Olympic Industries Limited Initiating Coverage Fair Value Estimate (Dec 2014): BDT 260 Per Share February 11, 2014 Rating: OUTPERFORM

Total Page:16

File Type:pdf, Size:1020Kb

Olympic Industries Limited Initiating Coverage Fair Value Estimate (Dec 2014): BDT 260 Per Share February 11, 2014 Rating: OUTPERFORM Analyst: Farah Tasnim Huque [email protected] Sector: Consumer Good Olympic Industries Limited Initiating Coverage Fair Value Estimate (Dec 2014): BDT 260 per share February 11, 2014 Rating: OUTPERFORM Company Summary Growth momentum continues to drive superior return 52-week Price Range (BDT) 59.0–194.0 Current Price (BDT) [Feb 10, 2014] 191.3 Olympic Industries Ltd. (DSE: OLYMPIC, “Olympic”) is the market leader Dec 2014 Fair Value (BDT) 260.0 in Bangladesh in factory-made biscuit industry with 20%-22.0% market Price Return 36.0% share. Initially in 1982, the company started operation as a dry-cell Dividend Yield 0.4% battery manufacturer and later the biscuit operation was launched in Total Return 36.4% 1996. The company also acquired a listed ball-point pen manufacturer, Number of Shares MM 117.5 Market Cap BDT MM 22,485.59 Tripti Industries, in 2008. Currently biscuit & confectionary, battery and Free Float 68.5% ball-point pen segments account for 92%, 4% and 3% of the company’s Average Daily Turnover BDT MM (2013) 76.6 revenue, respectively. Bangladesh’s young demography with rising per Revenue & Profit (BDT MM) 2013A 2014E 2015E capita income, increasing demand for quality packaged food coupled Total Revenue 7,093.0 9,261.0 11,146.0 with Olympic’s mindful product mix, supply chain management and Operating Income 886.1 1,336.4 1,762.4 marketing strategies drove its revenue and earnings CAGR of 37% and EBITDA 1,031.0 1,589.1 2,037.2 69% per annum, respectively during the last 5 years. All these were Net Income 615.4 1001.1 1,314.4 catalyzed by a superior management that set and executed the right Margin 2013A 2014E 2015E priorities since 2009 when the second generation of the sponsor-family Gross Margin 25.7% 27.8% 29.2% took over important senior roles. Operating Margin 12.5% 14.4% 15.8% EBITDA Margin 14.5% 17.2% 18.3% We initiate coverage of Olympic with an OUTPERFORM rating with a Net Margin 8.7% 10.8% 11.8% target price of BDT 260 per share for December 2014. Our target price Growth 2013A 2014E 2015E implies a forward P/E of 31.3x and EV/EBITDA of 19.5x based on our Revenue Growth 18.2% 30.6% 20.4% estimates for the FY 2014. While valuations look expensive, the earnings EBITDA Growth 36.5% 54.1% 28.2% growth more than compensates for it. With the current market price of Earning Growth 33.8% 62.7% 31.3% BDT 191, our valuation offers an upside potential of 36%, excluding a Per Share (BDT) 2013A 2014E 2015E dividend yield of 0.4%. Key points from the investment thesis are as Adjusted EPS 5.24 8.52 11.18 follows: DPS 1.00 1.00 1.00 Restated BVPS 14.73 22.58 32.77 Olympic will continue its strong growth momentum, primarily driven Cash Flow (BDT MM) 2013A 2014E 2015E by the biscuit segment, in the next five years when its revenue and Operating 942.2 1,426.0 1,741.4 earnings will grow by 21% and 24% respectively. In FY2014 (ended Investing (846.3) (650.0) (200.0) in June), a biscuit expansion project will come online from the 3rd Financing (66.4) (223.1) (164.4) quarter which will increase the biscuit segment’s capacity by 40%. Valuation 2013A 2014E 2015E We estimate 31% and 20% revenue growth for the company in the P/E 21.3x 30.9x 23.5x next two years. Contrarily, the volume growth for the factory-made P/B 7.6x 11.7x 8.0x biscuit industry will be in the range of 15-20% in next five years as EV/EBITDA 13.1x 19.3x 14.3x