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F& N&rsquo s 1HFY2026 declines by 2.9% to $81.6 mil declares dividend of 1.5 cents
Fraser and Neave (F& N) has reported earnings of $81.6 million for the 1HFY2026 ended March 31, 2.9% lower y-o-y.
Earnings per share (EPS) before exceptional items dipped to 5.6 cents on a fully diluted basis, compared to 5.8 cents in the 1HFY2025.
Revenue fell by 6.4% y-o-y to $1.14 billion as beverages and dairies revenue fell. Beverages revenue was down by 12.2% y-o-y to $376.9 million mainly from an adverse currency impact of $65.8 million for the group&rsquo s beer operations in Myanmar after the adoption of the Singapore Financial Reporting Standards (International) or SFRS(I) 1-21. Excluding the foreign exchange (forex) impact, beverages revenue would have increased by 3.1% driven by price increases for beer and better volumes for soft drinks sales.
The performance for soft drinks was thanks to strong festive demand for 100Plus, the introduction of new products and higher water volumes from Ice Mountain.
Dairies revenue fell by 4% y-o-y to $617.8 million mainly due to lower export sales from Thailand to Cambodia on the back of anti-Thai sentiment. The decline was also attributable to lower domestic sales in Thailand due to weaker consumer sentiment. The decline was partly mitigated by increased sales in Malaysia in Singapore supported by higher domestic sales from distribution expansion and stronger contributions from the school milk programme in Malaysia.
Printing and publishing (P& P) revenue rose by 2.3% y-o-y to $98.1 million driven mainly by stronger performance in the Education segment. The segment saw higher annual orders due to improved adoption rates and increased export sales in Singapore. Printing revenue also rose y-o-y thanks to higher sales from packaging print growth was mainly driven by &ldquo robust demand&rdquo for Kraft paper bags in the US. Distribution sales also improved y-o-y underpinned by a healthy sales channel performance and enhanced trading efficiency.
Gross profit inched up by 0.5% y-o-y to $378.6 million while overall profit before interest and taxation (PBIT) was up by 5.8% y-o-y to $174.8 million.
PBIT for the beverages segment rose due to higher margins from the beer segment, offseting cost pressures and forex. Dairies PBIT fell largely from lower contributions from Malaysia and Thailand. Earnings from Malaysia were affected by a less favourable sales mix from lower export contributions due to unfavourable forex movements, country mix and higher supply chain costs. The performance in Thailand was due to lower sales and unfavourable forex. The decline in Malaysia and Thailand was partly offset by a 42% increase in contributions from F& N&rsquo s associate, Vietnam Dairy Products Joint Stock Company, with share of profit increasing to $51.2 million from $36 million the year before. The increase is due to better performance from Vinamik and the increase in F& N&rsquo s stake to 24.99% from 20.39% in December 2025.
P& P saw narrower losses mainly due to higher sales and a leaner cost structure in print, which was supported by improved profitability from the group&rsquo s growing sustainable packaging business.
For the period, F& N has declared an interim dividend of 1.5 cents per share, unchanged y-o-y. The dividend will be paid on June 5.
As at March 31, cash and cash equivalents stood at $334.7 million.
F& N&rsquo s CEO Rahul Colaco says the group&rsquo s underlying business remains &ldquo sound&rdquo with despite the &ldquo progressively more challenging&rdquo market conditions in the first half of 1HFY2026.
There is &ldquo continued momentum in key growth areas, including our P& P segment where we are seeing encouraging traction in Education and sustainable packaging,&rdquo he adds.
