DOCSLIB.ORG

Thai Beverage Public Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Thai Beverage Public Company Singapore Company Update Thai Beverage Public Company Bloomberg: THBEV SP | Reuters: TBEV.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 26 Nov 2020 B rain Box BUY (Our NEW Pilot Research Platform) is available to Institutional Investors Last Traded Price (25 Nov 2020): S$0.720 (STI : 2,869.55) on Demand. Please contact your DBSV Institutional Sales contact for a Price Target 12-mth: S$0.93 (29% upside) (Prev S$0.90) demonstration. Analyst Bottoms up and farewell, FY20! Andy SIM, CFA +65 6682 3718 [email protected] Alfie YEO +65 6682 3717 [email protected] Investment Thesis: Region's leading player at -1.3/ -0.5SD below 5-/ 10-year average. Thai What’s New Beverage Public Company (THBEV) is transforming into the region's • FY20 net attributable earnings down just 2.2%; above leading beverage player. Its valuation is still attractive at c.16x FY21F expectations price-to-earnings (PE), -1.3/ -0.5SD (standard deviation) below its 5-year/ 10-year historical average. • Spirits segment stronger than expected; other segments Resilience during pandemic, poised for recovery. As seen in its 4Q20/ showed sequential improvements FY20 results, net attributable earnings are down by just 2% despite the • Deleveraging faster than expected on robust cashflow; impact of the COVID-19 pandemic. Stable spirits consumption in the Thai loan agreements for refinancing should allay concerns market provides recurring cashflow. Improved contributions from its Vietnamese subsidiary Saigon Beer-Alcohol-Beverage Corp (Sabeco), • Still a good BUY with value in counter; TP: S$0.93 potential market share gains in the Thai beer market and turnaround from the Non-Alcoholic Beverages (NAB) segment provide a strong platform for earnings growth. Price Relative S$ Relative Index Refinancing risks are low; strong cashflow to deleverage. THBEV has 1.1 215 1.0 195 secured a Bt40bn credit line for refinancing to remove any concerns in 175 0.9 155 this area. Continued deleveraging from its strong and stable cashflow, as 0.8 135 0.7 115 well as potential monetisation of assets are key re-rating catalysts. 95 0.6 75 0.5 55 Valuation: Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Our target price (TP) is based on sum-of-parts (SOP), with core operations Thai Beverage Public Company (LHS) Relative STI (RHS) based on discounted cash flow (DCF) (weighted average cost of capital Forecasts and Valuation (WACC) =7.2%, t=3%) and market value/target value of associate stakes. FY Sep (Btm) 2019A 2020A 2021F 2022F THBEV is trading at c.13x FY21F, PE which is around -1SD below its 10- Revenue 267,357 253,481 277,028 291,438 year historical average. We believe this is not pricing in its potential as EBITDA 42,162 44,062 48,056 52,254 Southeast Asia’s largest food and beverage player. Pre-tax Profit 31,312 32,931 35,822 40,481 Net Profit 23,272 22,752 25,818 28,971 Where we differ: Net Pft (Pre Ex.) 23,272 23,244 25,818 28,971 High gearing mitigated by strong operating cash flow (OCF). Although Net Pft Gth (Pre-ex) (%) 14.1 (0.1) 11.1 12.2 EPS (S cts) 4.10 4.01 4.55 5.11 the market is concerned about THBEV’s high gearing, this should not be EPS Pre Ex. (S cts) 4.10 4.10 4.55 5.11 an issue as its management has termed out its borrowings and is able to EPS Gth Pre Ex (%) 14 0 11 12 repay/ refinance its obligations with its strong cashflows. Diluted EPS (S cts) 4.10 4.01 