Where is the non-alcoholic beer market heading to? Companies and brands. Baltika as a democratic leader. Heineken – how do you shake up the market and shove up the competitors. AB InBev Efes – premium corner. Non-alcoholic import beer. Non-alcoholic beer - Who drinks it? General conclusions. Summer beer. ...
“Catalogue of Russian Beer Producers 2020” includes 1285 businesses ranging from large subsidiaries of international companies to rather small restaurant and craft breweries.This issue has 171 more breweries compared to 2018 (155 business have been excluded and 326 have been included).Starting from 2019, FTS has been publishing data on excise payments by brewers (delayed by 1.5 years), that can be translated into beer equivalent for most of producers.Depending on the volumes, we ranked the brewers that provided information by 6 groups (see pic.). At one end of the production spectrum there are 2/3 of breweries outputting less than 10 thousand decaliters. Their net share amounts to as little as 0.2% of the total beer output volume. On the other end there are 6 federal groups accounting for almost 80%. ...
Dmitry Nekrasov’s Philosophy — on the Past, Present and Future of Ukrainian Brewing IndustryA meeting with Dmitry Nekrasov always turns into a training course: “Introduction to brewing business“. We are talking to a clever “playing trainer“ a person that can be called a godfather of the Ukrainian craft. He has a dozen of successful projects to his name. Dmitry told us about craft beer in Ukraine, on market cycles, on specifity of operating in retail and HoReCa, on union of Ukrainian brewers and certainly, how a brewery of his own, First Dnipro Brewery is doing.
The market of import beer in Russia: review and databasesThe market of import beer is rapidly growing and changing. But while in the past years it was growing due to brands variety, in 2019 major and affordable brands from TOP-10 were developing actively. It seems that the fact of a brand origin from far abroad counties, even if it is not well known but has moderate price and good distribution provides for million liters of sales in the territory of Russia. Among distributors AB InBev Efes was far behind, yet the role of Baltika and suppliers of the second row got more important. The boom of German brands was followed by stagnation of import from other traditional regions (and Belarus) instead the supplies from Mexico, Lithuania and Asian countries grew considerably.
Thailand. Red-hot ThaiBev expected to shine further
And while the counter has cooled slightly recently owing to some profit-taking, market watchers still see ThaiBev as a good buy for the long term, as the company continues to achieve a deeper market share and wider regional presence.
Since the start of the year, ThaiBev has gained 48.2 per cent to 99 cents at the last close, easily the best performer of the 30 Straits Times Index component stocks. The next best was Sats, up 28.5 per cent. Overall, the STI has declined 0.87 per cent so far this year.
ThaiBev's surge - part of a gradual build-up since 2012 and far above the initial public offering price of 28 cents - has defied January's stock market volatility and the Brexit-triggered panic in June.
The company - controlled by Thai billionaire Charoen Sirivadhanabhakdi as chairman and his son Thapana as chief executive - is now the fifth largest on the STI, with a market value of $24.86 billion, behind Singtel, DBS Group Holdings, OCBC and United Overseas Bank.
Part of this growth is down to the strong momentum in its alcoholic beverage business, as shown in the second quarter and half-year results reported earlier this month.
While total net profit slid 1 per cent year-on-year in the three months to June 30 owing to lower contribution from associates, including drink company Fraser and Neave (F&N) and property group Frasers Centrepoint, ThaiBev's core net profit jumped 19.1 per cent to 5.42 billion baht (about S$212 million) in the second quarter, or a better 24.5 per cent to 13.11 billion baht in the first half of the year.
DBS analyst Andy Sim projected ThaiBev's core profit growth - excluding the disposal gain by F&N last year when it sold its stake in Myanmar Brewery - to be about 24 per cent for the full year, with momentum supported by broad growth.
"The spirits segment, which is their main business, is stable and generating healthy cashflow. The beer business has increased its market share in Thailand to about 40 per cent, and that has remained stable even after they raised the selling price in May," Mr Sim told The Straits Times.
ThaiBev drew 55.1 per cent of total sales from spirits products, such as Hong Thong and Blend 285, while 32.6 per cent came from beer products, such as ThaiBev's mass-market flagship beer, Chang.
The rebranding campaign it launched late last year was successful in giving Chang a more contemporary packaging and appeal to young consumers, Mr Sim noted. There was a 70.4 per cent surge in beer revenue for the first half of this year, while spirits revenue grew 3.3 per cent.
"Performance in the non-alcoholic department is also improving, with losses coming down. Its main priority here is to break even in 2018," he added. Non-alcohol product revenue, from the likes of F&N's sports drink 100Plus and green tea range Oishi, rose 8 per cent in the first half and net loss narrowed by 31.1 per cent.
Under the Vision 2020 plan announced in 2014, ThaiBev intends to diversify its revenue make-up to see over half of it coming from non- alcoholic products. The management also wants over half of its revenue coming from outside Thailand, which currently accounts for more than 90 per cent of its turnover.
ThaiBev rolled out its Oishi products in Singapore in March last year, after bringing 100Plus into Thailand in February.
The push for wider reach and greater diversification is a work in progress, but, for the moment, the strong sales is making ThaiBev a very cash-rich company - with operating net cash up 62.4 per cent to 13.85 billion baht in the first half - and a very solid pick for investors, who can also expect an indicated dividend yield of 2.58 per cent.
KGI Fraser Securities trading strategist Nicholas Teo was also among those impressed. "It's just a very good story all around. Aside from its successful plans to re-engineer the business and products for growth, ThaiBev is also one of the few counters in the defensive consumer segment, supported by its strong position in Thailand."
Inevitably, there will be profit- taking, with ThaiBev shares down 5.4 per cent since the start of this month.
But Mr Teo said: "The price may have run a little ahead, but with a price to earnings ratio of around 22, it's by no means overvalued if you look at other defensive counters - healthcare, for instance - that are trading at 30, even 40 times."
Mr Sim said: "Our 12-month target is $1.13, which means a 10 per cent or so potential upside as the company continues to execute its strategies and deliver growth."
29 Авг. 2016