&ldquo During the period, we advanced our innovation agenda across the region, introducing new products to expand consumption occasions and respond to evolving consumer preferences. We have also taken a measured step to expand our presence into the wellness space through our proposed investment in Comvita Limited, which provides a platform to participate in the growth of premium natural health products,&rdquo he continues. &ldquo These initiatives support our continued focus on developing health and wellness offerings across our core brands.&rdquo
F& N Delivers Resilient Performance in 1H2026 Amid Challenging Market Conditions o
& bull 1H2026 revenue declined 6% to $1,135.4 million, impacted by lower F& B sales Mainly due to unfavourable forex translation ($65.8 million) from adoption of accounting standards o
& bull 1H2026 PBIT1 increased 6% to $174.8 million F& B profit grew 3%, supported by stronger underlying Beverages performance and a higher share of profit from Vinamilk o P& P losses narrowed, driven by improved Education performance, and a leaner cost structure in Print
& bull Attributable profit (before exceptional items) declined 3% to $81.6 million, due to higher tax expense
& bull Interim dividend of 1.5 cents per share declared, unchanged from the previous year
& bull 1H2026 revenue declined 6% to $1,135.4 million, impacted by lower F& B sales Mainly due to unfavourable forex translation ($65.8 million) from adoption of accounting standards o
& bull 1H2026 PBIT1 increased 6% to $174.8 million F& B profit grew 3%, supported by stronger underlying Beverages performance and a higher share of profit from Vinamilk o P& P losses narrowed, driven by improved Education performance, and a leaner cost structure in Print
& bull Attributable profit (before exceptional items) declined 3% to $81.6 million, due to higher tax expense
& bull Interim dividend of 1.5 cents per share declared, unchanged from the previous year
F& N to buy nearly 20% stake in New Zealand honey manufacturer Comvita for NZ$20.1 million
This broadens its participation in health and wellness, with a focus on long-term growth categories
[SINGAPORE] Fraser and Neave (F& N) : F99 +0.69% will invest up to NZ$20.1 million (S$15.1 million) in New Zealand-based honey producer Comvita, it said on Wednesday (Apr 15).
The mainboard-listed beverage maker has agreed to participate as a cornerstone investor in a proposed equity capital raising exercise by New Zealand Exchange (NZX)-listed Comvita.
It is looking to acquire a nearly 20 per cent stake in Comvita, a firm that engages in apiary and forest ownership, management and research. The company also manufactures and distributes manuka honey, bee products and olive leaf products.
F& N chief executive officer Rahul Colaco said that the investment allows the group to broaden its participation in health and wellness segments in a manner that builds on its existing capabilities, as it focuses on categories that display resilient demand and long-term growth.
He noted that Comvita is a well-established premium wellness brand with &ldquo strong consumer trust and clear international growth potential&rdquo .
Colaco said: &ldquo We also see scope to contribute our regional market understanding, route-to-market strengths and operating experience to support Comvita&rsquo s growth ambitions over time.&rdquo
Under the proposed transaction, F& N, through its wholly owned subsidiary F& N Ventures, has agreed to serve as the sole underwriter of Comvita&rsquo s planned pro-rata renounceable entitlement offer to raise up to NZ$30 million at NZ$0.65 apiece.
F& N has agreed to subscribe for all new ordinary shares offered by Comvita that are not subscribed for by its existing shareholders, at the offer price, provided its stake in the honey manufacturer does not exceed 19.99 per cent.
If that level of shareholding is not reached, Comvita will provide a top-up issuance of additional shares, which the beverage maker has agreed to subscribe for at NZ$0.80 apiece.
While the transaction is expected to be completed on or around May 18, 2026, it is not guaranteed to go through as it is subject to requirements under NZX listing rules, said F& N.
Circumstances may also limit the size of the top-up of placement shares to F& N to a stake of less than 19.99 per cent in Comvita, it added.
The counter closed at S$1.45, down 0.7 per cent or S$0.01, before the news.
F& N Q1 profit down 8.9% at S$47.4 million company ups stake in Vinamilk
Get the latest summary in one slide https://tinyurl.com/5xhpktn6
F&N ( F99 )
* MA Cross & Breakout.
* Ex-Dividend on 26th Jan
* 4 Cents payable on 11th Feb
* Extremely low sell side market depth
Current market depth shows very light selling pressure below S$1.50, with bids stacked gradually and no aggressive sellers.
This kind of order book often appears before a price lift, especially ahead of a dividend catalyst.
📌 Key points:
? Ex-dividend: 27 Jan | Payment: 11 Feb
? Dividend: 4 cents (2.67% yield)
? Broker TP: S$2.70
? Strong base built around S$1.47?1.49
The share has made an MA Cross expect a move towards Book Value of $1.90
Worth keeping on radar.