referred by the industry insiders. Miscellaneous 2013A 2014E 2015E ROE 42.4% 45.6% 40.4% ROA 19.6% 23.7% 23.9% Olympic’s margins are inversely related to weak commodity markets, Debt/Equity 27.5% 12.6% 7.4% particularly for wheat, sugar whose prices declined by 22% and 14%, Payout Ratio 12.7% 11.7% 13% respectively, in the calendar year 2013. We expect such weak Figure: Price Performance of OLYMPIC since 2012 commodity market to continue as forecasted in a recent World Bank 200 480.0 study. Per unit ending inventory prices for Olympic’s biscuit segment declined accordingly, by 37% YoY in FY 2013 that ended in June 180 400.0 2013. Additionally, the company has been able to pass-through cost 160 inflation to the consumers, but does not revise down end-product 140 320.0 prices if the raw material prices decline. Resultantly, we estimate 120 gross margin improvement of total 3.5% during next two years. 100 240.0 Economies of scale due to the capacity expansion will also be 80 partially contributing to the overall margin improvement. 160.0 60 Price, BDT Price, 40 Given a CAGR of 46% for Olympic’s earnings in the next two years 80.0 and higher valuation multiples for FMCG companies in comparable 20 Turnover, BDT Turnover, BDT Mn growth markets, we have a conviction that the seemingly-premium 0 .0 forward P/E of 31.3x will be realized. 12 13 12 13 13 12 12 12 13 12 13 13 11 12 13 12 13 12 12 13 14 13 13 13 12 - - - - - - - - - - - - - - - - - - - - - - - - - Jul Jul Jul Jan Jan Jan Jan Jun Jun Oct Apr Apr Sep Feb Sep Feb Sep Dec Dec Dec Nov Nov Mar May May Turnover Adjusted Price Source: DSE, BRAC EPL Research, February 2014 See “Important Disclosures” section at the end of his report for important required disclosures, including potential conflict of interests. Olympic Industries Limited (DSE: OLYMPIC; Bloomberg: OLYMPI:BD) Company Background Olympic Industries Ltd. (DSE: OLYMPIC) was incorporated in 1979 as a public limited company with the name “Bengal Carbide Ltd.”. The company started its Olympic Industries started its journey commercial operation in 1982 with dry-cell battery production. The company in 1979 and commenced its name was later changed to Olympic Industries in 1996, following the launch of commercial operation in 1982 its biscuit and confectionery segment. The company has been listed on Dhaka Stock Exchange (DSE) since 1984. After twelve years of its listing with DSE, the company got listed on Chittagong Stock Exchange (CSE) in 1996. In 2008, OLYMPIC merged with Tripti Industries Limited (a former listed company) and took over the ballpoint pen manufacturing business. Company Description The company has diversified its business with various fast moving consumer goods (FMCGs) over the years. At present, the company is engaged in manufacturing and marketing of three product lines - biscuit & confectionery, The company’s portfolio includes three product lines - biscuit & dry cell battery and ballpoint pen items. With its head office located in the confectionery, dry cell battery and capital city– Dhaka, OLYMPIC operates three production facilities situated in ballpoint pen. Kanchpur, Lolati and Madanpur of Narayanganj. Two factories are assigned for biscuit and confectionery production while the other one is for ballpoint pen and battery. The company has achieved the HACCP certification, a globally recognized standard for food processing companies, in early 2010 as all its factories are in compliance with quality and safety standards. The company had soyabean oil, vegetable ghee, palm oil and electric bulb manufacturing operations which have been discontinued for quite sometime. Business Segments & Revenue Breakdown