【THBEV Y92 交流专区】泰国酿酒 THAI BEVERAGE PUBLIC CO LTD

jackphang

从最近的APB的收购战让我认识到了Thai Beverage和F&N这些公司。刚刚搜寻Thai Beverage的帖子但没有发现到，所以就开了这帖子。

基本上Thai Beverage主要是在泰国从事饮食业，主要还是以色酒为主，而后有Chang Beer品牌系列的啤酒和一些软饮。目前做了一些功课，希望大家来讨论。

• 拥有良好和稳定的净现金流（就算是在金融危机来临也不怕）
• 拥有稳定派息政策 - 把50%的盈利回馈给股东。若以去年的股息来算，目前的周息率是大约4%-5%左右。不过预计今年的总周息率应该会下跌。原因是需要购买F&N。
• 开始转型多元化+区域化。寄望透过收购其他饮料公司来壮大本身的销售网络和平台。
  

http://www.jackphanginvestment.c ... thai-beverages.html

公司官网：http://www.thaibev.com/en08/home.aspx

icy97

泰国酿酒正筹集资金以收购星狮集团
http://www.sharesinv.com/zh/articles/33985/

2012年09月10日
有消息来源指出，泰国酿酒(Thai Beverage Public Co)及关联人士已与新加坡多家银行接洽，以募集资金进而全面收购星狮集团(Fraser & Neave)。星狮将在不久后完成把亚太酿酒厂(Asia Pacific Breweries)的股份脱售给喜力(Heineken)的交易。泰国酿酒目前占有星狮29%的股份，为其最大股东，而它如果收购多30%的股份，将可向星狮提出强制收购献议。若泰国酿酒在9月28日(星狮召开股东特别大会的日期)之前持续收购星狮的股份，它将能在不到三个星期内提出收购献议并否决出售亚太酿酒厂的交易。市场观察家认为，若泰国酿酒不增加其所持有的股份，凭着其目前29%的股权应难以阻止星狮出售亚太酿酒厂，因为星狮的其他大股东如麒麟控股(Kirin Holdings)应会赞成这项交易。

启示：若泰国酿酒能筹集到足够的资金并及时提出收购献议，有关亚太酿酒厂的交易将出现变数。即便泰国酿酒厂赞成脱售亚太酿酒厂，在收购星狮之后，它将能够决定星狮的未来发展并通过分拆其各项业务来获利。

icy97

破坏喜力控制APB 打击 泰酿酒或联购星狮

财经 天下  2012-09-11 21:19
（新加坡11日讯）泰国酿酒指出，或许会与一家合作伙伴一道向星狮集团（F&N）提出收购，此一作法可能破坏荷兰啤酒商喜力（Heineken）试图取得虎牌啤酒制造商亚太酿酒（APB）控制权的计划。

路透社报道，泰国酿酒周二向新加坡证交所提交文告指出：“董事部知悉，与本公司协力行动的某方正在研究提出收购星狮的可能性。”

由泰国富豪苏旭明掌控的泰国酿酒，目前持有星狮29%股权，为最大股东。泰国酿酒表示，公司并未安排融资用于全面收购星狮。

未说明伙伴身分星狮股东准备在9月28日进行一项重要表决，内容为是否同意将星狮所持有的亚太酿酒40%股权卖给喜力。

日本麒麟控股也是星狮股东之一。

泰国酿酒的持股声明并未说明上述身分不明某方，是否隶属苏旭明TCC集团旗下，或非相关企业。

分析员先前已猜测，苏旭明可能会联合一家合作伙伴，收购星狮的部分权益资产。

泰国酿酒指出，已与多家银行洽谈再融资一笔公司最先入股星狮时的购股贷款。根据新加坡法律，如果泰国酿酒在星狮持股比例增至30%，泰国酿酒必须对所有星狮股份提出收购要约。[Nanyang]

icy97

ThaiBev says it will vote against F&N capital reduction plan
http://www.theedgesingapore.com/the-daily-edge/business/40163-thaibev-says-it-will-vote-against-fan-capital-reduction-plan.html

Wed, 26 Sep 21:36
Thai Beverage Pcl and TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said they will vote this week against Fraser & Neave Ltd.’s plan to distribute $4 billion to shareholders.

