New business units are beer, liquor, F&B. Previously its beverages were separated by their alcoholic and non-alcoholic nature.

The F&B unit is made up of Sermsuk, Oishi Group, F&N Thailand and the non-alcoholic beverages from Chang. The rationale behind this move is to increase competitiveness and efficiency. An example was given where a new ice-cream created by F&N Thailand is produced for Oishi, which sells it at its Nikuya buffet restaurant, while the F&N network in Malaysia distributes Oishi ready-to-drink green tea.

It is business as usual for Thai Bev as Oishi and Chang continue their planned CAPEX for 2014. Oishi is expanding its F&B business this year and is financing the costs from cash flow and bank loans.

When I wrote about Thai Bev last year, I was optimistic about Oishi as it was the only positive business unit after the liquor business within Thai Bev.
Fast forward to ......