The company is the market leader in As mentioned earlier, OLYMPIC’s product portfolio includes three segments - the automated biscuit manufacturing biscuit & confectionery, batteries and ball pen. Among the three, biscuit & industry and holds the second confectionery is the main revenue generating segment for the company as it position in the battery segment. accounts for 92% of the total revenue. OLYMPIC is currently the market leader in automated biscuit manufacturing industry and has started exporting biscuits recently. The contribution from non-biscuit segments are not very significant as Chart:01 Revenue composition battery and ball-pen accounted for 5% and 4% of total revenue respectively in from the three business segments: 2013. The company holds the second position in battery market. Chart:02 Product Porfolio of Olympic Industries Ltd. 4.6% 3.7% Biscuit Confectionery Ballpoint Pen Battery • Salted • Candy • Gel • UM-1 • Glucose • Cereal Bar • PVC Jacket • UM-2 • Flavored Glucose • Gum • Piano Type • UM-4 • Marie • Chutney • Cake • Vegetable Cracker 91.7% Source: Company Annual Report, 2013 Biscuit Ball Pen Battery Source: Company Annual Report, 2013 Biscuit Industry in Bangladesh The automated biscuit industry in Bangladesh was estimated at BDT 23.7 billion The BDT 31.3 billion biscuit industry (USD 304.8 million) in 2011 and has been growing at an annual rate of 15.0% has been growing at 15.0% per year (in terms of value) since 2009. Hence after embedding 15.0% annual growth, since 2009. the total size of the biscuit industry as of 2013 was estimated to be about BDT 31.3 billion (USD 403.1 million). According to industry experts, the biscuit industry will continue to post 15.0% to 20.0% volume growth in each of the next five years. 2 Olympic Industries Limited (DSE: OLYMPIC; Bloomberg: OLYMPI:BD) Regulatory Body of Biscuit Industry BSTI is a government body regulating the biscuit industry in Bangladesh Standard and Testing Institution (BSTI) is a government body Bangladesh. The BSTI certification is compulsory for regulating and supervising the industrial, food and chemical industries of the every food processing company. country. Hence, It is mandatory for every company in food processing and related industries to comply with BSTI certification before selling their products in the market.
Recommended publications
  • 21011110 Instant Coffee
    21011110 INSTANT COFFEE MSK 21011110 INSTAN COFFE TYPE A 21069030 KERRYKREEM F-8196 (NON DAIRY CREAMER) 21069030 NON DAIRY CREAMER 14 PT ANTA TIRTA KIRANA 04021041 High Heat Heat Stable Skim Milk Powder 04021041 Instant Skim Milk Powder 04021041 Nonfat Dry Milk 04021041 Skim Milk Powder 04021041 SKIMMED MILK POWDER 04022120 Full Cream Milk Powder 04022120 Whole Milk Powder 04022120 Whole Milk Powder Instantised 04039010 Buttermilk Powder 04041010 DEMINERALIZED WHEY POWDER 04041010 Non Hygroscopic Whey Powder 04041010 Premium Deproteinized Whey 04041010 Rochester Whey Powder 04041010 Sweet Dairy Whey 04041010 Sweet Whey Powder 04041010 Whey Protein Concentrate 04041010 Whey Protein Concentrate 35% 04051000 Butter Unsalted 04059010 Anhydrous Milk Fat 04061010 Cream Cheese 04062090 Dominos Shredded Pizza Cheese 04063000 Cheese Bega American Burger Processed Cheese Cheese Burger King Coloured Burger Processed Cheddar 04063000 Cheese 04063000 Cheese Burger King Coloured Burger Processed Cheese Cheese Burger Kings Swiss Burger Processed Cheddar 04063000 Cheese 04063000 Cheese Burger Kings Swiss Burger Processed Cheese 04063000 Cheese Cateres Processed Cheese 04063000 Cheese Chefs Choice Cateres Processed Cheese 04063000 Cheese Chefs Choice Coloured Burger Processed Cheese 04063000 Cheese Chefs Choice White Burger Processed Cheese 04063000 Cheese Coloured Burger Processed Cheese 04063000 Cheese White Burger Processed Cheese 04063000 FROZEN STRING CHEESE 04069000 Cheddar Cheese 04069000 Mozzarella Cheese 15 PT ARTHA KARYA UTAMA 20029010 TOMATO