The two companies will vote against F&N’s cash distribution proposal at the shareholders meeting on Sept. 28, ThaiBev said today in a statement to the Singapore Stock Exchange. Shareholders in the meeting will also vote on Dutch brewer Heineken NV’s offer to buy F&N’s stake in Asia Pacific Breweries, or APB.

F&N said last month it plans to distribute to shareholders about $4 billion of the proceeds from the sale of APB through capital reduction of one for every three F&N shares. The proposal requires the approval of 75% of shareholders to proceed. F&N recommended that holders accept Heineken’s increased $53-per-share bid for the 40% stake in APB in August. ThaiBev and TCC Assets have an aggregate stake of about 30.66% in F&N, ThaiBev said in the statement today.

Charoen’s ThaiBev and TCC said earlier this month that they will back Heineken’s $5.6 billion offer for F&N’s beer business, which may pave the way for the Thai billionaire to take control of F&N’s other assets. The Dutch brewer agreed not to make a competing offer for F&N’s other assets.

TCC Assets, controlled by 68-year-old Charoen, made an $9 billion bid for the 70% of F&N he doesn’t control on Sept. 13, offering $8.88 a share for the conglomerate.

It is the largest takeover announced by a Thai company in at least 10 years, according to data compiled by Bloomberg. A successful bid by Charoen’s companies would add fast-growing soft drinks, dairy and real-estate businesses to their portfolio.

泰国酿酒和TCC资产反对星狮的减资计划
http://www.sharesinv.com/zh/articles/34360/

文： 道琼斯通讯社 （译：杨佳文） 2012年09月27日 道琼斯通讯社
由泰国亿万富翁苏旭明掌控的泰国酿酒(Thai Beverage Public Co)和TCC资产(TCC Assets)于星期三表示，它们反对星狮集团(Fraser & Neave)提出的减资计划。泰国酿酒和TCC资产共持有星狮30.7%的股份。

TCC资产已向星狮提出全面收购献议，以每股8.88元收购其余下的股份。

星狮计划在将其在亚太酿酒厂(Asia Pacific Breweries)的股份脱售给喜力(Heineken NV)之后，把所得收益(共45亿美元)的84%以减资的方式派发给股东。

其减资方式是注销三分之一的股票(每3股中的1股将被注销)，并为被注销的每一股派发8.50元现金。投资者所拥有的股数将因此减少，但他们所持有的股权比例将保持不变。

星狮将在来临的星期五召开股东特别大会，以议决上述提案。

泰国酿酒和TCC资产在发布于新交所的联合声明中表示，在“经过仔细考虑后”，它们将在股东特别大会上投反对票。但声明中并没有提及它们反对的理由。

若泰国酿酒和TCC资产支持减资计划，它们将能获派约16亿元。

jackphang

老实说我try过它们的普通Chang Beer，好像水一样没有味道，我喝了半罐就不喝了。可能需要加强Chang Beer Export的销量比较好。

jackphang

不知道这个会对Thai Beverage有影响吗？

Fraser & Neave gets $1.4b bid for hospitality unit: Updated
http://www.theedgesingapore.com/the-daily-edge/business/40444-fraser-a-neave-gets-14b-bid-for-hospitality-unit-updated.html

Wed, 10 Oct 10:22
Fraser & Neave got a $1.4 billion offer for its hospitality and serviced residence business that could complicate a Thai billionaire’s effort to gain control of the Singapore-based conglomerate.

F&N received the offer from a property affiliate of Indonesia-based Lippo Group, said two people with knowledge of the matter.

The bid for the hospitality business could trigger a further takeover battle for F&N and its assets. F&N shareholders last month agreed to sell its brewing business to Heineken NV, while Thai billionaire Charoen Sirivadhanabhakdi on Sept. 13 made a $9 billion bid to gain control of the rest of the conglomerate.

F&N rose 0.5% to $8.92 as of 9:39 a.m. in Singapore today. The stock has been trading above the $8.88 a share that Charoen offered in September for the 70% of F&N he does not control.