F& N unit prices S$125 million in fixed-rate notes due 2033 at 2.6%
The notes are payable semi-annually in arrears and will be issued in denominations of S$250,000 each
[SINGAPORE] Beverage maker Fraser and Neave (F& N) has priced S$125 million in fixed-rate notes due Jan 20, 2033, at 2.6 per cent per annum.
The notes, which will be issued by its wholly owned subsidiary F& N Treasury, are part of the company&rsquo s S$2 billion multicurrency debt issuance programme, F& N said in a bourse filing on Tuesday (Jan 13).
The notes are payable semi-annually in arrears and will be issued in denominations of S$250,000 each.
They will be issued on Jan 20, 2026 and are unconditionally and irrevocably guaranteed by F& N.
UOB has been appointed the dealer of the notes.
Net proceeds will be used for funding the working capital and capital expenditure requirements, as well as for refinancing indebtedness of F& N and its subsidiaries, joint venture entities and associated entities.
F& N full-year profit falls 6.4% to S$141.3 million despite higher revenue in F& B segment
The board proposes a final dividend of S$0.04 per share
[SINGAPORE] Beverage and publishing company Fraser and Neave ( F& N : F99 -1.33%) on Wednesday (Nov 12) announced a 6.4 per cent fall in net profit to S$141.3 million for the financial year ended Sep 30, from S$150.9 million a year earlier.
The profit before interest and tax rose 3.7 per cent to S$308.1 million, supported by higher food and beverage (F& B) sales, as well as a more favourable commodity and currency environment, the company said in a statement.
However, profit after taxation for the period fell 4 per cent to S$210.4 million, from S$219.1 million the year before.
This was mainly due to higher tax expenses arising from the expiry of a tax incentive at a subsidiary in Thailand.
Earnings per share stood at S$0.097 for the full year, down from S$0.104 a year earlier.
Net asset value per share as at end-September 2025 was at S$1.90, down from S$1.97 as at Sep 30, 2024.
Revenue of the group increased by 7.4 per cent to S$2.3 billion, from S$2.2 billion in FY2024.
This was largely driven by the robust performance in its F& B segment, which achieved a 9 per cent increase in revenue to S$2 billion.
All divisions within the F& B segment contributed to the group&rsquo s growth, said the beverage conglomerate in the filing.
F& N noted that within the segment, beverages (comprising beer and soft drinks) posted a 15.5 per cent year-on-year increase in revenue to S$772.1 million, on the back of stronger beer sales, higher bottled water volumes and new product launches. This was mainly from beer operations in Myanmar as the group&rsquo s Tapper beer, launched in mid-2024, continues to gain traction and drive higher sales volume.
As for growth in soft drinks, the revenue was supported by higher water volumes and new product launches.
It also benefited from reduced input costs and &ldquo favourable forex translation&rdquo , said the company.
The revenue for the dairies segment was S$1.3 billion for the full-year, up 5.7 per cent year on year due to higher sales in Thailand and Malaysia, which were lifted by strong export and domestic canned milk sales in key markets, on top of positive forex translation.
The commencement of commercial milking operations at F& N AgriValley, alongside maiden contribution from the Malaysia School Milk Programme, also supported the increase in revenue.
Cash and cash equivalents for the 12 months stood at S$363.5 million, down from S$529.6 million for FY2024.
The board proposed a final dividend of S$0.04 per share. Together with the interim dividend of S$0.015 paid out in June 2025, the total dividend for FY2025 amounts to S$0.055, unchanged from the previous year.
F& N noted that during the year, the group&rsquo s integrated dairy farm in Malaysia continues to make strong progress and remains &ldquo on track towards commercial scale-up&rdquo . It said that the farm welcomed its first commercial herd of 2,500 dairy cattle in April 2025 and herd expansion has since progressed well.
Over 6,500 cattle are housed at present, of which 2,500 dairy cattle have just arrived and are under quarantine.
It noted that pilot milking operations started in mid-2025 and the adjacent dairy manufacturing facility is on track to begin commercial production in the first quarter of 2026. This will be marketed under the F& N Magnolia brand.
