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Overview
Financial Highlight
HeadlinesBusiness Background Fraser & Neave Holdings Bhd manufactures and sells canned milk, both condensed and evaporated, and other dairy products and soft drinks. The company manufactures its products in Malaysia and Thailand. Its sales are split somewhat evenly among its three operating segments: dairies in Malaysia, dairies in Thailand, and soft drinks. The company exports its products worldwide, with those sales included in the dairies in Malaysia and Dairies in Thailand segments. Fraser & Neave's core soft drink brands include 100PLUS, F&N Seasons Teas, F&N NutriSoy soy drink, and F&N Fun Flavours carbonated soft drinks. Its milk brands include Carnation, Magnolia, Farmhouse, Bear Brand, and Ideal Milk.
  commonsense F&N will likely face earnings weakness in 3Q19 onwards from the implementation of the sugar tax. Currently 90% of the company’s beverage product in Malaysia are expected to be impacted by the new tax (to be implemented in April 2019). This will result in potentially lesser demand for the company’s products which would affect both its revenue and profit margin (due to higher unit cost) in the future. We will need to wait for the 3Q19 (or even better 4Q19 result) to see the full affect of the sugar tax on the company’s bottom line. That being said, even if we were to use the 12 months trailing profit, at the current share price the company is already been valued at a high of 32x PE. This is high considering F&N growth rate for the past 7 years was only at an average of 3.4% per annum. If you are looking to diversify your portfolio outside of F&N (due to its relatively high valuation), I would recommend you to look at MBMR. (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.4x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV. FY19 should deliver another profit growth year to the company. Profit growth will again be driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi, sales of SUV Aruz and the introduction of the newly revamp Alza sometime in the 2H19. Aruz which commands a higher margin compared to other models, will help improve the total profit margin of Perodua (which will flow to MBMR’s bottom line as well). Given the very good result in 4Q18, MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at a very low PE of only 5.3x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x. Good luck. 04/03/2019 3:50 PM  James Ng https://klse.i3investor.com/blogs/general/198712.jsp [转贴] [Facebook live:浅谈Fraser & Neave holdings bhd (F&N)] - James的股票投资James Share Investing 20/03/2019 10:17 AM  enigmatic [control your emotions, discipline your mind] F&N stock is like ping-pong. One moment up, next moment down. 14/04/2019 6:55 PM James Ng https://klse.i3investor.com/blogs/general/207464.jsp [转贴] [FRASER & NEAVE HOLDINGS BHD：随着甜味和不加糖炼乳市场的改善，预计泰国的前景将更好，管理层将增加品牌建设投资，以在本财政年度下半年加强他们的产品组合] - James的股票投资James Share Investing 22/05/2019 2:54 PM James Ng https://klse.i3investor.com/blogs/general/214346.jsp [转贴] [Facebook live:浅谈Fraser & Neave holdings bhd (F&N)] - James的股票投资James Share Investing 09/07/2019 9:16 PM sapurakencana Skim Milk Powder International price keep on increase fr USD1675 (FEB 18) to USD 2505 (July19) regardless uncertainty of global war trade. 05/08/2019 1:45 PM James Ng https://klse.i3investor.com/blogs/general/229791.jsp [转贴] [Facebook live video:浅谈Fraser & Neave holdings bhd (F&N)] - James的股票投资James Share Investing 13/10/2019 9:16 PM perangbrown Refined sugar manufacturer MSM Malaysia Holdings Bhd is disposing of 4,453.92 hectares of agricultural land in Chuping, Perlis, to Fraser & Neave Holdings Bhd for RM156 million. The proposed disposal, effected via an open tender process which began in January 2019, was part of MSM’s asset rationalisation exercise to unlock and realise the value of its non-core assets, it said in a filing with Bursa Malaysia today. 01/11/2019 5:38 PM perangbrown Fraser & Neave Holdings Bhd: * QTRLY REVENUE 975.1 MILLION RGT * QTRLY NET PROFIT 68 MILLION RGT * YEAR AGO QTRLY REVENUE 947.6 MILLION RGT; YEAR AGO QTRLY NET PROFIT 82.7 MILLION RGT * BOARD RECOMMENDS A HIGHER FINAL DIVIDEND OF 33.0 SEN PER SHARE FOR THE FINANCIAL YEAR 2019 06/11/2019 10:20 AM zakaria444 Food and beverages company, Fraser & Neave Holdings Bhd is allocating RM450 million for capital expenditure (capex) in 2020, said chief executive officer Lim Yew Hoe. The allocation was a substantial increase compared with just RM30 million in capex for 2019. 