    [Show full text]
  • Volume 62, No 5 Summer 2019 a MISSIONARY MAGAZINE at the Service of • the Franciscan Missionaries Working Throughout the World but Especially in Disaster Areas
    Volume 62, No 5 Summer 2019 A MISSIONARY MAGAZINE at the service of • The Franciscan Missionaries working throughout the world but especially in disaster areas. • The Franciscan Missionary Union. Volume 62, No 5 Summer 2019 Page A Rosary of Miracles 4 MISSION OFFICE: Cooking without fire 6 FMU Director Franciscan Friary, Gathering, Embalenhle Township 7 270 Ballater Street, Our cherished Bantam Bakkie 12 Glasgow. G5 0YT Feast of St. Anthony 15 A fourth letter on Spiritual Reading 16 EDITOR: Br. Edmund Highton, ofm The Mercy of the Sacred Heart 19 Fun Facts 23 Registered Charity No. 232177; SCO 39191 In the 12th century Christ spoke to St Francis of Assisi from this cross: “Francis, go and rebuild my Church which you see is falling down.” Don’t complain about the Church in the 21st century. COVER PHOTOGRAPHS: Front cover: Hear Our Lord’s call and do something about it! The long trek to fetch water. Back cover: The Friars Minor have followed St Francis’ Livestock often struggle to forage example for the last 800 years. grasses in Ethiopia. Published by St. Antony’s Press for the Franciscan Missionary Union. Produced by: Burns Print Management Ltd. Contact Br Donal Walsh OFM, Franciscan Friary, Caledonia Business Centre, Thornliebank Industrial Estate, Why not be one of them? 160 The Grove, Stratford, London E15 1NS Glasgow G46 8JT Tel: 020 8534 1964. Email: [email protected] Tel: 07799 645 420 Email: [email protected] 3 Miraculous Healings: 1. Jesus heals the Centurian’s servant – A (Luke 7:1-10 & Matthew 8:5-13) 2.
    [Show full text]
  • Matrix Flavours & Fragrances
    Matrix Flavours & Fragrances The tiny ingredient that leaves a big impression Producers Association. From stints at Chemara Research Station and KL Kepong Bhd., he started his own business in palm oil refinery equipment in 1977. He holds joint patents with s.a. Fractionnement TIRTIAUX of Belgium. A year later, he branched out and established Matrix Flavours & Fragrances – making him the only flavour house founder who is independent of other flavour companies in this region. Inspired by his pioneering soul and innovative spirit, MFF has steadily expanded its Welcome to the wonderful world of flavours – the tiny repertoire of flavours to cater to the needs of an ingredient that adds bigger taste to your food. With international market by utilising technology developed over 35 years experience, we’re a leading flavour manufacturer in Asia and offer an extensive range of in-house, and licensed through technology-transfer flavours that cater to the discerning needs of an agreement with a UK-based flavour house. international market. In 1995, he then founded A Taste of Our Story Matrix Oleochem Sdn. Bhd., Matrix Flavours & Fragrances Sdn. Bhd. (MFF) was manufacturing speciality incorporated in 1978, becoming the first South East Asian oleochemicals from palm oil. owned flavour house. We began as the specialist in Till today, well into his 70s, heat-resistant and Asian flavours. Through years of Dr. Tan remains a scientist at innovative research and development, we have expanded heart and can be found in his our repertoire to offer flavours from all over the world, in a own research laboratory variety of applications.