4.55 5.11 Net DPS (S cts) 2.12 2.04 2.30 2.70 Key Risks to Our View: BV Per Share (S cts) 20.4 25.1 27.4 29.8 Expectations of resilient demand misplaced. Our thesis is premised on PE (X) 17.6 18.0 15.8 14.1 resilient and eventual demand recovery. If this is not sustained or PE Pre Ex. (X) 17.6 17.6 15.8 14.1 misplaced, it could present downside risks. P/Cash Flow (X) 10.6 11.0 12.1 11.7 EV/EBITDA (X) 15.1 14.2 12.8 11.6 At A Glance Gross Div Yield (%) 3.0 2.8 3.2 3.7 Issued Capital (m shrs) 25,116 P/Book Value (X) 3.5 2.9 2.6 2.4 Mkt. Cap (S$m/US$m) 18,083 / 13,488 Net Debt/Equity (X) 1.3 1.0 0.8 0.7 Major Shareholders (%) ROAE (%) 19.7 17.6 17.3 17.9 Siriwana Co Ltd 45.3 Earnings Rev (%): 2 1 Maxtop Management Corp 20.6 Consensus EPS (S cts): 4.47 4.86 Capital Group Cos inc/The 5.00 Other Broker Recs: B: 14 S: 0 H: 1 Free Float (%) 29.1 Source of all data on this page: Company, DBS Bank, Bloomberg 3m Avg. Daily Val (US$m) 14.5 Finance L.P. GIC Industry : Consumer Staples / Food, Beverage & Tobacco ed: KK/ sa: DT, PY, CS Company Update Thai Beverage Public Company WHAT’S NEW Cheers to a Value Buy! Good BUY, still see value in counter; TP: S$0.93. Despite Including the interim DPS of Bt0.10 paid, total DPS for the year appreciating by c.24% since our last note on 20 October (Thai is Bt0.46 (FY19: Bt0.48). The payout ratio of 51% is in line Beverage Public Company: Toast for higher returns!) we believe with its dividend policy of paying out not less than 50% of there is still upside potential for the counter. Its FY21F forward profits. PE valuation at 15.8x is just at -1.3SD and -0.5SD below its historical 5-year or 10-year valuation respectively. Furthermore, This final dividend is marginally higher than our expectations of its FY20 results highlight the company’s resilience despite Bt0.33/share, given better than expected results. We believe COVID-19 headwinds. We reiterate our BUY recommendation this continues to demonstrate the management and Board’s with TP of S$0.93. confidence in the company’s cashflow and financing. The final dividend, after approval at the Extraordinary General Meeting FY20 attributable profit only dipped marginally by -2.2% on (EGM), is expected to be paid on 25 February 2021. resilient operations. THBEV’s FY20 attributable net profit declined 2.2% y-o-y decline to Bt22.8bn on the back of a Spirits 5.2% dip in sales revenue to Bt253.5bn. This was above our Strong spirits warded off COVID-19, profit up 15.4%. THBEV’s expectations. We were expecting a steeper dip of 9%/ 7% in Spirits segment warded off the effects of COVID-19 and posted revenue and net profit to Bt243bn/ Bt21.7bn respectively. It a strong attributable profit growth of 15.4% y-o-y to Bt21.9bn, would seem that the impact of COVID-19 was mitigated by the while revenue was up by 2.2% to Bt117.3bn. Sales volume for resilience of its operations and good cost control by the FY20 inched up by 0.2% to 667.9m. This includes sales volume management team. from Grand Royal (GR) (sales performance of GR has not been separately disclosed since the start of FY20). Along with a shift Despite the pandemic challenges, the credible results were in product mix and cost control in advertising and promotion largely driven by; (i) Spirits segment achieving a attributable (A&P) expenses, EBITDA margins expanded to 24.3%. The net profit growth of 15.4% to Bt21.9bn; (ii) Non-Alcoholic performance was largely attributed to the Group’s strong Beverage (NAB) segment posting