Refreshing look, enduring tastes
A pure F&B player with a strong brand and regional presence.
Hidden asset in significant land bank but no immediate development plans.
Untapped brand potential. Spending more to expand capacity and modernise its production facilities; will spend more on A&P.
Launching new drinks and food-related products.
Smallest by market cap among SGX-listed F&B companies but has equally significant regional presence, distribution network and an established brand.
Valuation
YHS has the smallest market cap among the F&B companies under our coverage.
It trades at a historical CY15 P/E of 20.2x versus the peer average (excluding YHS) of 25.9x. CY15 P/BV is 1.3x versus peer average of 3.7x while ROE is 6.0% versus peer average of 16.4%.
Dividend yield at 1.5% is also lower than peer average of 2.6%.
Source: CIMB
https://brokingrfs.cimb.com/IQL2MLpMzGz ... sdH9Q2.pdf