Investors
hunt for shares in beer companies
Sabeco holds the largest market
share, but it is Heineken which dominates the Vietnamese beer market.
Sabeco holds 40 percent
of market share in terms of consumption
In 2016, Sabeco had VND6 trillion in pre-tax profit,
half of the profit made by Heineken, while Sabeco’s market share doubled.
The state’s divestment of Sabeco has resulted in starting price of VND320,000 per share. The price is described as ‘unreasonably high’ considering the company’s business performance. “Sabeco shares (SAB) are now too expensive,” said Akiyoshi Koji, chair and CEO of Asahi Group, one of the potential SAB buyers. SAB price has increased by twofold compared with December 2016, when it entered the bourse. A report released by a securities company in September showed that Sabeco traded with a P/E of 35x, much higher than Asahi’s 16x, Carlsberg’s 21x and Heineken’s 20x. However, analysts still believe the divestment would succeed because
Meanwhile, Sabeco is the leading company with 40
percent of the market share in terms of consumption.
Though holding the overwhelming market share which is nearly double that of Heineken’s, the No 2 in the Vietnamese market, Sabeco’s profit is lower than Heineken’s. According to the Vietnam Industry Research and Consultancy (VIRAC), Heineken Trading revenue was VND33.9 trillion, while Sabeco’s combined revenue was VND30.6 trillion, of which beer sales brought VND26.2 trillion, while the remaining came from packages and beverages. Heineken Trading is in charge of distributing beer products for the entire Heineken group. The two key brewers of Heineken are Heineken Vietnam Brewery and Heineken Hanoi. Heineken Heineken’s revenue is just a bit higher than Sabeco’s, but its profit is far higher. Sabeco’s combined pre-tax profit in 2016 was VND5.7 trillion, less than half of the total profit made by Heineken group in An analyst commented that considering the business performance, Sabeco does not have the leading role in the beer market like VInamilk which is leading the dairy market. SAB is now traded at the P/E of nearly 50x, while Vinamilk shares are at 26x. Other brewers lag far behind Sabeco and Heineken. AB Inbev, the world’s largest brewer, reported modest revenue of VND200 billion.
Kim
Chi, VNN
|
Thứ Hai, 11 tháng 12, 2017
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