In Cambodia, F& N continues to strengthen its regional manufacturing capabilities with the development of a new dairy manufacturing facility.
&ldquo Construction of the plant is progressing as planned, with operations expected to commence early 2026,&rdquo added the company.
Fraser and Neave appoints Rahul Colaco as chief executive officer
He takes over from Hui Choon Kit, who retires on Sep 30
[SINGAPORE] Beverage manufacturer Fraser and Neave : F99 +0.68% (F& N) has appointed Rahul Colaco as its new chief executive officer, effective Oct 1.
He succeeds Hui Choon Kit, the current chief executive officer, who will retire and step down from the post on Sep 30, although he will remain with the group until Jan 31, 2026, to &ldquo ensure a smooth transition&rdquo , said the company in a bourse filing.
Hui, 61, was appointed to the CEO role in February 2022. Formerly the group&rsquo s chief financial officer and company secretary, he joined F& N in 2000.
Colaco, 51, has 28 years of experience, mostly in the consumer goods sector. He was most recently chief of spirits (international) at Thai Beverage : Y92 +1.09% in 2024 between 2020 and 2024, he was CEO of Grand Royal Group in Myanmar.
F& N chairman Koh Poh Tiong said: &ldquo Rahul is a seasoned leader with a strong track record in building brands, driving growth and delivering results across diverse markets. The board is confident that he will lead F& N into its next phase of growth, building on our strong foundations and seizing opportunities in a dynamic operating environment.&rdquo
Company resumes its share buy-back yesterday with a purchase of 44,700 @ avf $1.43904
much higher than their previous purchase of $1.28 in July 2025
much higher than their previous purchase of $1.28 in July 2025
F& N&rsquo s 9-month profit dips 3.9% to S$118.2 million, despite 10% revenue growth
The company&rsquo s top line rises to S$1.77 billion during the period
[SINGAPORE] Beverage maker Fraser and Neave (F& N) posted a net profit of S$118.2 million for the nine months ended Jun 30, a 3.9 per cent decrease from the S$123 million in the same period the year before.
Revenue went up by around 10 per cent to S$1.77 billion, from S$1.6 billion in the year-ago period.
Profit before interest and taxes fell 1.6 per cent to S$234.8 million from S$238.7 million, largely due to a reduced contribution from Vietnam&rsquo s Vinamilk, said F& N in a voluntary business update on Tuesday (Aug 5).
Under the F& B segment, which comprises beverages and dairies, the revenue for beverages grew 19 per cent from the corresponding period last year.
The company said a successful Chinese New Year campaign drove higher volumes for water and soft drinks, and that higher beer sales were attributed to F& N&rsquo s new beer brand, Tapper.
Meanwhile, revenue for dairies grew by 8 per cent, in part due to higher sales in canned milk in Thailand and export markets.
Revenue in the printing and publishing segment, however, fell marginally by 1 per cent, the result of the absence of one-off contributions that had boosted the previous year&rsquo s results.
Earnings per share for the period stood at 8.1 Singapore cents, lower than 8.4 Singapore cents in the year before.
Uptrend continues ...
DBS Group Research likes Frasers & Neave (F& N), as the research house sees opportunities for the group coming up.
In an unrated report dated July 21, analysts Chee Zheng Feng and Andy Sim say: &ldquo We believe the value of the company can be dissected into four key parts: 55.5% F& N Berhad stake, 20.2% Vinamilk stake, Times Publishing and F& N standalone ex-Times Publishing.&rdquo
For its FNN Berhad and Vinamilk stakes, the analysts believe the current market price and analysts&rsquo average target prices could be reasonable proxies for valuation purposes, subject to a holdco discount of 10%.
&ldquo We value Times Publishing at about 0.8x EV to revenue, in line with the lower end of listed peers and 1x net asset value (NAV). Lastly, we value F& N standalone at 14x to 18x EV/EBITDA, in line with peers and precedent transactions, especially given its high growth rate,&rdquo say the analysts, adding that overall, this translates to a fair value per share of $1.79 to $2.06.
