18 August 2014

Thai Beverages Half Yearly Report Summary - August 2014

Summary of Income Statement



Summary of Balance Sheets 

Cash Flow, EPS, NAV, PE and ROE calculation

Performance Review







Company Comment on Outlook


My Notes

Overall performance is good, except for the non-alchohol drinks division after the loss of bottling business of Pepsi Co. and subsequently introducing of the new carbonated drink - Est Cola. With the help of newly acquired subsidiary - F&N, I believe it could provide synergies among both companies in further deepening distribution networks in South East Asia countries.

As F&N is trading higher valuation as compared to Thai Beverages, I believe it is a good alternative to F&N as it enjoys strong leadership in Thailand Spirits market as well as bigger base compared to F&N. With expected annualized PE of 17 - 18 X, I believe that it is trading at reasonable price now.




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