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F& N net profit up 37.3% to S$123 million for first nine months of FY2024
Revenue is up by 2.1% to S$1.61 billion compared to the same period last year
BEVERAGE maker F& N : F99 +2.65% posted a net profit of S$123 million for the nine months ended Jun 30, 2024, a 37.3 per cent increase from S$89.6 million in the same period a year ago.
Revenue went up by 2.1 per cent to S$1.61 billion in the same period, from S$1.58 billion a year earlier.
Profit before interest and taxes jumped 35.4 per cent to S$238.7 million, driven by an increase in revenue growth in the company&rsquo s food and beverage (F& B) segment, said F& N in a voluntary business update on Tuesday (Aug 6).
Under the F& B segment &ndash which comprises beverages and dairies &ndash the revenue for beverages increased 9 per cent from the same period last year.
The company said that effective marketing campaigns drove higher volumes for core soft drinks brands such as 100Plus and F& N. Expansion of brewery capacity benefited beer sales.
Revenue for the dairies grew marginally by 0.3 per cent. There was an increase in domestic and export demand for canned and liquid milk in Malaysia and Thailand, said the company.
Revenue in the printing and publishing segment, however, fell 9 per cent, due to lower international print demand and the closure of retail stores.
Earnings per share for the period stood at 8.4 Singapore cents, higher than 6.2 Singapore cents a year ago.
Agreed. What i see is this swap is for future cause. To have a commanding interest in a company is easier to plan and act when situation arises/allows. After this deal is done, whatever future episodes between both companies won' t involve each other, be it merger/buy over/take over etc.. Delisting assumptions boils down to my personal opinion only base on the company past actions...
Thanks bro for pointing out your views. Cheers🍺 🍻
Thanks bro for pointing out your views. Cheers🍺 🍻
Alignment ( Date: 18-Jul-2024 11:46) Posted:
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Such brillant analysis. Just moving the pieces! Of course pay hefty IB fees
Alignment ( Date: 18-Jul-2024 11:55) Posted:
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$3.55 is an irrelevant number. This was just a figure used to validate the exchange ratio between Fraser Property shares and F& N shares (1.88 Fraser Property shares for every F& N share). They also used a high valuation for Fraser Property ($1.89 per share) which compared to a market price of only $0.8 yesterday. So both numbers are inflated to make the deal sound good.
They could have just said Fraser Property was worth $0.1 and F& N was worth $0.188 and done exactly the same deal. But obvioulsy the deal would have sounded a lot worse. This is a standard investment banking marketing trick.
They could have just said Fraser Property was worth $0.1 and F& N was worth $0.188 and done exactly the same deal. But obvioulsy the deal would have sounded a lot worse. This is a standard investment banking marketing trick.
SmallSmall ( Date: 18-Jul-2024 11:22) Posted:
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Charoen controls both ThaiBev and TCC, so he already ultiimately controlled F& N anyway before this deal, so the deal does not affect his ability to control things in any way. It is for this reason why the SIC did not force ThaiBev to make a mandatory offer for F& N.
If Charoen wanted to take F& N private he could have ThaiBev do it straight away without going through this intermediate step. In fact doing this deal as an intermediate step to a full takeover is a bad idea because it has raised the share price of F& N in the interim, which means that if a bid were to happen later he would have to pay more than he otherwise needed to had he done it in one step.
I am not saying a takeover will definitely not happen. I am simply saying that if he had wanted to do a takeover he did not need to take this step first, which in fact makes him pay more in the end were he to make an offer. Which makes me think a takeover is not the end game.
If Charoen wanted to take F& N private he could have ThaiBev do it straight away without going through this intermediate step. In fact doing this deal as an intermediate step to a full takeover is a bad idea because it has raised the share price of F& N in the interim, which means that if a bid were to happen later he would have to pay more than he otherwise needed to had he done it in one step.
I am not saying a takeover will definitely not happen. I am simply saying that if he had wanted to do a takeover he did not need to take this step first, which in fact makes him pay more in the end were he to make an offer. Which makes me think a takeover is not the end game.
JessTrang ( Date: 18-Jul-2024 11:21) Posted:
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No Takeover no doubt but guess people are reminded of how much F& N is worth.
$3.55 per F& N share.
F& N& rsquo s valuation range took into account a sum-of-the-parts (SOTP) approach, which valued each of its component businesses by applying their respective peers& rsquo valuation multiples. This was also cross-checked against a standalone discounted cash flow valuation based on ThaiBev& rsquo s internal projections of the key businesses under F& N, interviews with management, and equity analyst and industry research reports.
$3.55 per F& N share.
F& N& rsquo s valuation range took into account a sum-of-the-parts (SOTP) approach, which valued each of its component businesses by applying their respective peers& rsquo valuation multiples. This was also cross-checked against a standalone discounted cash flow valuation based on ThaiBev& rsquo s internal projections of the key businesses under F& N, interviews with management, and equity analyst and industry research reports.
