Super Coffee Mix

PaPerSoldier

Super Coffeemix Manufacturing Ltd reported a 60 per cent increase in 2009 net profit compared to 2008 despite a slip in revenues. Net profit was at $40.24 million (US$28.56 million). Revenue slipped 1 per cent to $296.26 million due to lower sales into the Mongolia, South Africa and Commonwealth of Independent States markets.

alpinev18

回复 1# PaPerSoldier


    想買麼?

PaPerSoldier

回复 2# alpinev18


   考虑当中，我的组合中没有民生股。

PaPerSoldier

说起三合一即溶咖啡，多数人会联想到「Super Coffeemix」或「超级咖啡」这个家喻户晓的品牌。公司一路走来已年，从最初从事即溶咖啡包装与贸易，如今已发展成原料厂商，以及业务版图遍布亚洲的上市公司。

打造「超级」帝国

何丽丽 (2010-02-28) 早报导读

　　一手建立即溶咖啡帝国的张骐牧，之前经营印刷和录音带生产企业，机缘巧合下，发现即溶咖啡在新加坡的潜能，便在1987年创立了超级咖啡。

　　当年，张骐牧的三名子女都上学了，张太太在家相当空闲，想出来做点事打发时间。

　　刚巧，他出国公干在飞机上巧遇一名来自菲律宾的朋友。朋友恰巧是咖啡供应商，建议他投入饮食业，还将咖啡样本交给张骐牧参考。

　　现年59岁的张骐牧当时心想，新加坡市面上的咖啡多数属于西洋口味，市场也被咖啡巨头雀巢（Nestle）垄断，要打入这个市场，必须要有独特之处才行。

　　“在三合一咖啡未问世之前，人们要泡一杯咖啡，得从一罐咖啡粉、一罐糖，以及一罐奶精中抽取适当的分量来冲泡，相当麻烦。我心想，何不推出三合一咖啡，方便消费者冲泡？”

　　张骐牧过后研究，发觉20克包装的三合一咖啡最符合东南亚地区的口味，成了本区域首个推出20克包装的三合一咖啡商。他说：“我们在这行算是先锋，即使雀巢这般大规模的跨国企业，不久后也推出类似我们三合一咖啡的全合一速溶咖啡，然而,‘三合一’或‘Coffeemix’是由超级咖啡创造出来的，人们一听到这两个字眼，一定会想起‘Super’。”

　　超级三合一咖啡推出市场后，深受本地消费者欢迎，公司也乘胜追击，推出三合一麦片，通过广告大力宣传，不到几年，就成功打响品牌，使得“Super”成为家喻户晓的品牌。虽说消费者口味不同，在咖啡里所加入的奶精和糖的分量也有区别，张骐牧认为，三合一咖啡带来的是一种便利，价格也相当低廉。在亚洲，三合一咖啡市场份额早已超越罐装咖啡粉。

　　如今，除了咖啡和麦片，集团旗下的产品还包含奶精、罐装饮料和杯面，旗下品牌超过20个，其中包括针对年轻消费者的Cafe Nova，以及针对日本市场的新品牌Cloche。

　　不只在新马巩固了市场龙头地位，超级咖啡在泰国和缅甸也是数一数二的品牌，这两个市场的超级三合一咖啡收入比例最高。

　　集团的麦片销售在新马名列前茅，其他市场还包括越南、印尼和缅甸，近期内将打入泰国。

　　食品安全与品质第一

　　掌舵超级咖啡超过20年，张骐牧向来的原则是食品安全与品质第一，利润多少倒是其次。他说：“我们宁可将价位提高，或亏本，也不会降低食品的品质，因为公司最注重的是食品的品质与安全。消费者信赖我们的食品质量，喜欢我们的产品口味，就算价格上涨，也会继续光顾。”

　　“食品行业是个道德行业，食物所含的东西是消费者看不到的，所以即使你‘乱乱做’，客户也是‘乱乱吃’，但你还是得以道德之心来处理食品。”