The analysts view that F& N is a stable business with solid growth prospects. The group operates in the relatively resilient beverage and dairy segments. These categories offer strong growth potential, supported by rising consumption trends in fast-developing markets such as Malaysia, Vietnam and Myanmar.
The DBS analysts see favourable consumption tailwinds, especially in the dairy category, where it is a key emerging trend in Asian economies like Malaysia, Vietnam and Thailand, where the group has dairy operations. While Singapore has a 7L per capita consumption, the three countries range from just 0.5L to 1.7L per capital, indicating substantial room for growth.
See also: UMS Malaysia listing a &lsquo positive catalyst&rsquo : Maybank raises target price to $1.59
F& N currently imports milk for downstream production. With its new integrated farming operations in Malaysia, the group is aiming to be self-sufficient in fresh milk supply. It aims to breakeven by 2028.
&ldquo We believe the capacity can be absorbed by regional markets with an estimated 400 million litres of demand, should key emerging ASEAN regions hit 3.5L per capita consumption (half of Singapore),&rdquo according to the analysts.
The way Chee and Sim see it, the stock&rsquo s undervaluation likely stemmed from illiquidity, with fair EV estimated at $3.4 billion to $3.8 billion. F& N has a low free float of 12.2% with last six months average daily traded value below $100,000, which likely excludes many institutional investors.
F& N has bottled up opportunity that is ready to flow
Samantha ChiewTue, Jul 22, 2025 &bull 02:25 PM GMT+08 &bull &bull 2 min read
DBS likes F& N in an unrated report. Photo: F& N
DBS Group Research likes Frasers & Neave (F& N), as the research house sees opportunities for the group coming up.
In an unrated report dated July 21, analysts Chee Zheng Feng and Andy Sim say: &ldquo We believe the value of the company can be dissected into four key parts: 55.5% F& N Berhad stake, 20.2% Vinamilk stake, Times Publishing and F& N standalone ex-Times Publishing.&rdquo
For its FNN Berhad and Vinamilk stakes, the analysts believe the current market price and analysts&rsquo average target prices could be reasonable proxies for valuation purposes, subject to a holdco discount of 10%.
&ldquo We value Times Publishing at about 0.8x EV to revenue, in line with the lower end of listed peers and 1x net asset value (NAV). Lastly, we value F& N standalone at 14x to 18x EV/EBITDA, in line with peers and precedent transactions, especially given its high growth rate,&rdquo say the analysts, adding that overall, this translates to a fair value per share of $1.79 to $2.06.
The analysts view that F& N is a stable business with solid growth prospects. The group operates in the relatively resilient beverage and dairy segments. These categories offer strong growth potential, supported by rising consumption trends in fast-developing markets such as Malaysia, Vietnam and Myanmar.
The DBS analysts see favourable consumption tailwinds, especially in the dairy category, where it is a key emerging trend in Asian economies like Malaysia, Vietnam and Thailand, where the group has dairy operations. While Singapore has a 7L per capita consumption, the three countries range from just 0.5L to 1.7L per capital, indicating substantial room for growth.
See also: UMS Malaysia listing a &lsquo positive catalyst&rsquo : Maybank raises target price to $1.59
F& N currently imports milk for downstream production. With its new integrated farming operations in Malaysia, the group is aiming to be self-sufficient in fresh milk supply. It aims to breakeven by 2028.
&ldquo We believe the capacity can be absorbed by regional markets with an estimated 400 million litres of demand, should key emerging ASEAN regions hit 3.5L per capita consumption (half of Singapore),&rdquo according to the analysts.
The way Chee and Sim see it, the stock&rsquo s undervaluation likely stemmed from illiquidity, with fair EV estimated at $3.4 billion to $3.8 billion. F& N has a low free float of 12.2% with last six months average daily traded value below $100,000, which likely excludes many institutional investors.
F& N has bottled up opportunity that is ready to flow
DBS Group Research likes Frasers & Neave (F& N), as the research house sees opportunities for the group coming up.