a turnaround with product portfolio, coupled with its high off-premise attributable net profit of Bt306m, from a loss of Bt1.02bn. consumption. These were offset by weaker contribution from the Beer segment with attributable net profit down 13.5% y-o-y to In 4Q20, Spirits continued to its recovery with revenue up by Bt825m, loss from the Food segment at Bt38m, from profit of 11.3% y-o-y to Bt28.8bn. This was after two quarters of decline Bt418m and weaker contribution from its associates. In in 2Q and 3Q brought about by disruptions arising from COVID- addition, the Group recognised a deferred tax expense and 19. non-recurring costs arising from the restructuring of its beer business amounting to Bt2.66bn. Without the non-recurring Beer items, attributable profit from normal operations would have Beer impacted by on-premise consumption; Thailand beer less been Bt25.4bn (+9.2% from FY19). affected. The Group’s Beer segment was less than stellar given the effects of the pandemic on on-premise consumption. Top Sequential improvement in 4Q20. On a quarterly basis, line dipped by 11.3% to Bt106.9bn, while attributable net revenue and earnings before interest, taxes, depreciation and profit declined by 13.5% to Bt825m. Overall beer sales volume amortization (EBITDA) improved sequentially. We estimate that dropped by 12.7% to 23.6m hectolitres (hls), contributed 4Q20 revenue grew 2.1% y-o-y. This was on the back of y-o-y largely by a decline in Vietnam. Excluding Vietnam (Sabeco), we declines in 2Q and 3Q at 12.3% and 15.4% drop respectively. estimate that Thailand beer sales registered a marginal 1% dip A stronger trend was seen in its 4Q20 EBITDA which surged by in sales volume. Sabeco’s sales volume saw a 17.6% drop in 31% y-o-y to Bt11.5bn.
Load more

Recommended publications
  • Singapore's Selected Single Stocks
    Exchange Partner Singapore’s Selected Single Stocks SSF Strategies On Lion City’s Blue Chips by Tariq Dennison, +852 9476 2868 © 2020 GFM Group Limited, https:://gfmasset.com Image source: https://www.pinterest.com/pin/162129655305421931/?autologin=true Disclaimer This presentation is for educational and discussion purposes only. Nothing in this presentation is to be taken as investment advice, nor as any recommendation to buy or sell any security or investment property or product. Please consult with GFM or your own investment advisors 1-on-1 before making any investment decisions. GFM does NOT provide any tax or legal advice. Tax strategies in this presentation are based on our experience and believed to be current, but please consult with your own tax advisor for tax advice specific to your situation. GFM Group Limited is an SFC Type 9 Licensed Asset Management firm and is not affiliated with any exchange, brokerage firm, or custodian, including the co-presenters of this seminar. GFM Asset Management LLC, an affiliated company, is a US SEC Registered Investment Advisor. Investing involves risks, including the risk that you may lose some or all the money you invest. GFM is not affiliated with Interactive Brokers LLC, or any other FINRA broker-dealer © 2020 GFM Group 2 Disclaimer by SGX This document/presentation has not been prepared by Singapore Exchange Limited (“SGX”) or any of its affiliates (SGX and its affiliates collectively, the “SGX Group Companies”) and the information in this document/presentation has not been verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the contents of this document/presentation.