　　超级咖啡自成立以来，只有在1997年亚洲金融风暴肆虐时，因为账面注销而蒙受亏损。

　　张骐牧说：“三合一咖啡可以算是抗经济衰退的行业。喝咖啡的人分成两种，一种是咖啡爱好者，可以花几块钱到Starbucks喝一杯咖啡，聊一整天。

　　“另一种是咖啡需求者，可能一天需要喝上好几杯咖啡，他们会选择廉价的三合一咖啡。而当经济衰退，咖啡爱好者为节省开支，会舍弃咖啡连锁店，转向三合一咖啡。我们的生意反而是在经济放缓时，更加优越。”

　　问他经商的成功之道是什么？张骐牧说，他成立公司以来未曾高薪挖角，集团的高层及董事多数从最低层做起。

　　他认为，有领导能力的员工就一定得栽培，就算公司面临危机，也不可裁员或减薪、减花红，因为他深信，公司的问题应该由管理层来承担，而不是员工。超级咖啡的员工流动率几乎是零。

　　是否有退休的打算？张骐牧表示，现在还是言之过早，但是就算没有他，公司存在的“自我控制系统”将确保业务得以继续营运。

　　话虽如此，他心目中已有合适的接班人，并强调接班人不一定是在公司就职的两名女儿和一名儿子，因为公司应该交给最能干的人，而不是最亲的人。

　　展望未来，公司将着重原料生产业务，并进行品牌重新打造，增强旗下所有产品的品牌价值。除了咖啡，公司也将注重奶茶和巧克力饮料市场。他也不排除通过更多并购活动来扩充业务。

　　从三合一咖啡到原料生产

　　超级咖啡最初只在马里士他路金城工业大厦不到2000平方英尺的办公室里运作，集团如今在亚洲各地拥有多达13个生产与包装设施，销售全球超过50个市场，营收从当年的100多万元激增至如今的3亿多元。

　　张骐牧坦言，超级咖啡最初推出的咖啡和麦片口味并非理想，经过多次研发后才终于研制出符合消费者口味的秘方。累积了多年的经验，超级咖啡现在对于不同市场的消费者口味可说是了如指掌，并针对个别市场推出不同口味及功能的即溶咖啡，产品类别也从三合一拓展至四合一、五合一，甚至六合一，普通咖啡和上等咖啡皆有。

　　超级咖啡早期向供应商采购即溶咖啡粉、奶精和糖，采用自家秘方融合成三合一咖啡，包装后再通过零售商销售给客户，即溶麦片也是如此。然而，风险在于，供应商或许会在原料价格出现波动之际，为维持利润而偷工减料，超级咖啡因而几次受骗。

　　另外，供应商或同行竞争者注意到三合一咖啡市场的潜力，刻意控制供应，导致公司原料短缺。因此，张骐牧开始研究如何生产原料，并在技术与机械投入上百万美元的资金。他说：“原料生产的投资数目不小，对我们来说其实是一种冒险，因为我们一开始并不了解这方面的技术，要找到适当的技术也不容易，可是，很幸运的，我们找到了合适的人来协助我们，就这样开始了生产业务。”

　　超级咖啡在1994年生产自家的麦片，1998年投入即溶咖啡生产。公司1994年在新加坡交易所挂牌上市，1998年晋升至主板。

　　原料业务去年上涨三倍

　　为进一步控制三合一咖啡的口味，超级咖啡也随后生产奶精。咖啡厂产量最初仅为每年3000公吨，搬迁到马来西亚柔佛后，则提升至1万零500公吨，相等于超过50亿杯咖啡。

　　公司目前在中国常州生产麦片，并在本地及中国无锡生产奶精，奶精产量目前为每年5万5000公吨。随着产量增加，超级咖啡近年开始供应即溶咖啡和奶精，前者的对象包括同行竞争者，后者的对象则多元化，包括泡泡茶、汤料、雪糕以及蛋糕等厂商。

　　原料业务在2008年中国和台湾市场的营收接近500万元，去年迅速上涨220％至大约1600万元，客户除了中国和台湾，其余也分布在越南和印尼等东南亚市场。

　　由于原料客户会向超级咖啡透露秘方，为确保集团的消费产品和原料产品业务没有利益上的冲突，两项业务是独立经营的。超级咖啡的生产技术日益成熟，使它获得国际厂家的青睐。除了咖啡，集团也在柔佛的生产设施从事“品客（Pringles）”薯片的代工生产活动，这也是品客在美国以外唯一的生产设施。