    [Show full text]
  • Quality Requirements for Australian Wheat for Asian Food Products
    The Competitive position of Australian Wheat in Malaysian and SE Asian Markets “Five years after deregulation where are we now” Dr. Soon Bin, Neoh Seberang Flour Mill, Malaysia (Soon Soon Group of Company) Australian Grains Industry Conference Melbourne, Australia July 29th – 31th, 2013 Q: Is Australian Wheat Competitive in Asia ? A: It is WHY? Critical Factors Affecting Wheat Competitiveness • Quality and Quality consistency • FOB price • Ocean freight • Consistent supply Competitive Performance of Australian wheat in Asian Food products Vs Other Wheat Asian Food Products and its Market Share in Malaysia Total (mt/month) Market Share (%) General Purpose flour 15,000 23.0 (25kg) Bread 12,650 20.0 Instant noodle 9,000 14.0 Wet / Wantan/Dry noodles 8,000 12.0 General Purpose flour 7,000 11.0 (1kg) Biscuits 6,550 10.0 Pao/Cakes/Pastry 3,500 6.0 Industrial Flour 3,100 4.0 Grand Total 64,800 100 Seberang Flour Mill Wheat Quality requirements for Asian Food Products and the Performance of various Wheats * Noodles ( alkaline noodle, Instant noodle, wantan noodle) * White Bread * Cracker biscuit * Marie biscuit * Steamed bread Seberang Flour Mill Flour quality requirements for noodles * Produce bright yellow noodle * Good quality gluten with high viscosity for firm and elastic noodles * Fast gluten development and good extensibility for easy processing * Good color stability ( Wantan noodle/ fresh noodle) * High falling number with low enzyme activity for non sticky noodle and longer shelf life Wantan noodle vermecelli Instant noodle Alkaline
    [Show full text]
  • 3 Hypotheses and Objectives
    3 HYPOTHESES AND OBJECTIVES 3.1 HYPOTHESES 1. Biscuits made of sorghum and bread wheat composited with Defatted Soy Flour (DSF) will have significantly improved nutritional value in terms of protein, lysine and indispensable amino acids and mineral content compared to unfortified biscuits. Defatted soy flour has a better nutrient composition with respect to protein, lysine and indispensable amino acids and minerals than sorghum and bread wheat (USDA 2008). 2. Fortified sorghum and bread wheat biscuits will have significantly higher levels of bioavailable protein and lysine compared to unfortified biscuits. Protein and lysine that are deficient in sorghum and bread wheat and are adversely affected when sorghum is processed (reviewed by Taylor and Belton 2002), will be increased by addition of DSF to the biscuits. 3. Soy fortified sorghum biscuits will have higher true protein digestibility and improve growth rate in rats compared to unfortified biscuits. The added soy proteins have an amino acid profile that is superior to sorghum protein amino acid profile and higher lysine content (USDA 2008). Complementing sorghum with legumes improves growth and apparent protein digestibility in rats (Nnam 2001) and increasing lysine content in rat diet increases growth (Ashley and Anderson 1975). 4. Sorghum flour can be used to make biscuits that are similar in texture and sensory properties to wheat-based biscuits. Wheat flour is the principal component of virtually all biscuits because when mixed with water it forms a unique visco-elastic dough (Kent and Evers 1994). However, good quality biscuits can be prepared using non-wheat flours because biscuits do not require high gluten flours.
    [Show full text]
  • SYNEXUS Priority Claimed from 15/05/2008; Application No
    Trade Marks Journal No: 1843 , 02/04/2018 Class 99 SYNEXUS Priority claimed from 15/05/2008; Application No. : 006916092 ;European Union 1720521 12/08/2008 SYNEXUS CLINICAL RESEARCH PLC SANDRINGHAM HOUSE ACKHURST PARK CHORLEY LANCASHIRE PR7 1 NY UK SERVICE PROVIDERS A COMPANY INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES. Address for service in India/Agents address: REMFRY & SAGAR MILLENIUM PLAZA, SECTOR 27, GURGAON- 122002. Proposed to be Used DELHI Cl.35;Recruitment and selection services; recruitment and selection services relating to clinical trails; employment agency services; business management services; information, advisory and consultancy services relating to the aforesaid; Cl.42;Chemical and medical research and analysis services; scientific, clinical and insustrial research and analysis; clinics; clinical trials; management of clinical trials; 8940 Trade Marks Journal No: 1843 , 02/04/2018 Class 99 1732960 16/09/2008 BISON INTERNATIONAL B.V. DR. A.F.PHILIPSSTRAAT 9 4462 EW GOES THE NETHERLANDS. MANUFACTURERS AND MERCHANTS A COMPANY ORGANIZED AND EXISTING UNDER THE LAWS OF THE KINGDOM OF THE NETHERLANDS Address for service in India/Agents address: REMFRY & SAGAR MILLENIUM PLAZA, SECTOR 27, GURGAON- 122002. Proposed to be Used DELHI THIS IS CONDITION OF REGISTRATION THAT BOTH/ALL LABELS SHALL BE USED TOGETHER.. Cl.1;ADHESIVES USED IN INDUSTRY; GLUES AND ADHESIVES, MASTICS; DAMP ATTRACTING, ABSORBING, RESISTANCE AND REPELLENT PRODUCTS NOT INCLUDED IN OTHER CLASSES; PREPARATIONS FOR PREVENTING VEGETABLE DEPOSITS PREPARATIONS FOR COMBATING, REMOVING AND PREVENTING CHEMICAL DEPOSITS; TEMPERING AND SOLDERING PREPARATIONS. Cl.16;GLUES AND ADHESIVES; GUMMED AND ADHESIVES TAPES AND STRIPS. Cl.17;POINTING, FILLING, SEALING, FINISHING, INSULATING AND REPAIR SUBSTANCES; ELASTIC PASTES FOR REPAIRING AND RESTORING ROOFING AND ROOF GUTTERING; MASTICS; SEALING TAPE; PLIABLE SUBSTANCES (INCLUDING STRIPS) WITH AN EPOXY RESIN BASE.
