DOCSLIB.ORG

Thai Beverage Equity Research Singapore| Consumer Staples Rating BUY (As at 7 December 2020) Last Close SGD 0.73 Fair Value SGD 0.89

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read 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. After THB b FY20 FY21F FY22F adjustment on sales volume and cost assumptions, our Rev enue 253.5 269.2 282.4 fair estimate increases from S$0.75 to S$0.89. EBITDA 41.2 40.9 42.9 Investment summary PATMI 22.8 26.9 28.7 • FY20 results beat expectations – Thai Beverage PLC’s EPS (THB) 0.9 1.1 1.1 (ThaiBev) FY20 revenue decreased by 5.2% YoY to DPS (THB) 0.5 0.5 0.6 THB 253.5b due to weaker sales from Beer, Nonalcoholic and Food business, partially offset by Key ratios an increase in sales of Spirits. Net profit fell marginally FY20 FY21F FY22F by 0.1% YoY to THB 26.1b while PATMI was down 2.2% YoY to THB 22.8b in FY20, which translates to 106% of Net profit margin (%) 10.3 11.0 11.2 our full-year forecast. A full-year dividend of 0.46 ROE (%) 17.6 19.6 21.5 Baht per share was declared as compared to 0.48 Div idend yield (%) 2.8 3.2 3.4 Baht in FY19. Source: Bloomberg, Company, Internal estimates • Spirits remained resilient despite impact from Covid- 19 – Spirits’ FY20 sales revenue and net profit rose 2.2%/14.7% YoY to THB 117.3b and THB 22.3b respectively. Despite the impact of temporary ban on alcoholic beverage sales in Thailand and the closure of entertainment venues and restaurants, Spirits business remained resilient due to its off- premise consumption nature and strong Spirits 1 Equity Research 7 December 2020 product portfolio and distribution network. For Beer, Results highlights its market share in Thailand reached the highest in 12 years despite lower revenue (-11.3% YoY) and the THB b FY19 FY20 % chg impact of Covid-19. Separately, the Food business Rev enue 267.4 253.5 -5.2% posted a 15.4% YoY decline in revenue to THB 13.2b Cost of sales -190.0 -178.6 -6.0% and net loss of THB 101m (vs. net profit of THB 472m in Gross Profit 77.4 74.9 -3.3% FY19) due to bans on dine-in at restaurants and Selling expenses -28.7 -24.6 -14.2% closure of department stores and restaurants. The non-alcoholic beverage segment’s (NAB) revenue Administrativ e expenses -16.2 -15.6 -3.3% was down 3.1% YoY to THB 16.3b while net income Profit from operations 31.7 34.6 9.1% turned from a loss of THB 998m in FY19 to a profit of Other income 0.8 1.2 64.0% THB 656m in FY20 on prudent cost control. Finance costs -7.2 -7.0 -1.4% • Valuations undemanding – ThaiBev is currently Share of results of associates 4.8 3.3 -32.8% trading at a blended forward P/E of 15.3x which is Exceptional items (incl. FX) 0.01 -0.04 nm near 1 s.d. below its 5-year average of 15.4x. We think the valuation is undemanding given the Profit before tax 31.3 32.9 5.2% positive development of vaccines, ThaiBev’s strong Income tax expense -5.2 -6.9 31.3% brand name and product portfolio, and policy Minority Interest 2.8 3.3 17.9% stimulus from the government which could aid the PATMI 23.3 22.8 -2.2% recovery of consumption. After adjustment on sales Source: Company, Internal estimates volume and cost assumptions, our fair estimate increases from S$0.75 to S$0.89. Potential catalysts Investment risks • Rebound in domestic alcohol consumption • Slowdown in domestic alcohol consumption • Growth in associates and JVs’ earnings • Weaker economic growth Valuation analysis Price/Earnings Price/Book EV/EBITDA Dividend Yield (%) ROE (%) FY21F FY22F FY21F FY22F FY21F FY22F FY21F FY22F FY21F FY22F THAI BEVERAGE PCL (THBEV SP) 15.4 14.4 2.7 2.5 13.7 12.6 3.3 3.5 18.8 18.4 ASAHI GROUP HOLDINGS LTD (2502 JP) 25.2 15.7 1.5 1.4 15.9 11.5 2.4 2.4 6.5 9.8 