　　菲律宾著名饮食品牌生力纯食品（San Miguel Pure Foods）也在2005年同超级咖啡成立合资企业，携手在菲律宾推出San Miguel Super Coffeemix品牌咖啡

　　张骐牧相当看好集团的原料业务，并在规划柔佛的咖啡生产设施时就作好将产能倍增的准备。该厂房目前的使用率为60％，一旦达到100％，公司只需以设施投资额的20％，以及八个月的时间将产能增加一倍至2万1000吨，因为额外的生产设施早已准备就绪。张骐牧表示，放眼全球品质良好的咖啡厂商并不多，即便是中国这个庞大经济体，以及具备高科技技术的台湾，也找不到好的即溶咖啡厂，唯有落户当地的海外厂商如雀巢和麦斯威尔。

　　他说：“即溶咖啡这行其实并不简单，所需的投资额大，技术也不容易掌握，加上有雀巢这般强势的竞争对手，导致许多厂家都不太敢进军这个行业。”话虽如此，张骐牧当年还是勇闯咖啡生产行业。他认为，只是单纯做包装，无从控制原料品质和价格，将缺乏市场竞争力。公司投入生产后，收购了本地咖啡品牌“猫头鹰”（Owl），后者原本只从事咖啡包装，业绩表现并不理想，加入超级咖啡集团，采用自家的原料后，业绩出现好转，转亏为盈。超级咖啡目前是全球仅有三家具备生产咖啡、奶精和麦片能力的厂家之一。公司在过去两年成功打入日本，该市场如此注重品质，意味着公司的生产质量已经达到国际水准。

alpinev18

回复 3# PaPerSoldier


買來-->    收股息?

PaPerSoldier

恐含沙门氏菌 美国回收2款品客薯片

（2010-03-10　10:00am）

（综合讯）美国品客薯片（Pringles）有2种口味使用的原料，被美国当局验出恐含有沙门氏菌，下令回收。

　　中央社报道，美国宝洁公司旗下的品客薯片，宣布回收的口味分别是“Restaurant Cravers Cheeseburger”与“Family Faves Taco Night”。

　　宝洁公司发表声明指出，这2种口味薯片的产品数量，只占品客薯片在美国国内销售数量的0.5%。

PaPerSoldier

Super Coffeemix is selling its entire 37.5 per cent stake in China developer Care Property Holdings for $20.28 million. The sale will yield a $10.08 million gain.

PaPerSoldier

Super Coffeemix has announced that its Board is considering a proposal to offer and list Taiwan Depository Receipts representing an aggregate of up to 30 million new ordinary shares in the capital of the Company on the TSE. The TDR Shares will constitute approximately 5.58% of the existing issued share capital, and 5.28% of the enlarged share capital of the Company.

PaPerSoldier

Super Coffeemix Manufacturing Ltd – Visit note

We visited the Tuas and Malaysia’s manufacturing facilities for Super Coffeemix Manufacturing Ltd (“Super”, “the company”) on 7th April 2010 and were satisfied with the systematic operations in their facilities. Being a strong brand in the regional markets, the revenue for Super had been fairly resilient even during the economic downturn experienced in recent years.



·          The company’s revenue contribution comes primarily from coffee products.

·          Sales are derived mainly from Asia and the company is one of the largest producers of coffee products.

·          Potential growth in the ingredient sales segment for the company.

·          Strong cash on the balance sheet that would enable the company to acquire businesses with synergies with the company’s business model.

·          Potential listing in Taiwan Depository Receipts (TDR) could result in higher valuation for the company.

·          Streamlining of business by divestment of non-core business.


Company Profile



Super Coffeemix Manufacturing Ltd was established in 1987 and subsequently listed on the SGX in 1994. The company was a pioneer in the manufacturing of 3-in-1 beverage products in Southeast Asia and has grown over the years to own many well known food and beverage brands. Their manufacturing facilities can be found in several countries in Asia and has an extensive global distribution network.



Business Summary



Super Coffeemix Manufacturing Ltd obtains more than 67% of its group sales from coffee products and is still the core of the company’s business. Other products sold by the company include cereal, cup noodles, canned drinks and tea products. The Ingredient sales segment, comprising of Non-Dairy Creamer and Soluble Coffee powder, nearly 11% of the group’s revenue in FY2009 and has significantly contributed to the topline over the past 2 years. This could be due to the company’s focus on increasing the ingredient sales segment of their business to industrial partners.


