Fraser & Neave at a glance

 

Price per share: RM29.20 

Market Capital (RM) 10.710b 

Number of Share 366.78m 

Revenue (TTM) 5.116B 

Net Profit (TTM) 508.84M 

Net Margin (TTM) 9.9% 

EPS (TTM) 138.73 

P/E Ratio 21.05 

ROE 14.29% 

P/B Ratio 3.01 

NTA 9.710 

5y CAGR - Revenue 4.0% 

5y CAGR - Profit 6.9% 

Dividend (cent) 77.000 ^ 

Dividend Yield 2.64% 

Over the last 10 years, the revenues grew about 4% yearly and the PBT grew at a slightly faster rate of about 6.9%. This indicated its profit margins had improved.  Over the 10 years above, its PBT Margin increased steadily from 8.3% to 12.5%. 

Its NAPS (Net Asset Price per Share) grew from RM 4.603 per share to RM 9.112 per share. F&N is a great company, with high ROE in the mid teens. Its ROE for the above 10 years period ranged from low of 12.9% to a high of 19.4%; averaging 15% to 16%. 

Given the risk free interest rate of 5% or so, its present price of RM 29.2 per shar means it is trading at a P/NAPS of 3.01 x. This valuation means it is trading at a fair price today. 

F&N has distributed dividends yearly. Its DPO was around 52% to 56%. Its latest DY is 2.68%. 

In summary, F&N is a great company, growing at a slow rate of 5% to 7% yearly. It retained about 50% of its earnings for future growth and with its ROE at around 15% or so, and many new projects for future growth, this stock in my portfolio remains for the long term.

F&N’s earnings to be driven by export growth, cost efficiency

F&N’s earnings to be driven by export growth, cost efficiency
August 20, 2018, Monday



KUCHING: Analysts project the future earnings of Fraser & Neave Holdings Bhd (F&N) to be driven by the continued strong export growth and improved cost efficiency as a result of cost optimisation efforts and better economies of scale.

Following a visit to F&N Dairies Manufacturing plant in Selangor Halal Hub, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) highlighted that F&N targets total export revenue to reach RM800 million by 2020.

According to MIDF Research, as of the first nine months of financial year 2018 (9MFY18), export contributes 16 per cent of total revenue whilst for F&N’s Malaysia and Thailand segments, these grew 20 per cent year on year (y-o-y) and 10 per cent y-o-y respectively.

“We estimated export revenue to contribute between the range of RM642.9 million to RM710.6 million for FY18,” the research arm said.

“Assuming the same rate of growth, F&N poised to achieve its total export revenue target before 2020.”

MIDF Research noted that F&N’s two main segments, the Malaysian and Thailand segments, which contribute 57.1 per cent and 42.9 per cent respectively to total revenue (including export) are currently facing intense completion.

The research arm further noted that F&N’s domestic market share for sweetened condensed milk has slipped from 59 per cent in FY14 to 52.4 per cent as of the first half of FY18 (1HFY18).

“Despite the declining market share, revenue dropped marginally by 0.4 per cent y-o-y and 0.3 per cent y-o-y in the 9MFY18.

“Nevertheless, we expect a stronger revenue growth due to pre-sales and services tax (SST) purchase and new innovative products set to be launched in Malaysia and Thailand market next year.”



http://www.theborneopost.com/2018/08/20/fns-earnings-to-be-driven-by-export-growth-cost-efficiency/

F&N shares rise on higher profit

F&N shares rise on higher profit

Friday, 3 Aug 2018


KUALA LUMPUR: Shares in Fraser & Neave Holdings Bhd (F&N) rose on Friday boosted by a 51% profit increase in the third quarter ended June 30.

The counter rose 16 sen, or 0.43% to RM37.56. In the past one year, F&N shares have appreciated 54.09%.

F&N’s third quarter net profit jumped 51% to RM104.5mil, from RM69.37mil a year earlier, thanks to positive contributions from Malaysia and Thailand.

Revenue, however, was slightly lower by 1% to RM1.03bil, from RM1.04bil in 3QFY17.

Kenanga Research said F&N’s 9M18 core net profit of RM318.8mil (-6%) and the absence of dividend was within expectations.

“New products are seen as key drivers for the group, amidst slow spending trends and high production costs.

“The high cost, however, could be mitigated by the group’s improving efficiency following capital investments and restructuring,” it said.

Kenanga has maintained its underperform and target price of RM32.15 on F&N.


Read more at https://www.thestar.com.my/business/business-news/2018/08/03/fn-shares-rise-on-higher-profit/#faIuSFbJd1Z3daQP.99