F&N, which didn’t identify the hospitality bidder today, said it won’t respond to the offer, citing takeover rules and the business’s value within the conglomerate’s property division, according to a statement to the Singapore stock exchange.

F&N shareholders last month agreed to sell the company’s 40% stake in Tiger beer maker Asia Pacific Breweries for $5.6 billion to Heineken. That deal is expected to close in November.

COMGLOMERATE BREAK-UP
The agreement with Heineken spurred speculation that F&N’s remaining businesses could attract other bidders, prompting a break-up of the 129-year-old conglomerate.

Japan’s Kirin Holdings Co., which has a 15% stake in F&N, has said it is interested in its soft-drink and food businesses. The party making the bid for the hospitality business isn’t related to any directors or substantial shareholders, F&N said today.

The hospitality business is part of F&N’s property unit, which gave the conglomerate about 30% of its 2011 revenue of $6.3 billion. F&N got 12% of sales from soft drinks last year and 17% from dairies, according to data compiled by Bloomberg.

Charoen’s unlisted business TCC Group has a real-estate unit. His Thai Beverage Pcl, which sells the Chang brand of beer, gets almost all its revenue from its home market.

Thai Bev shares rise after F&N gets bid for hospitality unit
http://www.theedgesingapore.com/the-daily-edge/business/40454-thai-bev-shares-rise-after-fan-gets-bid-for-hospitality-unit-.html

Wed, 10 Oct 12:23  
Shares of Thai Beverage Pcl rose as much as 11.5% on Wednesday after its takeover target Fraser and Neave received a bid for its hospitality and serviced residence business.

Companies linked to Thai billionaire Charoen Sirivadhanabhakdi, including Thai Bev, own 33.5% of F&N and have launched an offer to buy all of the Singapore group.

By 11:29 a.m., Thai Bev was up nearly 9% at $0.425 on volume of 87.3 million shares traded, 2.7 times its average daily volume over the last five sessions.

Overseas Union Enterprise made a $1.4 billion bid for F&N’s hospitality and serviced residence unit that was rebuffed by the Singapore conglomerate, a source with knowledge of the matter said.

icy97

星狮集团不接受第三方以14亿元收购其款待业务的献议
http://www.sharesinv.com/zh/articles/34592/

文： 道琼斯通讯社 （译：朱爱伦） 2012年10月10日 道琼斯通讯社
泰国亿万富翁有意收购的新加坡大企业星狮集团(Fraser & Neave)于星期三表示，它已婉拒了一匿名第三方提出以14亿元(11亿美元)收购其款待与服务式住宅业务的建议。

公司的业务包括产业、饮食及出版，它在一则声明中表示，公司并不会考虑该不请自来的收购建议，因有关资产对其房地产业务十分重要。再者，在新加坡法律下，收购目标不可在收购建议期间脱售任何重大资产。

公司刚刚在上个月同意把它十分倚重的啤酒合资脱售给合作伙伴喜力(Heineken NV)，目前也正在考虑泰国富豪苏旭明(Charoen Sirivadhanabhakdi)提出以72亿元全面收购公司余下股权的建议。

这些交易及收购建议促使市场在最近几个月揣测，公司可能会因行业竞争对手纷纷对公司的个别业务虎视眈眈而最终被分拆。其中是持有公司近15%股权的第二大股东日本饮品巨头麒麟控股(Kirin Holdings)表示有意收购公司的饮食业务。

苏旭明在上个月通过一家非上市特殊用途公司TCC Assets向公司提出收购建议。收购价为125亿3,000万元。截至星期二，苏旭明通过新加坡上市公司泰国酿酒(Thai Beverage Public Co)及TCC Assets所持有的星狮股权为33.17%。

知情人士表示，苏旭明起初是着眼于公司的啤酒业务，但现在他对公司的产业组合及汽水区域分销网络感兴趣。苏旭明的泰乍伦集团(TCC Group)拥有多元业务，包括饮品、产业及消费品等等。

预期公司的财务顾问将最迟在星期四针对苏旭明的建议发表意见。

icy97

ThaiBev becoming regional consumer play: UOB-KayHian
http://www.theedgesingapore.com/the-daily-edge/business/40537-thaibev-becoming-regional-consumer-play-uob-kayhian-.html

Fri, 12 Oct 16:51  
Thai Beverage is an emerging regional consumer company, not just a spirits player, after several strategic investments, including Wrangyer, Oishi and F&N, UOB KayHian says after a conference call with management.

