공시 • Aug 22
Thai Beverage Public Company Limited (SGX:Y92) completed the acquisition of remaining 20.34% stake in Oishi Group Public Company Limited (SET:OISHI) from a group of shareholders. Thai Beverage Public Company Limited (SGX:Y92) made an offer to acquire remaining 20.34% stake in Oishi Group Public Company Limited (SET:OISHI) from a group of shareholders for THB 4.5 billion on March 10, 2023. As reported, Thai Beverage Public Company will make a tender offer for 76,279,602 shares in Oishi Group at a price of THB 59 per share, payable in cash. The deal will be financed through internal funds. In this regard, Thai Beverage Public Company has source of fund for this tender offer from credit facility from Siam Commercial Bank PCL under its’s existing credit facility with the Bank. Following the completion, Thai Beverage Public Company plans to delist the shares of Oishi from being securities listed on the Stock Exchange of Thailand. The offer is subject to approval from Oishi’s shareholders. On May 3, 2023, Oishi Group shareholders approved the transaction. As of May 12, 2023, all the conditions precedent for the transaction have been fulfilled. The offer period will be a total of 45 business days, from June 15, 2023 to August 21, 2023. Kiatnakin Phatra Bank Public Company Limited (SET:KKP) acted as financial advisor and Weerawong, Chinnavat & Peangpanor Ltd. acted as legal advisor to Thai Beverage Public Company Limited. Jay Capital Advisory Limited acted as independent financial advisor and provided fairness opinion to the Board of Oishi Group.Thai Beverage Public Company Limited (SGX:Y92) completed the acquisition of remaining 20.34% stake in Oishi Group Public Company Limited (SET:OISHI) from a group of shareholders on August 21, 2023. Buying Opportunity • Aug 21
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿67.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Aug 09
Third quarter 2023 earnings released: EPS: ฿1.08 (vs ฿0.95 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.08 (up from ฿0.95 in 3Q 2022). Revenue: ฿3.76b (up 11% from 3Q 2022). Net income: ฿404.3m (up 13% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Upcoming Dividend • May 17
Upcoming dividend of ฿0.50 per share at 2.8% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿57.50, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 45x in the Hospitality industry in Thailand. Total returns to shareholders of 75% over the past three years. 공시 • Jan 27
Oishi Group Public Company Limited Approves Dividend for the Year Ended September 30, 2022, Payable on February 24, 2023 Oishi Group Public Company Limited at its Annual General Meeting of Shareholders held on January 25, 2023 acknowledged the interim dividend payment made on June 6, 2022 at THB 0.50 per share, the total amount paid was THB 187,500,000 and approved the declaration of dividend payment from the operating results of the fiscal year 2022 ended September 30, 2022 at THB 1.10 per share, the total amount to be paid is THB 412,500,000 to the shareholders whose names are appeared in the share register book on December 13, 2022 (Record Date). The dividend will be paid on February 24, 2023. Upcoming Dividend • Dec 02
Upcoming dividend of ฿1.10 per share Eligible shareholders must have bought the stock before 09 December 2022. Payment date: 24 February 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 18
Full year 2022 earnings released: EPS: ฿3.19 (vs ฿1.46 in FY 2021) Full year 2022 results: EPS: ฿3.19 (up from ฿1.46 in FY 2021). Revenue: ฿12.8b (up 30% from FY 2021). Net income: ฿1.20b (up 119% from FY 2021). Profit margin: 9.4% (up from 5.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. CEO, President & Director Nongnuch Buranasetkul was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Third quarter 2022 earnings released: EPS: ฿0.95 (vs ฿0.43 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.95 (up from ฿0.43 in 3Q 2021). Revenue: ฿3.39b (up 30% from 3Q 2021). Net income: ฿357.1m (up 120% from 3Q 2021). Profit margin: 11% (up from 6.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. 공시 • Aug 11
Oishi Group Public Company Limited to Report Nine Months, 2022 Results on Aug 10, 2022 Oishi Group Public Company Limited announced that they will report nine months, 2022 results on Aug 10, 2022 Upcoming Dividend • May 19
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 06 June 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (0.8%). 공시 • May 14