    [Show full text]
  • Thai Beverage Public Company
    Singapore Company Guide Thai Beverage Public Company Version 5 | Bloomberg: THBEV SP | Reuters: TBEV.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 23 Nov 2016 BUY Identifying scenarios to unlock value Last Traded Price ( 22 Nov 2016): S$0.87 (STI : 2,822.20) Long-term BUY, TP: S$1.09. We see ThaiBev being in a Price Target 12-mth: S$1.09 (26% upside) transformational mode to morph into a regional player. While investors may be deterred with uncertainty surrounding the Potential Catalyst: Acquisitions, restructuring extent and impact from mourning period in Thailand, we believe Where we differ: Below, probably due to adjustment of FYE to Sep its resilience and its ongoing transformation into a regional Analyst Andy SIM CFA +65 6682 3718 [email protected] beverage player will aid in further re-rating of the counter. We would advocate accumulating on pullbacks. What’s New Acquisition, restructuring and earnings accretion to be a re- • Reiterate positive view of transformation into a rating catalyst. We see FNN as the vehicle for ThaiBev’s regional regional beverage player acquisition strategy. We estimate that ThaiBev/ FNN collectively • Restructuring unlikely to take “asset swap” route have sufficient firepower to undertake acquisitions to the value of around S$4bn. On the back of this, we expect FNN to • Accretive acquisition a key catalyst, along with undertake equity fund raising, thereby allowing ThaiBev to raise restructuring; group has ample firepower its stake in FNN. In a scenario (pg 4), assuming a S$3bn • Mourning period impact likely to be limited acquisition by FNN, we estimate an EPS accretion of 16-35% and 8-10% for FNN and ThaiBev respectively (through a mix of cash, debt and rights issue at a multiple of 20-25x).
    [Show full text]
  • Thai Beverage Equity Research Singapore| Consumer Staples Rating BUY (As at 7 December 2020) Last Close SGD 0.73 Fair Value SGD 0.89
    Equity Research 7 December 2020 Company update Chu Peng Thai Beverage Equity Research Singapore| Consumer Staples Rating BUY (as at 7 December 2020) Last Close SGD 0.73 Fair Value SGD 0.89 Gradual recovery ahead Security information • Resilient Spirits sales Ticker THBEV SP Market Cap (SGD b) 18.2 • Food business saw greater impact from Covid-19 Daily turnov er (SGD m) 21.8 • Domestic beer market share reached 12-year high Free Float 32% Investment thesis Shares Outstanding (m) 25,116 Top Shareholder SIRIWANA COMPANY 45.3% Thai Beverage PLC’s (ThaiBev) results were above ours and the street’s expectations due to better-than- Price performance chart expected sales volume and lower costs. FY20 revenue 1.1 4,046 decreased by 5.2% YoY to THB 253.5b due to weaker 1.0 3,546 sales from Beer, Nonalcoholic and Food business, 0.9 3,046 partially offset by an increase in sales of Spirits while 2,546 0.8 PATMI was down 2.2% YoY to THB 22.8b. Spirits business 2,046 0.7 remained resilient amid Covid-19 due to its off-premise 1,546 consumption nature while Food business saw greater 0.6 1,046 impact from Covid-19 with the closure of department 0.5 546 stores and restaurants. ThaiBev is currently trading at a 0.4 46 blended forward P/E of 15.3x which is near 1 s.d. below Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 its 5-year average of 15.4x. We think the valuation is THBEV SP Equity STI Index (RHS) undemanding given the positive development of vaccines, ThaiBev’s strong brand name and product portfolio, and policy stimulus from the government Financial summary which could aid the recovery of consumption.
    [Show full text]
  • Phillip Securities Research Morning Call 26Th May 2020
    Phillip Securities Research Morning Call 26th May 2020 Stock Counter Updates Macro/Sector Outlook . IREIT Global . Singapore REITs Sector . EC world REIT . Singapore Banking Monthly . Propnex Ltd . Singapore Weekly . ComfortDelGro Ltd . ThaiBev PLC Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z © PhillipCapital 2019. All Rights Reserved. For internal circulation only. Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents. Disclaimer The information contained in this presentation has been obtained from public sources which Phillip Securities Research Pte Ltd (“PSR”) has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this presentation are based on such information and are expressions of belief only. PSR has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this presentation is subject to change, and PSR shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSR be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages.