"All these moves will position ThaiBev with a strong Southeast Asian presence." The September 2011 acquisition of Serm Suk was strategic given its strong non-alcohol product portfolio and logistics infrastructure, with ThaiBev seeing stronger growth prospects for non-alcoholic beverages and with Serm Suk providing an efficient returnable bottle system, it says.

ThaiBev's valuation on consensus forecasts is undemanding at 14.8x FY13 P/E vs projected 12.7% on-year EPS growth vs regional F&B consumer companies' 21.7x and 11.9% on-year respectively, it says. UOB-KH doesn't rate the stock.

On a technical basis, the stock could find support at $0.39, while a break above $0.44 could spur a test of $0.475, it says. The stock is down 1.2% at $0.41.

icy97

ThaiBev posts 16% rise in Q3 net profit to $120m
http://www.theedgesingapore.com/the-daily-edge/business/41248-thaibev-posts-16-rise-in-q3-net-profit-to-120m.html

Wed, 21 Nov 10:20  
Thai Beverage has reported a 16% rise in its third-quarter net profit, helped by better sales revenue across its beverage lines.

Net profit stood at 2.98 billion Thai baht ($119.7 million) for the three months ended 30 September 2012, up from 2.58 billion Thai baht a year earlier.

ThaiBev's revenue in Q3 rose 28% to 37.6 billion Thai baht, up from 29.3 billion Thai baht.

泰国酿酒的3Q12业绩提高，因含酒精饮料销售上升
http://www.sharesinv.com/zh/articles/35759/

2012年11月21日
泰国酿酒(Thai Beverage Public Co)在3Q12录得盈利提高16%至约29亿9,000万泰铢及收入增加28%至376亿泰铢。9M12的盈利增加42%至123亿泰铢，由于收入提高31.6%至1,195亿泰铢。表现优越的部门莫过于其烈酒部门，后者的盈利增加71%至49亿8,000万泰铢。啤酒部门的表现提高，尽管它依旧在3Q12蒙亏3亿2,500万泰铢。然而，公司不俗的总体表现在某程度上受不含酒精饮料部门所拖累。后者的净利下跌80.1%至140亿泰铢。公司指出，在3Q12收购的29%星狮(Fraser & Neave)股权已反映在3Q12业绩内。

启示：公司的不俗表现可能有助加强它收购星狮的优势。公司以每股8.88元献购星狮的余下股权。关键在于，这个献购价会否因华联企业(Overseas Union Enterprise)提出每股9.08元的献购价而有所改变。

icy97

Thai Beverage +6.6%; F&N saga coming to end
http://www.theedgesingapore.com/the-daily-edge/business/42508-thai-beverage-66-fan-saga-coming-to-end.html

Tue, 29 Jan 15:14  
Thai Beverage is up 6.6% at $0.485, after shooting to an all-time high of $0.50. The rally is probably due to growing expectations the planned takeover of F&N by ThaiBev and TCC Assets will sail through after the F&N board recommended the sweetened $9.55/share bid and OUE pulled out of the race, says a person familiar with the deal.

Separately, Weiming Yang, premium client manager at IG Markets Singapore, says “the market is taking comfort that the F&N bidding war is coming to an end.” Acceptances of the takeover offer as well as F&N shares owned by TCC Assets and ThaiBev are at 46.13%.

F&N’s directors have agreed to resign after the close of the offer; Kirin, which holds around 15% of F&N, will make a decision on its stake by Feb. 4, an executive said.


Thai Beverage +10.1%; F&N an undervalued asset: NRA
http://www.theedgesingapore.com/the-daily-edge/business/42539-thai-beverage-101-fan-an-undervalued-asset-nra.html

Wed, 30 Jan 14:51  
Thai Beverage (Y92.SG) is up 10.1% at $0.545, a fresh all-time high, extending Tuesday’s 8.8% gain as the takeover of around 29%-owned F&N (F99.SG) by TCC Assets appears assured; TCC Assets and ThaiBev are both controlled by Thai billionaire Charoen Sirivadhanabhakdi.