The company derives most of its revenue from Southeast Asia region, primarily in Singapore, Malaysia, Thailand and Myanmar which contributes a total of 72.4% of the group’s revenue. In the East Asia region, the key markets are China and Taiwan. The growth in the sales to Taiwan was exceptional in FY2009, surging by 135% from FY2008.

The main composition of the cost of sales for the company is from material costs. The raw materials (mainly soluble coffee powder/cereal, non-diary creamer & sugar) make up 75%, packaging materials the next 15% and factory overheads make up the final 10%. As the factory uses a high level of automation, the staff cost is also kept low within the factory overheads. As the company’s main line of business is in coffee products, we would expect the company to have significant exposure to coffee prices in the markets. The company ensures the quality of the coffee beans used in their products by obtaining them through coffee brokers. The geographical origins of the coffee beans are, mainly robusta beans, from Vietnam (80%) and Indonesia (20%). Indonesia and Vietnam are one of the largest coffee bean producers outside of South America.



Products. The company offers a whole range of products that caters to different markets and age groups. In 2007, the company introduced the highly popular Ipoh white coffee series and the sales have been very favourable, particularly in Malaysia. The company also engages in sales of other food and beverages such as instant tea, canned drinks, cereal and instant cup noodles.

Industry & Peers



Super targets customers who treat their coffee products as a necessity more than a luxury product. In order to cater to the demands of different groups of consumers, the company also offers products targeting different classes of consumers. However, as the main bulk of their business target the mid to low range consumer markets, the demand for their products can stay relatively healthy through economic down cycles. The food & beverage manufacturing industry is highly competitive and consumers have very high power over businesses, as alternatives are widely available. Large users of coffee beans like Super have significant negotiating power over their suppliers to command a fair price for their raw materials.  



The company’s largest competitor of coffee products in Southeast Asia is Nescafe, whose parent company is Swiss food & beverage giant Nestle SA. The market share of the coffee product business is dominated by Nescafe products. However, Super products have a well established brand name in the Southeast Asia region, which allows them to compete with the Swiss company for the decent market share.



Another competitor in the coffee segment is OldTown Berhad, a privately held Malaysian company, which is highly popular in the region with their white coffee product line. Their business extends beyond the manufacturing segment and has retail cafes and restaurants further down the value chain.



Company Focus



During our visit, the management expressed that going forward; there could be strong potential in the Non-Dairy Creamer (NDC) product range. Being one of 4 major producers of self foaming NDC in the world, the NDC business could be one segment of their business with potential growth. The foaming creamers had been launched in Japan and have yet to be introduced to the local markets. As seen from their latest annual report, there had been a trend of increasing sales from 3rd party distribution of ingredients over the past two years, reflecting the management’s desire to focus on this area of the business.



Currently, the company had not expressed any intentions for acquisitions, but they will be on the look out for acquisitions that provides synergy to company. When the opportunity arise, acquisitions could be financed by a strong cash balance of more than S$70.4million (as of 31st Dec 2009) and cash from recent divestments of two of their businesses in China and potential listing on the Taiwan Markets.



With reports of melamine contamination in dairy milk products from China in recent years, the company sees the opportunity to increase the sales of their NDC products, which is manufactured in the Tuas facilities in Singapore.



Manufacturing Facilities



We visited Super Continental’s manufacturing facilities located on Tuas west drive and were impressed at the level of automation in the facilities. The manufacturing facilities in Tuas focus on manufacturing NDC products that are used in their own final product lines, as well as to third party customers. It is also the headquarters for their Research & Development (R & D) facilities. The R & D team consists of 8 persons and is an integral part of the business to sustain their growth by developing new products to meet the market demands. The company does not use external storage facilities for their finished products and this aid in reducing operating cost for the company and enables the company to better control delivery schedules. Exhibit 4 shows pictures of the Tuas Manufacturing facilities. (From top left in clockwise, a demonstration of the self foaming non-dairy creamer, equipment used to spray dry coffee power, bags of finished products and an outside view of the facilities.)


