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Thai Beverage – Singapore’s compounder
By Eight percent per annum  •  February 2, 2024
This third Singapore name has been a strong compounder since its IPO c.17 years ago, almost quadrupling its share price back then. With STI barely up over the same time period, this is an idea that has worked out and I think the share price is not expensive today. As usual, the simple financial numbers below:

Simple financials (Sep 2024 estimate, SGD)
 Sales: 11.7bn EBITDA: 1.9bn Net income: 1.2bn FCF: 1.5bn Debt: 4.7bn, Mkt Cap 25.1bn
Financial Ratios
 ROIC: 10% and ROE: 16% EV/EBITDA 11.4x (Sep 24) PER 11.5x (Sep 24) Past margins: OPM 12-14% FCF yield: high single digit for last few years

Interestingly, share price has stagnated since 2020 and we are not far from the Mar 2020 low today. Recall that this was at the height of COVID-19 when the markets capitulated. Compare now to 2020, things has
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By Eight percent per annum
8% Value Investhink is a value investing / critical thinking knowledge platform with the goal to share knowledge, help understand investing and finance, and help develop critical thinking skills. One important objective would be to help others understand the concept of value and avoid overpaying, especially for property.
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