from presentation slides of road show:
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| Top 10 Listed Food and Beverage Companies in SEA |
My Opinion
With expected PE of near 30 X (excluding fair value gain of investment properties or other non-recurring items), I think F&N is a bit over valued given current market shares price. It is good if we could purchase the shares at below S$2.00.
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