    [Show full text]
  • Tasty Treat Launches a Wide Range of Delectable Biscuits and Cookies Introduces Healthy and Tasty Digestive Cream Biscuits with 0% Added Sugar and No Trans Fat
    Tasty Treat launches a wide range of delectable biscuits and cookies Introduces healthy and tasty Digestive Cream biscuits with 0% added sugar and no trans fat National, 8th June 2018: Tasty Treat, the ready-to-eat snacking brand from Future Consumer Limited presents a wide range of delicious biscuits and cookies. The new range features an endless list of options that will excite all food lovers and health conscious people. The list includes the all-time chai companion Marie biscuit, kids favourite Cream biscuits, chocolatey Bourban, fibre rich Oatmeal cookies and healthy Digestives. Tasty Treat also introduces a tastiest digestive that combines the fiber rich whole wheat biscuit with flavourful rich chocolate cream. This Digestive Cream, is a perfect way to indulge in an active lifestyle, as it has 0% added sugar and no trans fat. Tasty Treat cookies are available in flavours like Choco Chips, Butter Cashews, Pista, Butter and Oatmeal. The crunchy cream biscuits are filled with mouthwatering Strawberry, Vanilla and Chocolate cream. Tasty Treat Bourbon is made with the finest Cocoa Beans from Ghana and the chocolatey biscuit is filled with a generous spread of chocolate cream. Speaking about the biscuit range Sadashiv Nayak, CEO - Food Business, Future Group says, “Tasty Treat offers an endless list of snacking products which are delicious treats for all foodies. Our new range of biscuits and cookies has something instore for each and every one. Right from cookies for choco chip lovers, to the all-time chai favourite marie biscuit and healthy digestives the variety will satisfy all taste buds. The range has biscuits for all moods and even includes a tastiest Digestive Cream which combines health and taste in one.” Tasty Treat biscuits and cookies are priced from Rs.
    [Show full text]
  • The Anchor Issue 4 June 2015
    The Anchor Issue 4 June 2015 Dear Maris Stella families and friends As we come to the end of another term, we need to say Another Old Girl and now Grade 2 teacher, Jessica goodbye to some staff members and wish others a happy Gregg-Macdonald, married Calvin da Silva just before maternity leave. the end of term. Jessica and Calvin, we wish you much love and happiness. We say goodbye to Mrs Nicole Bas- son. Nicole is a Maris Stella Old Girl and has been a teacher in the Prep Phase for the last four and a half years. Nicole and her husband, Jon- athan, will be taking up teaching posts in Saudi Arabia and we wish them every happiness. Mrs Chantal Diaz and Mrs Megan Kidd are both expect- ing babies very soon. Mrs Natasha Tsouris and Mrs Ni- cola Fickling are expecting their babies a little later on this year. For Chantal Diaz, Megan Kidd and Nicola Fickling this will be their first baby, Natasha Tsouris has a little boy, Noah, who is two years old. God bless all of you….enjoy this sacred time! We are looking for- ward to seeing pictures of your newest family members! Since our half-year examinations came to an end, our school has reverted to its normal busy schedule. I thank all our parents who have supported our recent meetings and events and our teachers who provide many opportu- nities for our girls to develop holistically. The articles in The Anchor echo the many activities that Maris Stella offers as well as the passion of the girls, teachers and parents.