Oishi Group Public Company Limited Announces Cash Dividend Payment for the Period from October 1, 2021 to Match 31, 2022, Payable on 06 June 2022 Oishi Group Public Company Limited announced Cash dividend payment of THB 0.50 per share for the period from October 1, 2021 to Match 31, 2022. Record date for the right to receive dividends is 27 May 2022. Ex-dividend date is 26 May 2022. Payment date is 06 June 2022. Reported Earnings • May 14
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.70 (up from ฿0.37 in 2Q 2021). Revenue: ฿3.04b (up 27% from 2Q 2021). Net income: ฿264.8m (up 89% from 2Q 2021). Profit margin: 8.7% (up from 5.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 7.0%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. CEO, President & Director Nongnuch Buranasetkul was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿1.04 (up from ฿0.60 in 1Q 2021). Revenue: ฿3.00b (up 12% from 1Q 2021). Net income: ฿388.3m (up 72% from 1Q 2021). Profit margin: 13% (up from 8.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 7.0%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. 공시 • Jan 28
Oishi Group Public Company Limited Approves the Declaration of Dividend Payment from the Operating Results of the Fiscal Year 2021 Ended September 30, 2021, Payable on February 25, 2022 Oishi Group Public Company Limited at its AGM held on January 27, 2022, approved the declaration of dividend payment from the operating results of the fiscal year 2021 ended September 30, 2021 and retained earnings at THB 0.50 per share, the total amount to be paid is THB 187,500,000 to the shareholders whose names are appeared in the share register book on December 13, 2021 (Record Date). There will be no additional appropriation as the Company legal reserve has met the requirement of the Law. The dividend will be paid on February 25, 2022. Upcoming Dividend • Dec 02
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 25 February 2022. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (1.9%). Reported Earnings • Nov 19
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ฿9.89b (down 11% from FY 2020). Net income: ฿546.7m (down 49% from FY 2020). Profit margin: 5.5% (down from 9.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • May 18
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 11 June 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.2%). Reported Earnings • May 14
Second quarter 2021 earnings released: EPS ฿0.37 (vs ฿0.99 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.39b (down 18% from 2Q 2020). Net income: ฿140.2m (down 62% from 2Q 2020). Profit margin: 5.9% (down from 13% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. 공시 • May 13
Oishi Group Public Company Limited Announces Dividend for the Period from October 1, 2020 to March 31, 2021, Payable on June 11, 2021 Oishi Group Public Company Limited announced Cash dividend of THB 0.30 per share for the period from October 1, 2020 to March 31, 2021. The dividend is payable on June 11, 2021 with ex-date as May 25, 2021 and record date as May 27, 2021. Is New 90 Day High Low • Mar 10
New 90-day high: ฿44.50 The company is up 4.0% from its price of ฿42.75 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 8.0% over the same period. Reported Earnings • Feb 11
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.68b (down 21% from 1Q 2020). Net income: ฿225.4m (down 37% from 1Q 2020). Profit margin: 8.4% (down from 11% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 08
New 90-day high: ฿44.00 The company is up 11% from its price of ฿39.75 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 14% over the same period. Upcoming Dividend • Dec 02
Upcoming Dividend of ฿0.94 Per Share Will be paid on the 25th of February to those who are registered shareholders by the 9th of December. The trailing yield of 3.4% is below the top quartile of Thai dividend payers (6.6%), but it is higher than industry peers (2.0%). Reported Earnings • Nov 19
Full year 2020 earnings released: EPS ฿2.85 The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿11.1b (down 19% from FY 2019). Net income: ฿1.07b (down 13% from FY 2019). Profit margin: 9.7% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 15
New 90-day high: ฿40.75 The company is up 1.0% from its price of ฿40.50 on 17 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 5.0% over the same period. 공시 • Aug 12
Oishi Group Public Company Limited to Report Q3, 2020 Results on Aug 11, 2020 Oishi Group Public Company Limited announced that they will report Q3, 2020 results on Aug 11, 2020