SGX:F99

Stock Analysis Report

Executive Summary

Fraser and Neave, Limited engages in the food and beverage, and publishing and printing businesses in Malaysia, Singapore, Thailand, Taiwan, India, Australia, New Zealand, the United States, and the United Kingdom.

Snowflake

Fundamentals

Excellent balance sheet with proven track record.

Share Price & News

How has Fraser and Neave's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

F99

-0.02%

SG Food

0.9%

SG Market


1 Year Return

-6.6%

F99

8.4%

SG Food

1.4%

SG Market

Return vs Industry: F99 underperformed the SG Food industry which returned 8.4% over the past year.

Return vs Market: F99 underperformed the SG Market which returned 1.4% over the past year.


Shareholder returns

F99IndustryMarket
7 Day0%-0.02%0.9%
30 Day-2.9%-6.7%-2.3%
90 Day-0.6%-7.3%-6.7%
1 Year-4.1%-6.6%11.3%8.4%5.4%1.4%
3 Year-15.1%-20.6%-1.6%-9.0%15.8%3.4%
5 Year-40.2%-46.2%-9.7%-19.8%11.3%-7.0%

Price Volatility Vs. Market

How volatile is Fraser and Neave's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fraser and Neave undervalued compared to its fair value and its price relative to the market?

45.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: F99 (SGD1.7) is trading below our estimate of fair value (SGD3.12)

Significantly Undervalued: F99 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: F99 is poor value based on its PE Ratio (15.4x) compared to the Food industry average (15.4x).

PE vs Market: F99 is poor value based on its PE Ratio (15.4x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: F99's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: F99 is overvalued based on its PB Ratio (0.9x) compared to the SG Food industry average (0.8x).


Next Steps

Future Growth

How is Fraser and Neave forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-3.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: F99's earnings are forecast to decline over the next 3 years (-3.7% per year).

Earnings vs Market: F99's earnings are forecast to decline over the next 3 years (-3.7% per year).

High Growth Earnings: F99's earnings are forecast to decline over the next 3 years.

Revenue vs Market: F99's revenue is expected to decline over the next 3 years (-3.2% per year).

High Growth Revenue: F99's revenue is forecast to decline over the next 3 years (-3.2%).


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if F99's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Fraser and Neave performed over the past 5 years?

37.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: F99's earnings have grown significantly by 37.9% per year over the past 5 years.

Accelerating Growth: F99's earnings growth over the past year (87.9%) exceeds its 5-year average (37.9% per year).

Earnings vs Industry: F99 earnings growth over the past year (87.9%) exceeded the Food industry -16.5%.


Return on Equity

High ROE: F99's Return on Equity (6.8%) is considered low.


Return on Assets

ROA vs Industry: F99's Return on Assets is below or equal to the Food industry average last year.


Return on Capital Employed

ROCE Improving: F99 has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Fraser and Neave's financial position?


Financial Position Analysis

Short Term Liabilities: F99's short term assets (SGD921.2M) exceeds its short term liabilities (SGD621.4M)

Long Term Liabilities: F99's short term assets (921.2M) exceeds its long term liabilities (653.2M)


Debt to Equity History and Analysis

Debt Level: F99's debt to equity ratio (24.7%) is considered satisfactory

Reducing Debt: F99's debt to equity ratio has increased from 7.3% to 24.7% over the past 5 years.

Debt Coverage: F99's debt is well covered by operating cash flow (25.9%).

Interest Coverage: F99's interest payments on its debt are well covered by EBIT (9.5x coverage).


Balance Sheet

Inventory Level: F99 has a low level of unsold assets or inventory.

Debt Coverage by Assets: F99's debt is covered by short term assets (assets are 1.151940x debt).


Next Steps

Dividend

What is Fraser and Neave's current dividend yield, its reliability and sustainability?

2.65%

Current Dividend Yield


Dividend Yield vs Market

company2.6%marketbottom25%2.5%markettop25%5.6%industryaverage2.8%forecastin3Years2.9%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: F99's dividend (2.65%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).

High Dividend: F99's dividend (2.65%) is low compared to the top 25% of dividend payers in the SG market (5.59%).

Stable Dividend: F99's dividend payments have been volatile in the past 10 years.

Growing Dividend: F99's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (40.8%), F99's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Fraser and Neave's salary, the management and board of directors tenure and is there insider trading?

4.8yrs

Average management tenure


CEO

Peng Yim Siew (51yo)

5yrs

Tenure

S$662,855

Compensation

Mr. Peng Yim Siew serves as Chief Executive Officer of Times Publishing Group at Fraser and Neave, Limited. Mr. Siew has been the Chief Operating Officer and Chief Financial Officer of Times Publishing Ltd ...