    [Show full text]
  • Lampiran Keputusan Deputi Bidang Pengawasan
    LAMPIRAN KEPUTUSAN DEPUTI BIDANG PENGAWASAN KEAMANAN PANGAN DAN BAHAN BERBAHAYA NOMOR 1794 TAHUN 2017 TENTANG PENETAPAN PERUSAHAAN DI BIDANG PANGAN YANG MEMPEROLEH PELAYANAN PRIORITAS DALAM PENERBITAN SURAT KETERANGAN IMPOR BAHAN PANGAN DAN BAHAN TAMBAHAN PANGAN PERUSAHAAN DI BIDANG PANGAN YANG MENDAPATKAN PELAYANAN PRIORITAS DALAM PENERBITAN SURAT KETERANGAN IMPOR BAHAN PANGAN DAN BAHAN TAMBAHAN PANGAN A. BAHAN PANGAN NO. HS No NAMA IMPORTIR NAMA PRODUK 2017 Chinese Blanched Groundnut Kernels (Kacang Tanah Kupas 1 CV BATURUSA 20081190 Mentah) 2 CV INDO JAYA PUTRA 17023010 Dextrose Monohydrate 17029019 Maltodextrin 3 CV PERMATA SEJATI 20041000 Frozen French Fried Potatoes PT ABC PRESIDENT 21012020 4 Jasmine Green Tea Extract Powder Upjg002 INDONESIA 21012090 PT ADM INDONESIA 5 17026020 High Fructose Corn Syrup TRADING AND LOGISTICS 17026020 High Fructose Corn Syrup 55% PT AGUNG MULIA 6 17029019 Maltodextrin CHEMINDO 20029010 Tomato Paste 21039013 7 PT AJINOMOTO INDONESIA M-A200 21039019 21039013 M-A200-J 21039019 21039013 M-Pe 21039019 21039013 Oyser Juice Roty 21039019 PT AJINOMOTO SALES 21039013 8 Fss 060308/Aj 1008 INDONESIA 21039019 21039013 M-2000 21039019 21039013 M-A200 21039019 21039013 M-C100 21039019 21039013 M-C1000 (Cf) 21039019 21039013 M-Chicken Fb 21039019 21039013 M-M100 21039019 21039013 M-P100 21039019 21039013 M-Rbf100 21039019 21039013 M-Rbf200 21039019 21039013 M-Rck100 21039019 21039013 M-Rck500 21039019 21039013 M-Sf10 21039019 21039013 M-Super P 21039019 21039013 M-Super Rk 21039019 9 PT AMERTA INDAH OTSUKA 20092900
    [Show full text]
  • Development and Testing of Recipes Suitable for Patients with Chronic Renal Failure
    Original Research: Development and testing of recipes suitable for patients with chronic renal failure Development and testing of recipes suitable for patients with chronic renal failure Conradie N, BSc(Dietetics), MNutr Herselman MG, BSc(Dietetics and Physiology), MNutr, PhD Marais ML, BSc(Dietetics), DipHospDietet Division of Human Nutrition, Faculty of Health Sciences, Stellenbosch University Tygerberg Hospital Academic Complex Correspondence to: Ms Nelene Conradie, e-mail: [email protected] Keywords: sensory evaluation, chronic renal failure, 9-point Hedonic scale Abstract Objectives: The main objectives of the study were to develop and test recipes that meet the nutritional requirements of and are acceptable to patients with chronic renal failure. The secondary objectives were to determine gender and racial differences in the participants’ responses during consumer sensory testing. Design: This was a descriptive study with an analytical component. Materials and methods: Patients on haemodialysis (n = 42) and continuous ambulatory peritoneal dialysis (n = 3) from Tygerberg Academic Hospital were included. Data were collected in three phases with census sampling: 1) the development and adaptation of recipes; 2) sensory testing with the nine-point hedonic scale; and 3) the rating of recipes, final nutritional analysis and the allocation of renal exchanges. Results: Recipes were developed and adapted to suit the needs of the target population. Forty-five patients took part in the sensory evaluation (acceptance, appearance, smell, texture and taste) of 30 recipes. Twenty-three recipes were deemed acceptable (> 80% of the participants scored ≥ 6 out of 9). Significant differences were found between the male and female subgroups for Fish and Vegetable Pie (p = 0.031), Chicken Pilaf (p = 0.008) and Date Fingers (p = 0.002) and between the black and Westernised subgroups for Rice Salad (p = 0.006), Wheat and Mushroom Casserole (p = 0.022), Curried Wheat Salad (p = 0.043) and Coconut Ice (p = 0.005).