In an unrated report dated July 21, analysts Chee Zheng Feng and Andy Sim say: &ldquo We believe the value of the company can be dissected into four key parts: 55.5% F& N Berhad stake, 20.2% Vinamilk stake, Times Publishing and F& N standalone ex-Times Publishing.&rdquo
For its FNN Berhad and Vinamilk stakes, the analysts believe the current market price and analysts&rsquo average target prices could be reasonable proxies for valuation purposes, subject to a holdco discount of 10%.
&ldquo We value Times Publishing at about 0.8x EV to revenue, in line with the lower end of listed peers and 1x net asset value (NAV). Lastly, we value F& N standalone at 14x to 18x EV/EBITDA, in line with peers and precedent transactions, especially given its high growth rate,&rdquo say the analysts, adding that overall, this translates to a fair value per share of $1.79 to $2.06.
The analysts view that F& N is a stable business with solid growth prospects. The group operates in the relatively resilient beverage and dairy segments. These categories offer strong growth potential, supported by rising consumption trends in fast-developing markets such as Malaysia, Vietnam and Myanmar.
The DBS analysts see favourable consumption tailwinds, especially in the dairy category, where it is a key emerging trend in Asian economies like Malaysia, Vietnam and Thailand, where the group has dairy operations. While Singapore has a 7L per capita consumption, the three countries range from just 0.5L to 1.7L per capital, indicating substantial room for growth.
F& N currently imports milk for downstream production. With its new integrated farming operations in Malaysia, the group is aiming to be self-sufficient in fresh milk supply. It aims to breakeven by 2028.
&ldquo We believe the capacity can be absorbed by regional markets with an estimated 400 million litres of demand, should key emerging ASEAN regions hit 3.5L per capita consumption (half of Singapore),&rdquo according to the analysts.
The way Chee and Sim see it, the stock&rsquo s undervaluation likely stemmed from illiquidity, with fair EV estimated at $3.4 billion to $3.8 billion. F& N has a low free float of 12.2% with last six months average daily traded value below $100,000, which likely excludes many institutional investors.
Note by DBS research
Bottled up opportunity ready to flow
&bull Stable business with headroom for further consumption growth, especially in the diary segment
&bull SOTP indicates EV valuation at SGD3.4bn-3.8bn, implying undervaluation of 33% to 52%
&bull Potential corporate actions that could improve liquidity and unlock value include: (i) privatisation, (ii) asset swaps, and (iii)
share issuance to acquire additional Vinamilk shares
The Business
Leading SEA diary and non-alcoholic player. Fraser and Neave (FNN) generates the bulk of its revenue from its diary and non-alcoholic beverage business. It operates predominantly in Singapore, Malaysia, Thailand, and Myanmar. In addition, it owns an associate stake of 20% in Vinamilk, the largest diary company in Vietnam.
The Stock
SOTP EV valuation at SGD3.4bn-3.8bn. We believe the value of the company can be dissected into four key parts: (i) 55.5% FNN Berhad stake, (ii) 20.2% Vinamilk stake, (iii) Times Publishing, and (iv) FNN standalone ex-Times Publishing. For its FNN Berhad and Vinamilk stakes, we believe the current market price and analysts&rsquo average target prices could be reasonable proxies for valuation purposes, subject to a holdco discount of 10%. We value Times Publishing at ~0.8x EV to revenue, in line with the lower end of listed peers and 1x net asset value (NAV). Lastly, we value FNN standalone at 14x to 18x EV/EBITDA, in line with peers and precedent transactions, especially given its high growth rate. Overall, this translates to a fair value per share of SGD1.79 to SGD2.06.
Catalysts: Corporate actions to improve liquidity: (i) privatisation for eventual combined listing with other ThaiBev&rsquo s non-alcoholic beverage (NAB) assets, (ii) share swap to restructure ThaiBev&rsquo s Thailand NAB assets under F& N, and (iii) share issuance to increase Vinamilk stake.
Risks: Delay in execution of corporate action, issues with Agrivalley expansion, adverse FX.