“It’s the major shareholder of an undervalued asset,” says Kevin Scully, executive chairman of NRA Capital. “They’re going to try to unlock more value in F&N,” he says, expecting the food and beverage business may be split into two vehicles, where there’s probably more value, with other divestments a possibility. “The market is doing a sum of the parts valuation,” he says. But he notes, “it’s probably a one to two year story.”

F&N is up 0.1% at $9.56, with the stock likely to remain penned near the $9.55/share takeover offer.

icy97

F&N takeover to transform ThaiBev: CIMB
http://www.theedgesingapore.com/the-daily-edge/business/42748-fan-takeover-to-transform-thaibev-cimb.html

Thu, 14 Feb 11:49  
TCC Assets’ takeover of F&N (F99.SG) marks a milestone for Thai Beverage (Y92.SG), says CIMB.

“Gaining control of F&N’s brands and extensive distribution network in Singapore, Malaysia, and Brunei could transform ThaiBev/TCC into a regional consumer name. The grouse that it was a single-country, low-growth beer/spirits company is now no longer valid.”

CIMB expects restructuring to deposit F&N’s F&B businesses within ThaiBev, while TCC takes singular ownership of F&N’s property assets. “Synergies can show up via F&N’s entry into Thailand and Oishi’s overseas expansion. Valuations should also expand as growth accelerates.”

CIMB raises its target to $0.70 from $0.60 after increasing FY12-14 EPS forecasts by 1%-8% on lower Thai corporate tax rates coming into effect in FY12; it also expects dividends could be lowered as management will likely be keen to pay down debt.

But it notes its sum-of-the-parts target price hasn’t taken potential F&N synergies into account, valuing ThaiBev’s 29% F&N stake in any break-up situation at $9.55/share. It keeps an Outperform call. The stock is up 1.0% at $0.525.

jackphang

ThaiBev 有点高。凡在40仙以下购买者可考虑套利。然后再乘低回购。

bluenana

我也有在关注这支股。。。可是不是很有头绪，现在的股价已经是之前的一倍多了。

icy97

F&N move makes ThaiBev into holding company: Religare
http://www.theedgesingapore.com/the-daily-edge/business/43550-mapletree-commercial-trusts-dpu-for-fy-201213-exceeds-forecast-by-197.html

Mon, 22 Apr 22:23
The decision to keep F&N (F99.SG) listed on SGX essentially turns ThaiBev (Y92.SG) into a holding company with three main units, F&N, Oishi (OISHI.TH) and Sermsuk (SSC.TH), says Jonathan Foster, director of special situations at Religare.

He notes the Thai group has a slight history of having listed subsidiaries; “it’s part of a long-term empire building. They seem to like the idea of having a Singapore-listed subsidiary, especially a blue-chip name.”

He expects F&N to become the main property-based listing vehicle for the family, allowing it to inject assets and raise equity. He’s not surprised by the recent volatility in ThaiBev’s shares, noting the market had built in expectations for a private-equity-type transaction of taking F&N private and then redistributing the assets. Foster says synergies and asset redistribution will be more difficult when minority shareholder approval is needed.

F&N is down 5% at $9.00 on its first day of trade resumption; ThaiBev is up 6.2% at $0.60.

davidenxi

大家可以用力進場了，內幕消息....

icy97

泰国酿酒的1Q13盈利下跌19.7%
http://www.sharesinv.com/zh/articles/38838/

2013年05月15日
泰国酿酒(Thai Beverage Public Co)在截至2013年3月31日的首季录得盈利下跌19.7%至35亿泰铢，由于海关税提高、啤酒和非酒精饮品的贡献减少及星狮集团(Fraser & Neave)蒙净亏损。净利润占392亿泰铢的8.8%，去年同期则是占406亿泰铢的10.6%。非酒精饮品业务的表现跌幅最大，酒精业务的净利则增加5.95%至44亿泰铢。另一方面，啤酒业务依旧蒙亏，为44亿泰铢亏损，由于员工成本提高继续令本已疲弱的销量雪上加霜。公司目前持有星狮集团的29%股权。