CEO Compensation Analysis

Compensation vs. Market: Peng Yim's total compensation ($USD484.15K) is about average for companies of similar size in the SG market ($USD1.44M).

Compensation vs Earnings: Insufficient data to compare Peng Yim's compensation with company performance.


Management Age and Tenure

4.8yrs

Average Tenure

53.5yo

Average Age

Experienced Management: F99's management team is considered experienced (4.8 years average tenure).


Board Age and Tenure

6.6yrs

Average Tenure

71yo

Average Age

Experienced Board: F99's board of directors are considered experienced (6.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Peng Yim Siew (51yo)

    Chief Executive Officer of Times Publishing Group

    • Tenure: 5yrs
    • Compensation: S$662.86k
  • Poh Tiong Koh (73yo)

    Non-Executive & Non-Independent Director and Adviser to the Board

    • Tenure: 6.5yrs
    • Compensation: S$2.13m
  • Choon Kit Hui (54yo)

    CFO & Company Secretary

    • Tenure: 7yrs
    • Compensation: S$1.04m
  • Edmond Neo (54yo)

    Chief Executive Officer of Beer

    • Tenure: 3yrs
  • Meng Tat Lee (56yo)

    Chief Executive Officer of Non-Alcoholic Beverages

    • Tenure: 4.4yrs
    • Compensation: S$1.28m
  • Kah Shen Lai (45yo)

    Financial Controller of F&B Division

    • Tenure: 0yrs
  • Yew Lim (53yo)

    Chief Executive Officer of Fraser & Neave Holdings Bhd

    • Tenure: 4.8yrs
    • Compensation: S$1.19m
  • Jennifer Yu

    Head of Investor Relations

    • Tenure: 0yrs
  • Josephine Woo

    First Vice President of Group Human Captial

    • Tenure: 0yrs
  • Peng Yap (51yo)

    Head of Research & Development

    • Tenure: 0yrs

Board Members

  • Timothy Chia (69yo)

    Non-Executive & Independent Director

    • Tenure: 5.8yrs
    • Compensation: S$146.00k
  • Siripen Sitasuwan (70yo)

    Non-Executive & Independent Director

    • Tenure: 6.4yrs
    • Compensation: S$175.00k
  • Poh Tiong Koh (73yo)

    Non-Executive & Non-Independent Director and Adviser to the Board

    • Tenure: 6.5yrs
    • Compensation: S$2.13m
  • Syed Badarudin Jamalullail Ibni A. Tuanku Syed Putra Jamalullail (74yo)

    Lead Independent & Non-Executive Director

    • Tenure: 4.4yrs
    • Compensation: S$134.00k
  • Charoen Sirivadhanabhakdi (75yo)

    Non-Executive & Non-Independent Chairman

    • Tenure: 6.7yrs
  • Thapana Sirivadhanabhakdi (44yo)

    Non-Independent & Non-Executive Director

    • Tenure: 6.7yrs
    • Compensation: S$162.00k
  • Sithichai Chaikriangkrai (65yo)

    Non-Executive & Non-Independent Director

    • Tenure: 6.7yrs
    • Compensation: S$158.00k
  • Khunying Wanna Sirivadhanabhakdi (76yo)

    Non-Independent & Non-Executive Vice-Chairman

    • Tenure: 6.7yrs
  • Chotiphat Bijananda (55yo)

    Non-Executive & Non-Independent Director

    • Tenure: 6.7yrs
    • Compensation: S$79.00k
  • Heng Wing Chan (72yo)

    Independent & Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: S$58.23k

Company Information

Fraser and Neave, Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fraser and Neave, Limited
  • Ticker: F99
  • Exchange: SGX
  • Founded: 1883
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$2.463b
  • Shares outstanding: 1.45b
  • Website: https://www.fraserandneave.com

Number of Employees


Location

  • Fraser and Neave, Limited
  • No. 20-00 Alexandra Point
  • 438 Alexandra Road
  • Singapore
  • 119958
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FNEV.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1981
F99SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1981
FNV2DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1981
FNV1XTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJan 1981
FNEV.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2008

Biography

Fraser and Neave, Limited engages in the food and beverage, and publishing and printing businesses in Malaysia, Singapore, Thailand, Taiwan, India, Australia, New Zealand, the United States, and the United ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 12:41
End of Day Share Price2019/10/15 00:00
Earnings2019/06/30
Annual Earnings2018/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.