06/11/2019 4:25 PM newbie4444 MCA must win next week. EatCoconutCanWin all stock PE dam high 05/11/2019 6:16 PM 08/11/2019 4:51 AM James Ng https://klse.i3investor.com/blogs/general/2020-01-15-story-h1482808424.jsp [转贴] [Facebook live video:浅谈Fraser & Neave holdings bhd (F&N)] - James的股票投资James Share Investing 15/01/2020 9:21 PM  ramada 35 sen. https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=3689 03/02/2020 9:19 PM  YAPSS YAPSS Quick Summary and Free 10 Years Financial Data of Fraser & Neave Holdings Berhad: https://www.yapss.com/post/fraser-neave-holdings-berhad-f-n-3689 19/04/2020 4:13 PM  James Yeo Its not easy adapting to the recent lockdown... And i found myself using these 5 consumer staple brands regularly these days - Gardenia Bread, Hup Seng Biscuits, Milo, Nissin Instant Mee and F&N 100 Plus. Guess what? They are all listed in the stock market! You can check them out here: https://www.smallcapasia.com/5-consumer-stocks-i-survive-on-during-the-lockdown/ Anyone also have any other listed consumer staple stocks you use on a daily basis? Can share them below so we can all keep a look out for these familiar stocks? 11/05/2020 7:46 AM i3lurker Never used those brands for umpteen years already. its now Massimo Digestive Biscuits Ovaltine Nongshim Twinings 11/05/2020 8:04 AM i3lurker however comparing Taiwanese Bubble Tea and Coke Once I told Taiwanese Bubble Tea girl I wanted less sugar. She told me less sugar is 16g aka 16 teaspoons of sugar, normal is actually 18g aka 18 teaspoons of sugar. All for RM14.00 I was really shocked and from that day, any bubble tea brand was banned by me. I cancelled my order and went into Aeon nearby and bought 2 cans of coke altogether only 8 + 8 = 16g of sugar at much cheaper price of RM4.00 I had also banned condensed milk for many years already as I had problem finding genuine condensed milk. Those condensed milk sold in Malaysia are all fakes and made from palm oil. look at those ingredients. 11/05/2020 8:19 AM i3lurker Every time I look at ingredients on condensed milk and see palm oil I put it back on the shelf. Do you find palm oil produced by the cow? Why is palm oil inside condensed milk? 11/05/2020 8:37 AM  Sslee haha i3lurker, Milk got milk fat hence anything that content fat can be replaced by palm base fat. 11/05/2020 8:53 AM i3lurker You can try buy 5 Kg Knife cooking oil ie palm oil and try to drink 1 tablespoon. No need to buy condensed milk at all. We used to drink cod liver oil back then like that. Posted by Sslee > May 11, 2020 8:53 AM | Report Abuse haha i3lurker, Milk got milk fat hence anything that content fat can be replaced by palm base fat. 11/05/2020 11:00 AM Sslee Haha i3lurker, The liquid part is olein for normal cooking oil. The semi solid part is the one can be used to replace many different fat on many applications. 11/05/2020 11:44 AM mf Coronavirus updates: South Korea warns of second wave of infections; global cases cross 4 million 11/05/2020 11:54 AM Ahmadahmad88 Manusia terlalu banyak, kena tunggu Thanos petik jari, Covid ini lemah sangat. 11/05/2020 12:58 PM  focusinvesting F&N's strong brands and its improving profit margins augurs well for the company. It's likely to be slightly underappreciated and here why... https://focusinvesting484855354.wordpress.com/2020/05/25/fundamental-analysis-fraser-neave-holding-berhad-klse-3689/ 25/05/2020 12:55 PM focusinvesting I've gone and compared F&N's 10 year financial results against Carlsberg, Heineken, Nestle and Dutch Lady. Here's what I've found out. https://focusinvesting484855354.wordpress.com/2020/05/30/fundamental-analysis-comparing-nestle-fn-dutch-lady-carlsberg-and-heineken/ 31/05/2020 9:43 AM David I've reduced my holdings in F&N. F&N's near term outlook is poor. Nothing to look forward to since the dairy farm project has been cancelled. https://www.bloomberg.com/news/articles/2020-06-14/stuck-at-home-the-world-is-eating-less-sugar 14/06/2020 5:35 PM mf U.S. hits highest single day of new coronavirus cases with more than 45,500, breaking April record 25/06/2020 6:20 PM James Ng https://klse.i3investor.com/blogs/general/2020-08-17-story-h1512365770.jsp [转贴] [FRASER & NEAVE HOLDINGS BHD：收入下降已被现代贸易渠道的销售增加所缓解。自从5月初政府放松对MCO的限制以来，F＆B Malaysia的销售和库存量逐渐改善] - James的股票投资James Share Investing 17/08/2020 9:37 AM mf Glove mania lost steam in August as interest shifted to Covid-19 vaccine proxy Wong Ee Lin / theedgemarkets.com August 31, 2020 16:15 pm +08 31/08/2020 5:33 PM BatteriesNotIncluded O&G Recovery - Serba Dinamik - 40 to 50% Upside Hidden Gem https://klse.i3investor.com/blogs/ndcg/2020-08-28-story-h1511677632-Serba_Dinamik_40_Upside_Hidden_Gem.jsp 18/09/2020 9:41 AM  Michael Kwok Now,Im calling to invest in SCH 10.5 cents-13 cents.If got money invest rm 50k or above.KLK shareholders Usually got money.If normal rm 15k.The shareholder of SCH is Dato Ong from Rubberex(rubber glove company) or through Hextar(mother company of RUBEREX. 18/10/2020 10:13 AM Michael Kwok Now,Im calling to invest in SCH 10.5 cents-13 cents.If got money invest rm 50k or above.F&N shareholders Usually got money.If normal rm 15k.The shareholder of SCH is Dato Ong from Rubberex(rubber glove company) or through Hextar(mother company of RUBEREX. 18/10/2020 10:15 AM mf US 30 Futures 27,500.0 -689.0 -2.44% US 500 Futures 3,387.50 -64.25 -1.86% Dow Jones 27,605.12 -730.45 -2.58% S&P 500 3,395.90 -69.49 -2.01% Nasdaq 11,363.21 -185.07 27/10/2020 12:26 AM  |
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