启示：公司表示将对星狮集团的减资计划投支持票。本周较早时候，星狮集团建议每股派发3.28元现金，以便把脱售亚太酿酒厂(Asia Pacific Breweries)所获收益以减资的形式回馈给股东们。

icy97

星狮集团探讨把产业及饮食业务分拆的可行性
http://www.sharesinv.com/zh/articles/40094/

2013年07月01日
由泰国酿酒(Thai Beverage Public Co)大股东苏旭明掌控的星狮集团(Fraser & Neave)表示，它将委聘顾问对如何释放股东价值的潜在策略作出研究和探讨。公司说：“这可能涉及把公司的产业和非产业业务分拆。但董事会仍未作出任何决定，因此还没有落实任何计划或策略。”分析师早在苏旭明收购公司后便预期公司会进行重组。另一方面，公司股东已批准公司按新加坡公司法第78G条第50章进行减资。截至公司结账时，每持有1股普通股便可获得3.28元现金，即合共相等于约47亿3,000万元。

启示：德意志摩根建富(DMG & Partners)的分析师Goh Han Peng表示：“星狮集团的饮食及产业业务都是规模庞大，如果它们分拆的话，很可能会把总体市值提高。”

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UBS makes contrarian call on ThaiBev
http://www.theedgesingapore.com/blog-heads/the-edge/44767-ubs-makes-contrarian-call-on-thaibev.html#top-toolbar-article

Fri, 19 Jul 22:32
WITH GROWING REGIONAL consumer demand as the backdrop, Thai Beverage, the leading maker of drinks from white spirits to green tea, has been rated favourably by analysts for its strong base and growth potential. Last year, the company is estimated to have cornered more than three quarters of the spirit and one third of the beer sales respectively in its home market.

ThaiBev’s successful bid for control of Singapore-based drinks and property company Fraser & Neave with the help of TCC Assets, the investment holding company owned by ThaiBev chairman Charoen Sirivadhanabhakdi, also made the company a larger and stronger regional player in the F&B field.

This is the reason why, from the start of the year till July 17, all five recommendations of ThaiBev had either been “buy” or “overweight”, with target prices ranging from 75 to 80 cents.

However, in a contrarian call made on July 18, UBS Investment Research analyst Chirag Saglani figured that ThaiBev, which closed 0.5 cents lower at 56 cents on July 19, is worth only 51 cents, because of a looming downturn in Thai consumer sentiment and possible risks in the restructuring process of F&N.

For one, spirits, which accounted for 58% of the company’s revenue and a bigger proportion of its earnings in FY2012, could see weakening demand from the main customer segment of lower income workers. “Rising household debt and government tightening of populist subsidy schemes is likely to affect purchasing power,” writes Saglani, referring to the government’s decision to lower the minimum guaranteed price of rice from 15,000 baht per tonne to 13,000 baht per tonne from November.

Then there was also the excise duty hike last year that made alcohol more expensive. And prices of soft commodities like rubber and palm oil produced by Thai small holdings have also softened. With incomes affected, demand will shift from ThaiBev’s relatively premium products to cheaper alternatives, says Saglani. As such, he predicts that ThaiBev’s sale of spirits will drop 5% by volume this year and remain flat in 2014.

UBS estimates that ThaiBev, trading at 19 times 2013 P/E, is going to post an underlying earnings compounded annual growth of just 5.3% for FY2012 to FY2015 and believes “valuation is expensive” for the stock.

Then there is the looming restructuring of F&N’s property, publishing and beverage businesses by the new owners. Saglani believes ThaiBev might have to cut its dividend payout ratio to 40%, from the current 50%, as it tries to pay down $3.3 billion in debt incurred from the acquisition.

The restructuring could involve some kind of swap between ThaiBev, which owns 28.6% of F&N, and TCC Assets, which owns 61.4%. Saglani believes ThaiBev would sell its share of the non-beverage business to TCC Assets, and TCC Assets, in turn, would sell its share in the beverage business to ThaiBev. The net effect would result in ThaiBev and TCC Assets owning both 90% each in the beverages, and non-beverages business, respectively. However, the key risk for ThaiBev shareholders is: At what value would the different businesses change hands?