    [Show full text]
  • Sermsuk-AR20-En Final.Pdf
    Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Contents 02 Message from the Chairman 126 Connected Transactions 04 Board of Directors 140 Financial Data and Financial Statements 08 Executive Committee Members 149 Management Discussion 10 Executives and Analysis: MD&A 12 Product Portfolio 154 Report of the Board of Director’s Responsibility for the Financial 14 Corporate Social Responsibility Statements Activities 155 Report of the Audit Committee 44 Policy and Business Overview 156 Report of the sustainability and 56 Business Operations Risk Management Committee Risk Factors 157 Report of the Nominating and 60 Remuneration Committee 66 Basic Information 158 Report of the Corporate Governance Committee 67 Share Capital and Shareholders 159 Report of the Executive 68 Dividend Payment Policy Committee 69 Management Structure 160 Independent Auditor’s Report and Financial Statements 89 Corporate Governance 275 Information of the Company’s 120 Corporate Social Responsibility Directors, Executives, (CSR) Controlling Parties (if applicable) and Company Secretary 125 Internal Control and Risk Management Investors can review listed companies’ financial statement in the Annual Report and SEC filing (Form 56-1) as shown on www.sec.or.th Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Message from the Chairman In 2021, Sermsuk will continue Dear Fellow Shareholders: to expand our channels to reach more consumers and develop The year 2020 was very challenging, not only for Sermsuk, but for people and economies worldwide. The COVID-19 and distribute new products for pandemic has had lingering impact from the beginning of the the health and well-being of consumers year right up until today.
    [Show full text]
  • Singapore Strategy
    Market Update Multi-Asset ▪ Global Singapore Strategy Navigating the trade war; stocks to accumulate Fund outflows from Asian markets The market has been spooked by many events recently, including US-China have caused a broad-based decline trade wars and OPEC’s tussle with expanding oil production. Alongside these over the past month. events are continued tightening by the Federal Reserve and a $37bn injection into the financial by the PBoC to calm markets after US tariffs. If we look at high We expect stocks that have yield spreads in Asia, they have been widening for the past 3 months, alongside underperformed the STI year-to-date a weakening of the CNH and a yield curve that is close to inversion. Spreads but continue to have positive between the 2 and 10 year treasuries are only trading around 35 bps now, a 5 earnings momentum to recover as year low. second quarter earnings season begins next month. Figure 1: Yield spread between 2-year and 10-year Treasuries We would accumulate stocks like Yangzijiang (+49% potential upside), ThaiBev (+28%), Venture Corp (+51%), Sembcorp Industries (+31%), Keppel Corp (+31%) and Singtel (+25%). Source: Bloomberg, KGI Research Figure 2: Asia high yield spread vs CNH Source: Bloomberg, KGI Research If the trend continues, there could be waves of default led by Chinese high yield, which can cause a domino effect on Asian high yield debt, as seen in the chart above. We recommend a defensive position in this kind of market environment. KGI Research Team 65 6202 1194 [email protected] See the last page for important disclosures.
    [Show full text]
  • THAI BEVERAGE PLC FY20 FINANCIAL RESULTS (Full Year Ended 30 September 2020)
    THAI BEVERAGE PLC FY20 FINANCIAL RESULTS (Full Year ended 30 September 2020) FY20 (Full Year ended 30 September 2020) Copyright © Thai Beverage Public Company Limited NOTE ON FORWARD LOOKING STATEMENTS • The following presentation may contain forward looking statements by the management of Thai Beverage Public Company Limited ("ThaiBev"), relating to financial or other trends for future periods, compared to the results for previous periods. • Some of the statements contained in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. • Forward looking information is based on management's current views and assumptions including, but not limited to, prevailing economic and market conditions. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not, and should not be construed as a representation as to future performance of ThaiBev. In particular, such targets should not be regarded as a forecast or projection of future performance of ThaiBev. It should be noted that the actual performance of ThaiBev may vary significantly from such targets. Copyright © Thai Beverage Public Company Limited 2 UNDERSTANDING THIS PRESENTATION • Referring to the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited, which took effect from 7 February 2020, ThaiBev will announce our financial statements on a half-yearly basis instead of a quarterly basis. ThaiBev stands committed to engaging shareholders through timely, clear, and consistent communications, as well as continuing its interactions with the investment community.