F&N 24.8.2017

F&N		24.8.2017
5 Years Quarterly Report History
Qtr	Financial	Revenue	PBT	PAT	PBT
No	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
3	30-Jun-17	1,041,277	73,528	69,372	7.1%
2	31-Mar-17	992,739	116,788	107,079	11.8%
1	31-Dec-16	1,091,083	144,007	127,278	13.2%
4	30-Sep-16	976,500	51,707	49,589	5.3%
3	30-Jun-16	1,095,805	111,777	93,551	10.2%
2	31-Mar-16	999,167	107,612	90,570	10.8%
1	31-Dec-15	1,053,301	171,841	151,662	16.3%
4	30-Sep-15	1,007,813	67,728	56,724	6.7%
3	30-Jun-15	1,076,216	98,303	82,925	9.1%
2	31-Mar-15	939,885	86,554	70,490	9.2%
1	31-Dec-14	1,036,325	81,244	69,935	7.8%
4	30-Sep-14	964,515	75,361	62,195	7.8%
3	30-Jun-14	971,131	71,212	60,377	7.3%
2	31-Mar-14	935,395	82,766	68,091	8.8%
1	31-Dec-13	947,761	86,130	68,766	9.1%
4	30-Sep-13	897,528	87,400	80,306	9.7%
3	30-Jun-13	909,999	89,384	68,622	9.8%
2	31-Mar-13	882,061	65,585	54,611	7.4%
1	31-Dec-12	873,703	66,341	57,114	7.6%
4	30-Sep-12	868,363	64,476	73,599	7.4%
5 Years Trailing 4 Quarters
No.	Financial	ttm-Rev	ttm-PBT	ttm-PAT	ttm-PBT
Qtr.	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
3	30-Sep-17	4,101,599	386,030	353,318	9.4%
2	30-Sep-17	4,156,127	424,279	377,497	10.2%
1	30-Sep-17	4,162,555	415,103	360,988	10.0%
4	30-Sep-16	4,124,773	442,937	385,372	10.7%
3	30-Sep-16	4,156,086	458,958	392,507	11.0%
2	30-Sep-16	4,136,497	445,484	381,881	10.8%
1	30-Sep-16	4,077,215	424,426	361,801	10.4%
4	30-Sep-15	4,060,239	333,829	280,074	8.2%
3	30-Sep-15	4,016,941	341,462	285,545	8.5%
2	30-Sep-15	3,911,856	314,371	262,997	8.0%
1	30-Sep-15	3,907,366	310,583	260,598	7.9%
4	30-Sep-14	3,818,802	315,469	259,429	8.3%
3	30-Sep-14	3,751,815	327,508	277,540	8.7%
2	30-Sep-14	3,690,683	345,680	285,785	9.4%
1	30-Sep-14	3,637,349	328,499	272,305	9.0%
4	30-Sep-13	3,563,291	308,710	260,653	8.7%
3	30-Sep-13	3,534,126	285,786	253,946	8.1%
2	30-Sep-13	3,520,823	250,898	236,952	7.1%
1	30-Sep-13	3,369,191	243,009	289,398	7.2%
4	30-Sep-12	3,238,786	230,208	274,030	7.1%
5 Years Adjusted EPS, DPS, NTA and ttm-EPS for capital changes
No of shares (m)		367.0
		adj	adj	adj	adj	adj
Qtr	Financial	EPS	DPS	NTA	ttm-EPS	ttm-DPS
No	Quarter	(Cent)	(Cent)	(RM)	(Cent)	(Cent)
3	30-Jun-17	18.90	0.0	5.76	96.26	57.27
2	31-Mar-17	29.17	27.0	5.87	102.85	57.27
1	31-Dec-16	34.68	0.0	5.83	98.35	57.27
4	30-Sep-16	13.51	30.3	5.39	104.99	57.27
3	30-Jun-16	25.49	0.0	5.23	106.94	62.37
2	31-Mar-16	24.68	27.0	5.20	104.04	62.37
1	31-Dec-15	41.32	0.0	5.39	98.57	57.29
4	30-Sep-15	15.45	35.4	5.10	76.30	57.29
3	30-Jun-15	22.59	0.0	4.82	77.80	54.78
2	31-Mar-15	19.20	21.9	4.81	71.65	54.78
1	31-Dec-14	19.05	0.0	4.87	71.00	54.83
4	30-Sep-14	16.94	32.9	4.60	70.68	54.83
3	30-Jun-14	16.45	0.0	4.41	75.61	61.54
2	31-Mar-14	18.55	21.9	4.48	77.86	61.54
1	31-Dec-13	18.73	0.0	4.64	74.19	59.44
4	30-Sep-13	21.88	39.6	4.48	71.01	59.44
3	30-Jun-13	18.70	0.0	4.20	69.19	57.19
2	31-Mar-13	14.88	19.8	4.27	64.56	57.19
1	31-Dec-12	15.56	0.0	4.42	78.84	56.99
4	30-Sep-12	20.05	37.4	4.21	74.66	56.99
Capital changes
No.	Financial	No of
Qtr.	Quarter	Shrs (m)
3	30-Jun-17	367.0
2	31-Mar-17	366.7
1	31-Dec-16	365.7
4	30-Sep-16	364.6
3	30-Jun-16	366.9
2	31-Mar-16	366.7
1	31-Dec-15	366.3
4	30-Sep-15	366.0
3	30-Jun-15	365.3
2	31-Mar-15	365.2
1	31-Dec-14	366.2
4	30-Sep-14	365.9
3	30-Jun-14	365.9
2	31-Mar-14	366.1
1	31-Dec-13	363.8
4	30-Sep-13	363.4
3	30-Jun-13	363.1
2	31-Mar-13	364.1
1	31-Dec-12	363.8
4	30-Sep-12	360.8
3	30-Jun-12	361.0
2	31-Mar-12	360.5
1	31-Dec-11	359.9
4	30-Sep-11	359.0