    [Show full text]
  • Private Label Presentation
    LEAVE YOUR BRAND ON US Private Label by Vieira Tradition, Quality, Inovation - 77 years experience, acquired competences by developing new products, turned Vieira into a sector reference; - Biggest truly Portuguese biscuits, confectionery and candies producer; - Acting on the global market – presence in more than 50 markets, from Japan to USA; -Selling private label most important players in the market . - Constructing B2B partnerships Tradition, Quality, Inovation - Products quality, offer diversity, high technology, Investigation and innovation; - Costumer orientation; - Quality standards : BRC Issue 7, IFS Issue 6; - ISO 9001:2015, RSPO, UTZ, Fairtrade Sustainable , competitive brand - Facilities: - 2 biscuits factories - 1 confectionery factory -Production capacity: - 30.000 tons /year - plan to double capacity in a short term -Internationalization: - 50% of the turnover Sustainable , competitive brand Total Sales (Euro) 45 000 000,00 € 40 000 000,00 € 35 000 000,00 € 30 000 000,00 € 25 000 000,00 € 20 000 000,00 € 15 000 000,00 € 10 000 000,00 € 5 000 000,00 € - € 2014 2015 2016 2017 2018 2019 Forecast Forecast 2020 2021 Our International Presence Exportation to more than 53 countries EUROPE AMÉRICA AFRICA ASIA Denmark Brasil Angola China France Canada Cape Verde Israel Ireland Mexico Mozambique Japan Italy U.S.A S. Tome South Korea U.K New Mind Set New Market Trends Presenting new Using ideas under private label . Using natural/kraft sustainable packaging for palm fat the Natural (RSPO- Mass coated Balance) almonds or High Oleic
    [Show full text]
  • Sector Report
    September 7, 2020 Sector Report Varun Singh | [email protected] | +91-22-2217 1727 Upasana Madan | [email protected] | +91-22-2217 1860 FMCG | Sector Report Content of the report A) Hygiene, health and packaged-food to drive outperformance ………………………………………………………… 3 B) Strength comes from uncertainty; mapping companies response to COVID on NPDs, pricing and discounting …………………………………………………………………………………………………………………….. 15 C) Fundamental recovery in rural still not in-sight; better distribution efficiency to drive outperformance ………………………………………………………………………………………………………………………. 27 D) International business recovery to be faster compared to India ………………………………………………………… 38 E) P/E re-rating justified on intrinsic basis ……………………………………………………………………………………………… 43 F) Company section: a. Hindustan Unilever ……………………………………………………………………………………………………..…………… 51 b. ITC……………………………………………………………………………………………………………………………………….…… 69 c. Nestle ………………………………………………………………………………………………………………………………………. 83 d. Britannia……………………………………………………………………………………………….…………………………………. 103 e. Dabur ………………………………………………………………………………………………………………………………………. 123 f. Godrej Consumer……………………………………………………………………………………………………………………… 141 g. Marico ………………………………………………………………………………………………….…………………………………. 159 2 Sector Report FMCG Anti-fragility to rescue under-performance Investment rationale COVID19 has made mankind realize its fragility-quotient in this universe. On similar NEST, BRIT and ITC to benefit from favorable industry tailwinds note, we get to know the fragility-quotient of companies
    [Show full text]