    [Show full text]
  • Shareholding Statistics AS at 3 DECEMBER 2020
    POWER OF OUR ENDURING BRANDS 187 Shareholding Statistics AS AT 3 DECEMBER 2020 Class of Shares - Ordinary shares Voting Rights - One vote per share Size of Shareholdings No. of Shareholders % No. of Shares %* 1 - 99 141 1.79 4,724 0.00 100 - 1,000 1,409 17.88 1,212,633 0.08 1,001 - 10,000 4,768 60.49 21,179,182 1.46 10,001 - 1,000,000 1,549 19.65 69,803,915 4.82 1,000,001 and above 15 0.19 1,357,885,124 93.64 TOTAL 7,882 100.00 1,450,085,578 100.00 TOP TWENTY SHAREHOLDERS (as shown in the Register of Members and Depository Register) No. Shareholder’s Name Shareholdings %* 1 DBS NOMINEES PTE LTD 436,609,598 30.11 2 UNITED OVERSEAS BANK NOMINEES PTE LTD 430,604,711 29.69 3 INTERBEV INVESTMENT LIMITED 412,423,822 28.44 4 CITIBANK NOMINEES SINGAPORE PTE LTD 46,660,678 3.22 5 DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 10,665,255 0.73 6 UOB KAY HIAN PTE LTD 5,750,380 0.40 7 RAFFLES NOMINEES (PTE) LIMITED 5,181,901 0.36 8 PHAY THONG HUAT PTE LTD 1,799,000 0.12 9 PHILLIP SECURITIES PTE LTD 1,380,776 0.09 10 HSBC (SINGAPORE) NOMINEES PTE LTD 1,344,402 0.09 11 DBSN SERVICES PTE LTD 1,137,321 0.08 12 OCBC NOMINEES SINGAPORE PTE LTD 1,111,560 0.08 13 YEO WEI HUANG 1,109,000 0.08 14 THIA CHENG SONG 1,100,000 0.08 15 THE TITULAR ROMAN CATHOLIC ARCHBISHOP OF KUALA LUMPUR 1,006,720 0.07 16 CHOO MEILEEN 906,065 0.06 17 CHEE SWEE CHENG & CO PTE LTD 846,610 0.06 18 JACK INVESTMENT PTE LTD 828,800 0.06 19 CGS-CIMB SECURITIES (SINGAPORE) PTE LTD 805,675 0.06 20 OCBC SECURITIES PRIVATE LTD 741,375 0.05 TOTAL 1,362,013,649 93.93 188 Fraser and Neave, Limited & Subsidiary Companies Annual Report 2020 Shareholding Statistics AS AT 3 DECEMBER 2020 SUBSTANTIAL SHAREHOLDERS (as shown in the Register of Substantial Shareholders) Direct Interest Deemed Interest No.