The Malaysia plant is located in Johor, approximately 40mins drive away from the Singapore’s Tuas customs. They have a whole range of capabilities, which the company describes as “Malaysia 5-in-1”, to process cup noodles, raw material packaging, canned drinks, coffee production and potato chips. The QC team in the coffee manufacturing facilities expressed that they have a stringent checking standard that rejects coffee beans which are found to be more than 0.1% molded. We also observed the “cupping process”, where the QC team would sample the brewed coffee to check for the quality of the taste and aroma. The operations at the other production facilities were also observed to be functional and have smooth manufacturing processes. Exhibit 5 is pictures of the Johor Manufacturing facilities. (From top left in clockwise, a demonstration of the “cupping process”, coffee extractor, noodles production, packaging of 3-in-1 coffeemix, canned drinks production and cup noodles production.)

There is a high level of automation for both the Johor and Tuas manufacturing plants. This allows the company to reduce manpower costs and enables high quality product control by reducing the possibility of human error in their manufacturing process. There is also segregation of responsibilities and restriction of access for the workers. This would enable the company to reduce outflow of knowledge about their manufacturing process to competitors.

PaPerSoldier

Recent developments



Listing on Taiwan Stock Exchange. On 22nd March 2010, Super announced that it is considering a dual listing of the company stock on the Taiwan Stock Exchange (TSE). This would probably dilute the existing share capital of shareholders, but would enable the company to raise more cash and gain better visibility in the Taiwan markets. The amount under consideration would comprise of 5.58% of the existing shareholder capital. The proposed listing is still under consideration and is subjected to regulatory approvals.



Divestments of non-core businesses. On 19th March 2010, Super announced that it had divested its 37.5% of interest in Care Property Holdings Pte Ltd for S$20.28million. Earlier in the year on 29th Jan 2010, Super had divested its 49% interest in Jiangsu Hengshun Seasonings and Foods for S$34.32million. The effects of these divestments would increase the cash holdings held by the company by S$54.6million. Both divestments were above the book value of the companies.


Financials



The revenue for the company dipped slightly by less than 2% in 2009. However, this did not adversely affect the bottom line as the company managed to control their expenses to record an increase in the net profit for 2009. There was a surge in the cash flow to the company, attributable to an increase in cash flow from operations. The cash flow from operations increased primarily due to lower inventory levels.



With the recently enforced China-ASEAN free trade agreements (CAFTA), the company should be able to increase their penetration into the China markets, as the company expressed that trade tariffs were reduced from 17% to 0% for their products

Valuations



In the last 5 years history of the company, the share price had traded at an average Price to Earning (PE) ratio of 11.97 times and a Price to Book (PB) ratio of 1.52 times. The last traded price of the company values it at very close to their historical average and is an indication that the stock could be fairly valued at the current price. A potential catalyst for the stock price could be a successful listing on the TDR that could result in a higher valuation for the share.

大板艮

super coffee mix 和  "super" 牌子饮料 是同一家吗 ?

zhixuen

我觉得SUPER竞争者太多，容易被取代。
没对它做太多的功课。

普罗旺斯

这只股怎样了？

PaPerSoldier

回复 13# 普罗旺斯


    起很多了
我来不及。

普罗旺斯

http://www.vizbranz.com/brands-coffee.htm

是super的競爭對手，從表面看下去好像不錯，誰有空的幫忙研究一下。

普罗旺斯

回复  普罗旺斯


    起很多了
我来不及。
PaPerSoldier 发表于 11-10-2010 04:57 PM

is ok, 再找過一些落後于大市的好股。

普罗旺斯

咖啡豆价格飙升，短期内對這些股不利！


http://buy.ynet.com/3.1/1010/22/4819069.html

PaPerSoldier

回复 16# 普罗旺斯


呵呵，托你的介绍加时机，踏上了Exxxx列车，现在还蛮安全的。
希望这不是最后一站。

普罗旺斯

回复  普罗旺斯


呵呵，托你的介绍加时机，踏上了Exxxx列车，现在还蛮安全的。
希望这不是最后一站。
PaPerSoldier 发表于 9-11-2010 02:16 PM

嗯，覺得你能堅守持有才介紹給你。

總結我這兩年的戰果，賣掉的一些很好的股，現在價錢都升了幾倍，當時想說他們價位回調再買囘，但都太遲了，所以不要亂亂賣掉好的股。找到好股要信任自己的分析。