ANHEUSER-BUSCH INBEV SA/NV (ABI BB) 34.6 21.7 1.8 1.7 13.8 12.1 1.0 1.6 3.5 8.6 CARLSBERG AS (CARLB DC) 23.7 20.8 3.2 3.1 12.1 11.0 2.2 2.4 13.5 14.7 HEINEKEN NV (HEIA NA) 43.4 26.3 3.3 3.1 17.3 13.7 0.9 1.6 6.9 12.1 Source: Bloomberg 2 Equity Research 7 December 2020 Price/Earnings chart Price/Book chart 22.0 4.5 20.0 4.0 18.0 3.5 16.0 3.0 14.0 2.5 12.0 2.0 10.0 1.5 8.0 1.0 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 PE Avg +2SD PB Avg +2SD +1SD -1SD -2SD +1SD -1SD -2SD Source: Bloomberg Source: Bloomberg 3 Equity Research 7 December 2020 Company overview (as of 30 September 2019) Company description Thai Beverage Public Company Limited (ThaiBev) is the largest beverage company in Thailand, with four business segments – spirits, beer, non-alcoholic beverages, and food. ThaiBev was listed on the mainboard of the Singapore Exchange in 2006, and in 2012, expanded its business overseas through the acquisition of Fraser and Neave, Limited (F&N), which help further cement its position as the leading beverage producer and distributor in the region. As of 31 March 2019, ThaiBev has 192 subsidiaries, including 18 distilleries, three breweries, and 11 non- alcoholic beverage production facilities in Thailand. The Group also has an extensive distribution network covering 400,000 points of sale in the country. In addition, ThaiBev has an international presence in over 90 countries. The Group has five production facilities in Scotland which are known for producing single malt scotch whiskies such as Balblair, Old Pulteney, as well as Speyburn, and owns one distillery in China which produces the famous Yulinquan Chinese spirit. In Myanmar, ThaiBev has two production facilities and owns the Grand Royal brand, an iconic whisky brand in Myanmar. Furthermore, the Group has stakes in Saigon Beer-Alcohol-Beverage Joint Stock Corporation (“Sabeco”), a leading beer producer in Vietnam, marking an important step in ThaiBev’s journey to become the largest beer player in Southeast Asia. FY20 Revenue breakdown FY20 net profit breakdown As of 31 March 2018, ThaiBev has 192 subsidiaries, including 18 distilleries, three breweries, and 11 non-alcoholic By segment By segment beverage production facilities in Thailand.Spirits (46.3%) The Group also has an extensive distribution network Spiritscovering (84.5%) 400,000 points of sale in the country. In addition, ThaiBev has an international presence in over 90 countries. The Group has five production facilities in Scotland which are known for producing single malt scotch whiskies such as Balblair, Old Pulteney, as well as Speyburn, and owns one distillery in China which produces the famous Yulinquan Chinese spirit. In Beer (42.2%) Beer (13.4%) Myanmar, ThaiBev has two production facilities and owns the Grand Royal brand, an iconic whisky brand in Myanmar. Furthermore, the Group has stakes in Saigon Beer-Alcohol-Beverage Joint Stock Corporation (“Sabeco”), a leading beer producer in Vietnam, marking an important step in ThaiBev’s journey to become the largest beer player in Non-alcoholic beverages Non-alcoholic beveragesSoutheast Asia. (6.4%) (2.5%) ThaiBev’s most recognized spirits brands include Ruang Khao, SangSom, Mekhong, Hong Thong, as well as Blend 285; Food (5.2%) Food (-0.4%) and the Group’s signature beer, Chang, is very popular among Thai beer drinkers. In the non-alcoholic beverage space, ThaiBev’s leading brands include Oishi green tea, est cola, and Crystal drinking water.
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]
  • 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]
  • 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.
    [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]