    [Show full text]
  • Portfolio Performance (As at Oct 31, 2017)
    Portfolio performance (as at Oct 31, 2017) Portfolio Investment as at Current portfolio Net total Benchmark Dividends and Realised Unrealised Jan 31, 2017* ($) value ($) return (%) return (%) coupons ($) P/L ($) P/L ($) Ms Shona Chee 63,732 70,673.01 10.89 9.56 1,146.02 2,833.95 5,756.38 Mr Getty Goh 222,193 255,848.03 15.15 12.08 3,355.62 18,881.37 25,234.03 Mr Wang Moo Kee 437,248 476,702.98 9.02 7.98 9,818.79 20,241.66 22,081.24 *New scal year begins from Jan 31, 2017. What is in the simulated portfolios? Ms Shona Chee Mr Getty Goh Mr Wang Moo Kee Initial investment $60,000 $200,000 $400,000 amount Portfolio value $70,673.01 $255,848.03 $476,702.98 Asset class Security (Weightage) Security (Weightage) Security (Weightage) Cash 0.6% 0.2% 6.8% Domestic 33.8% 36.7% 27.9% equities -Netlink NBN Trust -Netlink NBN Trust -Netlink NBN Trust -OCBC -OCBC -OCBC -Singapore Exchange -Singapore Exchange -Singapore Exchange -Singtel -Singtel -Thai Bev -ThaiBev -ThaiBev -Singtel -Wing Tai -Wing Tai -Wing Tai Global ETFs 25% 39.3% 12.4% -DBX AC ASIA ex-Japan 1C -DBX AC Asia ex-Japan 1C -DBX AC Asia ex-Japan 1C -DBX EURO STOXX 50 -DBX EURO STOXX 50 -DBX EURO STOXX 50 -DBX FTSE China 50 1C -DBX FTSE China 50 1C -DBX FTSE China 50 1C -ISHARES MSCI India Index ETF -DBX MSCI Japan 1C -SPDR Gold shares -SPDR Gold shares -ISHARES MSCI India Index ETF -SPDR Gold shares Reits 10.1% 12.9% 10% -A-Reit -Keppel DC Reit -A-Reit -Keppel DC Reit -A-Reit -Keppel DC Reit Bonds 30.6% 11% 43% -CMT 3.08% Feb 21 -CMT 3.08% Feb 21 -ABF Singapore Bond Index Fund -FCL 3.65% May 22 -FCL 3.65% May 22 -CMT 3.08% Feb 21 -ISHARES JPM USD Asia Bond -ISHARES JPM USD Asia Bond -DBS 4.7% Perp (call Nov 20) -Singapore Savings Bond -Singapore Savings Bond -FCL 3.65% May 22 -ISHARES JPM USD Asia Bond -OCBC 5.1% Perp (call Sep 18) -Singapore Savings Bond NOTES: • Portfolio start date was Jan 18, 2016.
    [Show full text]
  • 1St Asian Excellence Recognition Awards 2011
    In celebration of our 8 Years of Knowledge, Insights and Asian Values on Corporate Governance we are announcing our awardees for the 1st Asian Excellence Recognition Awards 2011 Investor Relations, CSR, Business Ethics, Environmental Responsibility and Financial Performance March 29, 2011 – Hong Kong 1st Asian Excellence Recognition Awards 2011 Investor Relations, CSR, Business Ethics, Environmental Responsibility and Financial Performance NOTE : No particular ranking To be announced to the media on March 29, 2011 (Embargoed until March 28, 2011) Asiaʼs best investor relations professional Asiaʼs Best CEO (Investor Relations) China Wang Xiaochu -China Telecom Corporation Ltd Chen Lang - China Resources Enterprise Ma Weihua - China Merchants Bank Ma Mingzhe - Ping An Insurance Corporation Hong Kong Lawrence Ho – Melco International Development Ltd Charles Li – Hong Kong Exchanges and Clearing Ltd Indonesia Hasnul Suhaimi –PT XL Axiata Tbk Emirsyah Satar – Garuda Indonedia Indonesia Malaysia Tan Sri Dato' Sri Dr. The Hong Piow Public Bank – Public Bank of Malaysia) Tony Fernandes - Airasia Philippines Jaime Augusto Zobel De Ayala – Ayala Corporation Nestor Tan – Banco De Oro Unibank Inc Harley Sy – SM Investments Corporation Singapore Chew Choon Seng - Singapore Airlines David Conner – OCBC Bank Mr Choo Chiau Beng – Keppel Corporation Taiwan Daniel Wu – Chinatrust Financial Holding Daniel Tsai – Fubon Financial Rick Tsai - TSMC Thailand Prasert Bunsumpun – PTT Public Co Banthoon Lamsam – Kasikornbank PCL Thapana Sirivadhanabhakdi - Thaibev Asiaʼs Best CFO (Investor Relations) China Ms. Andi Wu - China Telecom Corporation Frank Lai – China Resources Enterprise Hong Kong Frank Sixt - Hutchison Whampoa Ltd Patrick Chan – Sun Hung Kai Properties Thomas Tang – Sino Land Chew Fook Aun – Esprit Holdings Indonesia Pahala Mansury – PT Bank Mandiri Tbk Gidion Hasan – PT United Tractors TBK Malaysia Kenny Kim - CIMB Chang Siew Yen - Public Bank of Malaysia Philippines Jose Sio – SM Investments Corporation Luis Juan B.