Under the first of two scenarios floated by Saglani, both the property and publishing business would be transacted at book value. This would result in TCC Assets paying ThaiBev $475 million. The second scenario involves the possibility of the property business transacted at 0.7 times book and publishing at 0.8 times book. This would result in ThaiBev paying TCC Assets $839 million. The total of $1.3 billion from these two scenarios is worth 5 cents per share, or 10% of the price target, calculates Saglani. There is also a third scenario. “It is also possible that it completely divests the stake in the publishing business to a third party,” writes Saglani.

In an announcement by F&N on July 18, the company states that TCC Assets, because of “unfavourable” market conditions, has not sold enough shares to increase the free float above the 10% level. On July 19, SGX agreed to give F&N an extension till end of the year for a more thorough review on what to do next.

Nevertheless, there are analysts who are more optimistic than Saglani. Nirgunan Tiruchelvam of Standard Chartered, in a July 5 note, believes that ThaiBev will unleash 8 billion baht ($326 million) worth of synergy when F&N’s drinks business is consolidated within the company. In this scenario, ThaiBev would be trading at 16.1 times forward earnings post-restructuring, compared to 20.3 times in the “base scenario” and regional peer group’s average of 23 times. That makes ThaiBev a much more attractive stock for Nirgunan who has a “buy” call and price target of 75 cents.

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Name of Announcer *	THAI BEVERAGE PUBLIC CO LTD
Company Registration No.	0107546000342
Announcement submitted on behalf of	THAI BEVERAGE PUBLIC CO LTD
Announcement is submitted with respect to *	THAI BEVERAGE PUBLIC CO LTD
Announcement is submitted by *	Sithichai Chaikriangkrai
Designation *	Director and Executive Vice President
Date & Time of Broadcast	08-Aug-2013 18:50:16
Announcement No.	00016

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

Invitation for IR Conference Call - 1H FY2013 Financial Results

Description

-Please see attached-

Attachments

Conference_Call_1HFY2013.pdf

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Name of Announcer *	THAI BEVERAGE PUBLIC CO LTD
Company Registration No.	0107546000342
Announcement submitted on behalf of	THAI BEVERAGE PUBLIC CO LTD
Announcement is submitted with respect to *	THAI BEVERAGE PUBLIC CO LTD
Announcement is submitted by *	Sithichai Chaikriangkrai
Designation *	Director and Executive Vice President
Date & Time of Broadcast	14-Aug-2013 19:07:48
Announcement No.	00248

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	-Please see attached-

Attachments

HalfYear_2013_SGX_Format.pdf HalfYear_2013_Financial_Statement_KPMG.pdf

Announcement Title *

Half Year 2013 Financial Results Presentation

Description

-Please see attached-

Attachments

HalfYear_2013_Financial_Results_Presentation.pdf

Dividend Value	Payment Type	Dividend Type	Financial Year End	Dividend Number	Tax Exemption Clause
THB 0.14 Per 1 Ordinary share	Payment Rate in Gross	Interim	31/12/2013	15	Not applicable

Record Date *	27/08/2013
Record Time *	17:00
Date Paid/Payable (if applicable)	11/09/2013

Footnotes

The Company's Board of Directors Meeting which was held on August 14, 2013 approved the book closure date for the share transfer with respect to the entitlement to interim dividend payment ("Dividend") on August 28, 2013 ("BCD"). We would like to clarify that although Thailand Securities Depository Co.,Ltd. ("TSD") determines that the rights of shareholders are based on shareholders whose names appear in TSD register on the BCD; however, the Central Depository (Pte) Limited ("CDP") determines that investors' rights are based on shareholders whose names appear in CDP register as at 17.00 hrs. (Singapore Time) on August 27, 2013. Accordingly, investors who hold shares through the CDP will only be entitled to receive Dividend through CDP if their names appear in CDP register as at 17.00 hrs. (Singapore Time) on August 27, 2013. Remark: - Dividends in respect of shares are generally subject to Thai income tax withholding at a rate of 10%.