Bottled up opportunity ready to flow
&bull Stable business with headroom for further consumption growth, especially in the diary segment
&bull SOTP indicates EV valuation at SGD3.4bn-3.8bn, implying undervaluation of 33% to 52%
&bull Potential corporate actions that could improve liquidity and unlock value include: (i) privatisation, (ii) asset swaps, and (iii)
share issuance to acquire additional Vinamilk shares
The Business
Leading SEA diary and non-alcoholic player. Fraser and Neave (FNN) generates the bulk of its revenue from its diary and non-alcoholic beverage business. It operates predominantly in Singapore, Malaysia, Thailand, and Myanmar. In addition, it owns an associate stake of 20% in Vinamilk, the largest diary company in Vietnam.
The Stock
SOTP EV valuation at SGD3.4bn-3.8bn. We believe the value of the company can be dissected into four key parts: (i) 55.5% FNN Berhad stake, (ii) 20.2% Vinamilk stake, (iii) Times Publishing, and (iv) FNN standalone ex-Times Publishing. For its FNN Berhad and Vinamilk stakes, we believe the current market price and analysts&rsquo average target prices could be reasonable proxies for valuation purposes, subject to a holdco discount of 10%. We value Times Publishing at ~0.8x EV to revenue, in line with the lower end of listed peers and 1x net asset value (NAV). Lastly, we value FNN standalone at 14x to 18x EV/EBITDA, in line with peers and precedent transactions, especially given its high growth rate. Overall, this translates to a fair value per share of SGD1.79 to SGD2.06.
Catalysts: Corporate actions to improve liquidity: (i) privatisation for eventual combined listing with other ThaiBev&rsquo s non-alcoholic beverage (NAB) assets, (ii) share swap to restructure ThaiBev&rsquo s Thailand NAB assets under F& N, and (iii) share issuance to increase Vinamilk stake.
Risks: Delay in execution of corporate action, issues with Agrivalley expansion, adverse FX.
Such undervalued companies are worth a second look.
But holding them for long term is required. Not much liquidity here.
Otherwise go for the more liquid stocks that trade high volume.
But holding them for long term is required. Not much liquidity here.
Otherwise go for the more liquid stocks that trade high volume.
Joelton ( Date: 10-May-2025 10:48) Posted:
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F& N H1 net profit rises 0.3% to S$84.1 million as F& B sales grow
Revenue rises 13.2% to S$1.21 billion on improved beverages, dairy sales
[SINGAPORE] Fraser and Neave (F& N) : F99 +0.81%posted a 0.3 per cent rise in net profit to S$84.1 million for its first half ended Mar 31, from S$83.8 million a year earlier, the food and beverage (F& B) group said on Friday (May 9).
Revenue for H1 rose 13.2 per cent to S$1.21 billion, from S$1.07 billion in the previous corresponding period, driven by strong performance in the F& B division.
The beverages segment, comprising beer and soft drinks, posted a 28 per cent jump in revenue, mainly boosted by strong Chinese New Year campaigns, new products and improved pricing, the group said.
Revenue for the dairies segment increased 8.2 per cent, driven by strong domestic sales in key markets and increased volumes in Laos and Cambodia.
Profit after taxation fell 0.6 per cent to S$124.8 million from S$125.5 million the year before. This was mainly due to a higher effective tax rate following the expiry of a tax incentive, the company said. The group&rsquo s effective tax rate rose to 15.8 per cent, up from 15.4 per cent the year before.
Earnings per share for the half year stood at S$0.058, unchanged from the prior year. An interim dividend of S$0.015 per share was declared, unchanged from the year before. The dividend will be paid on Jun 6, after books closure on May 20.
Profit before interest and tax rose 1.6 per cent to S$165.1 million from S$162.5 million, supported by a 5.4 per cent increase in F& B operating profit. However, this was offset by a weaker contribution from the publishing and printing segment, of which profit declined due to the absence of a one-off contribution and higher costs.
Chief executive Hui Choon Kit said that the company&rsquo s performance, especially in F& B, has remained resilient in a challenging business environment. &ldquo Strong sales, a favourable cost environment, and positive foreign exchange movements in our F& B division reflect our ability to navigate external challenges and capitalise on the strengths of our core business.&rdquo
Within the division, Hui noted improvements to the group&rsquo s dairy business, which currently contributes the most to overall earnings. In April, the group welcomed 2,500 dairy cattle to its integrated dairy farm, F& N AgriValley, in Gemas, Malaysia.