    [Show full text]
  • View Annual Report
    ANNUAL REPORT 2017 STRONGER TOGETHER STRONGER TOGETHER STRONGER ANNUAL REPORT 2017 FRASERS CENTREPOINT LIMITED LIMITED CENTREPOINT FRASERS STRONGER TOGETHER FRASERS CENTREPOINT LIMITED Company Registration Number: 196300440G 438 Alexandra Road Top: Alexandra Point, Singapore #21-00 Alexandra Point Above left: Artist’s impression of Wonderland at Central Park, Sydney, New South Wales, Australia Above right: Watertown, Singapore Singapore 119958 ANNUAL REPORT 2017 Phone: +65 6276 4882 Fax: +65 6276 6328 fraserscentrepoint.com Untitled-2 1 27/9/16 12:02 PM STRONGER TOGETHER Beyond providing physical space, a building represents the successful combination of thoughtful design, curated experiences, and respectful stewardship. Like a blueprint, these elements form the foundation of a building. For this year’s annual report design, the Frasers Centrepoint group of companies chose to feature line drawings of our key properties – a symbolic representation of our role as designer, curator and steward, not only of our properties, but also of our Group. It represents our continuous efforts to build on solid foundations to transform our blueprints of growth for the Group into reality for our stakeholders. Frasers Centrepoint Limited (FCL) continued to build business resilience by growing our portfolio in a balanced manner across key markets and property segments. Leveraging our experience and expertise across business segments and markets to move forward as one, we were able to capitalise on complementary strengths to capture growth opportunities. We are well positioned to grow alongside our customers with a portfolio of residential, commercial, retail, hospitality, industrial and logistics, and business park assets across multiple geographies. At FCL, we are future-ready because we are stronger together.
    [Show full text]
  • Thaibev Recognized As Dow Jones Sustainability Index Global Leader (Beverage Industry) for Third Consecutive Year
    THAIBEV RECOGNIZED AS DOW JONES SUSTAINABILITY INDEX GLOBAL LEADER (BEVERAGE INDUSTRY) FOR THIRD CONSECUTIVE YEAR KEY HIGHLIGHTS . Attained Global Leader in Beverage Industry for third consecutive year . Retained status as a member of the World Index and Emerging Markets Index families for the fourth and fifth consecutive year, respectively . Maintained overall score of 92 out of 100, placing it in the 100th percentile of all companies in the global beverage industry that were assessed . Achieved the industry best score in 14 assessment areas, up from 12 last year BANGKOK, Thailand, 26 November 2020 – Thai Beverage Public Company Limited (“ThaiBev”, and together with its subsidiaries, the “Group”) is pleased to announce that the Group has achieved the highest score among companies in the beverage industry which participated in the latest annual Dow Jones Sustainability Indices (“DJSI”) assessment, making it the Global Leader in the sector for the third consecutive year. The Group also retained its listing as a member of the DJSI Emerging Markets Index family and DJSI World Index family for the fifth and fourth consecutive year, respectively. Mr. Thapana Sirivadhanabhakdi, President and CEO, ThaiBev, commented, “We are honoured to be recognized as the world’s most sustainable beverage company for the third consecutive year and would like to reaffirm our commitment to becoming a stable and sustainable leader in the industry. We will continue to be a responsible corporate citizen as we create value by developing innovative new products and services, improving operational efficiencies, and contributing to society.” On the environmental front, the Group continues to source responsibly and harness resources efficiently.
    [Show full text]