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Singapore beverage and dairy conglomerate making soft drinks like 100PLUS and dairy products under the F&N and Magnolia brands.
Singapore beverage and dairy conglomerate making soft drinks like 100PLUS and dairy products under the F&N and Magnolia brands.
Since selling its beer stake in 2012 it has focused on soft drinks and dairy, sold through supermarkets, convenience stores and food service. Thai Beverage is its largest shareholder.
In one line: Singapore's beverage and dairy conglomerate (F&N).
Moat: narrow (brand, distribution, scale). Established regional beverage/dairy brands with strong distribution networks in Singapore/Malaysia.
Headquarters: Singapore · Founded: 1883 · Employees: 7,200
Size Fraser & Neave (F99.SI) is a Singapore Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $1.53B, the 56th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$1.34 on 6 Nov 2026.
Performance Over six months the shares fell 7.6%, against -6.3% for the median peer and -1.2% for the Singapore market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +3.2%); the operating margin is 9.9% (peer median 2.7%).
Valuation It trades at 1.6× enterprise value to sales against a peer median of 1.0× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$2.25B | S$2.32B | S$2.16B | S$2.10B | S$2.00B |
| Revenue growth | — | +7% | +3% | +5% | — |
| Gross profit | S$640M | S$639M | S$602M | S$535M | S$489M |
| EBITDA | S$311M | S$314M | S$289M | S$239M | S$216M |
| Net income | S$140M | S$141M | S$151M | S$133M | S$125M |
| Free cash flow | S$102M | S$61.8M | S$198M | S$225M | -S$20.8M |
| Capital expenditure | S$235M | S$231M | S$114M | S$148M | S$147M |
| Total debt | n/a | S$1.13B | S$1.20B | S$1.17B | S$936M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Fraser & Neave F99.SI | $1.53B | -8% | -3% | 10% | 1.6× | 0.1% |
| Thai Beverage Public Y92.SI | $8.56B | +2% | -8% | 13% | 1.6× | -4.7% |
| Yeo Hiap Seng Y03.SI | $259M | -14% | -3% | -7% | 0.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | F99.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | +1.1% | 8th lowest of 21 |
| 6-month return | -7.6% | -6.3% | 10th lowest of 20 |
| Distance from 52-week high | -16.2% | -21.6% | 9th highest of 21 |
| Revenue growth (TTM) | -2.5% | +3.2% | 2nd lowest of 21 |
| Operating margin | 9.9% | 2.7% | highest of 21 |
| EV / Sales | 1.6× | 1.0× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 7.5% | least demanding of 12 |
| Growth delivered (Del g) | +4.8% | +10.7% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -4.8 pp | -1.0 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | -1.1 pp | -1.0 pp | 11th highest of 21 |
| EV / EBITDA | 11.5× | 7.7× | 4th most expensive of 11 |
| Net debt / EBITDA | 3.4× | 1.8× | 4th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | 1.6× | 0.1% | +4.8% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 0.4× | n/a | n/a |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 1.6× | 11.1% | +14.7% |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 0.4× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 0.6× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 0.4× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 1.0× | 1.8% | +7.2% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 1.0× | 2.5% | +11.9% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | 3.1× | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 0.5× | 2.9% | +4.0% |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | 21.3× | n/a | n/a |
| NewPrinces NWL.MI | Italy | $1.16B | +40% | +81% | 1% | 0.3× | 0.6% | +44.5% |
| Umios 1333.T | Japan | $1.14B | -10% | +3% | 3% | 0.2× | n/a | n/a |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 0.7× | 7.5% | +1.0% |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 1.8× | 17.8% | +11.1% |
| Jinzi Ham 002515.SZ | China | $1.06B | -15% | -2% | -11% | 19.7× | n/a | n/a |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 0.8× | n/a | n/a |
| HUANLEJIA Food 300997.SZ | China | $1.06B | -17% | +4% | 7% | 4.4× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 1.4× | 1.9% | +10.7% |
| Beijing Sanyuan Foods 600429.SS | China | $973M | -29% | 0% | -1% | 1.2× | 24.8% | -2.8% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 7.3× | n/a | n/a |