Alignment ( Date: 18-Jul-2024 11:16) Posted:
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Step by step... Thaibev had delisted 2 companies in recent yrs... Given how they valued F& N in this shares swap, is optimistic the gains would be handsomely rewarding.
Alignment ( Date: 18-Jul-2024 11:16) Posted:
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Not sure why the share price has jumped so much given there is no mandatory offer.
Thai Beverage Public Company (ThaiBev), through its indirect wholly-owned subsidiary InterBev Investment (IBIL), has proposed a share swap with TCC Assets. The proposed share swap will involve no cash outlay from IBIL or ThaiBev.
ThaiBev will transfer to TCC Assets all of its 28.78% shareholding in Frasers Property TQ5 7.5% (FPL). TCC Assets will transfer its 41.30% shareholding in Fraser and Neave (F& N) to ThaiBev. Upon completion, ThaiBev will hold 69.61% of F& N compared to 28.31% previously. TCC Assets will own 86.89% of FPL (up from 58.01%).
The proposed share swap will be executed at a ratio of approximately 1.88 FPL shares for each F& N share. This ratio was determined based on a negotiated price of $1.89 per FPL share and $3.55 per F& N share.
F& N&rsquo s valuation range took into account a sum-of-the-parts (SOTP) approach, which valued each of its component businesses by applying their respective peers&rsquo valuation multiples. This was also cross-checked against a standalone discounted cash flow valuation based on ThaiBev&rsquo s internal projections of the key businesses under F& N, interviews with management, and equity analyst and industry research reports.
FPL&rsquo s valuation range took into account, inter alia, FPL&rsquo s net asset value and latest available financial statements as at March 31 and related public disclosures, the latest market valuations of its stakes in its listed real estate investment trusts, the value of its asset management platform based on precedent transactions, applying a 20-25% discount to its revalued net asset value (RNAV), which is in line with previous privatisations of SGX-listed real estate companies by controlling shareholders.
ThaiBev has also received a ruling from the Securities Industry Council of Singapore that its subsidiary IBIL will not be required to make a general offer for F& N under Rule 14.1 of the Singapore Code on Take-overs and Mergers in connection with the proposed share swap.
IBIL and the persons acting in concert with it would not be required to extend a downstream mandatory take-over offer to acquire all the remaining ordinary shares in Fraser & Neave Holdings Berhad not already owned by F& N pursuant to Note 3 of paragraph 4.01 of the Rules on Take-overs, Mergers and Compulsory Acquisitions of Malaysia.
The directors of ThaiBev who are independent for the purposes of the Proposed Share Swap have engaged Deloitte & Touche Corporate Finance as the independent financial adviser (IFA) in relation to the proposed share swap.
On July 18, ThaiBev closed at 49 cents, FPL at 80 cents, and F& N at $1.07.
Volume of 559K up $0.23 to $1.30?
Takeover ?
Takeover ?
God forbid!
Reminds me of SPH.
Golden dollar upwards
Reminds me of SPH.
Golden dollar upwards
dropping below $1 when XD?
tangsookiam1947 ( Date: 12-May-2024 16:45) Posted:
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how much more can they give? haha....my expectation is ZERO increase...
need to pare down debts...
need to pare down debts...
MrBear12 ( Date: 12-May-2024 12:04) Posted:
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Expect more end of year.
You deserve it
You deserve it
same interim dvd of only 1.5cents...hahaha.....Minority Shareholders suffered ...haha
Joelton ( Date: 10-May-2024 10:16) Posted:
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F& N H1 net profit up 52.5% to S$83.8 million
Fraser and Neave has reported a 2% y-o-y rise in revenue for its 1HFY2024 to $1.07 billion, with its key food and beverage business the key driver.
However, thanks to lower costs, it managed to increase its earnings by 52% to $83.8 million.
The overall numbers were weighed down by its publishing and printing segment. For the same six months to March, revenue from this business dropped 14% y-o-y to $96.5 million, no thanks to reduced printing orders and the closure of unprofitable business units.
" Despite prevailing challenges, our steadfast commitment to driving growth has yielded satisfactory results to date," says CEO Hui Choon Kit.
" We' ve sustained our positive momentum from the last quarter of FY2023, capturing market share and achieving notable growth in volume, sales, and profits," he adds.
Despite the better bottom line, the company plans to maintain its interim dividend at 1.5 cents.
thank you!
MrBear12 ( Date: 09-May-2024 22:32) Posted:
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BEARY SURE
tangsookiam1947 ( Date: 09-May-2024 21:51) Posted:
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are u sure?
MrBear12 ( Date: 09-May-2024 18:39) Posted:
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Cautious approach of the company.
If the company can sustain current profit growth for a full year,
MAYBE YOU GET A HIGHER FINAL DIVIDEND
If the company can sustain current profit growth for a full year,
MAYBE YOU GET A HIGHER FINAL DIVIDEND
tangsookiam1947 ( Date: 09-May-2024 18:30) Posted:
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