&ldquo This milestone supports our ambition to build a sustainable, vertically integrated fresh milk supply chain in South-east Asia,&rdquo he said.
The company will continue to capitalise on its operational resilience to create long-term growth, Hui noted. For instance, the group had invested S$510 million into smart farming and sustainable agriculture, in order to strengthen its growth strategy and commitment to regional food security.
F& N Q1 profit up 18.8% at S$52 million as soft drinks, beer sales jump
Revenue rises 16.3% on the year to S$618 million
BEVERAGE maker F& N : F99 +1.57% reported a net profit of S$52 million for the first quarter ended Dec 31, an 18.8 per cent increase from S$43.8 million in the same period a year ago.
Revenue went up by 16.3 per cent to S$618 million from S$531.6 million, the company said in a business update on Friday (Feb 7).
Revenue for the food and beverage segment &ndash which comprises beverages and dairies &ndash grew 19 per cent on the back of a 39 per cent jump in sales for soft drinks and beer. All core markets for dairies also recorded growth, primarily driven by increased domestic and export demand in the Indochina region.
However, revenue for its printing and publishing segment fell by 3 per cent. This was attributed to lower licensing income in Latin America, as well as the absence of one-off title rights sales in Hong Kong last year.
The group&rsquo s profit before interest and taxes came in at S$91.9 million, an increase of 14 per cent from S$80.6 million in the year-ago period.
This was led by earnings from the beverages segment, where soft drinks contributed to a 38 per cent increase in profit, on the back of higher sales and a favourable cost environment.
Earnings from the dairies segment also rose across three markets &ndash Malaysia, Thailand and Vietnam &ndash driven by higher sales and an improved cost environment.
The group&rsquo s earnings per share stood at 3.6 Singapore cents, a 20 per cent increase from three Singapore cents in the year-ago period.
F& N FY2024 earnings rise 12.7% to S$150.2 million on higher revenue
Revenue rises 3% year on year to S$2.2 billion, from S$2.1 billion previously
BEVERAGE and publishing company Fraser and Neave (F& N) on Friday (Nov 8) announced a 12.7 per cent rise in net profit to S$150.2 million for the financial year ended Sep 30, from S$133.2 million a year ago.
The group&rsquo s revenue grew 3 per cent to S$2.2 billion, from S$2.1 billion in FY2023. This was largely driven by the strong performance of its food and beverage (F& B) segment, the revenue of which increased 4 per cent to S$1.9 billion, compared with S$1.8 billion in the previous year.
In particular, its beverages revenue rose on a favourable sales mix and higher volumes of beer and soft drinks from festive campaigns and new product launches.
However, its dairies revenue registered a modest 1 per cent growth to S$1.2 billion, which the group attributed to strong exports and domestic sales of canned milk across core markets. This was despite foreign exchange impacts, it added.
Meanwhile, revenue from its printing and publishing segment dropped 9 per cent to S$201.3 million, from S$221.4 million a year ago. F& N said this decline was largely due to reduced print orders and the closure of unprofitable business units.
Earnings per share stood at S$0.103 for the full year, up from S$0.092 cents the year before.
F& N&rsquo s board is recommending a final dividend of S$0.04 per share. Together with the interim dividend of S$0.015 paid out in June 2024, the total dividend for FY2024 amounts to S$0.055 cents, unchanged from last year.
The final dividend will be paid out on Feb 14, 2025, pending approval at the group&rsquo s annual general meeting on Jan 16.
Hui Choon Kit, chief executive officer of F& N, said that the group will continue to build on its momentum by expanding its market reach and enhancing its competitiveness through digital innovation.
&ldquo Through targeted investments and a deeper understanding of consumer preferences, we aim to strengthen our footprint in key markets and enhance operational efficiencies,&rdquo he said.
&ldquo Our ongoing commitment to harnessing data and technology will also play a crucial role in driving product innovation and elevating the customer experience.&rdquo
privatize at what price?
fundamentalhero ( Date: 26-Aug-2024 16:10) Posted:
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or maybe this privatize