3. Disclaimers
2
The information contained herein is intended to represent the Company’s operating
and financial position at a given point in time and may also contain forward looking
information which only reflects expectations based on the prevailing geo-political,
economic and non-controllable factors. Such information has been obtained from
sources believed to be most reliable and the means in analyzing and preparation of
such information for disclosure are based on approve practices and principles in the
investment industry. The views are based on assumption subject to various risks and
uncertainties and no assurance is made as to whether such future events will occur.
No assurance is made as to the accuracy or completeness of information presented
in this document.
5. 100% 49%49%100%
Stock Symbol: MALEE
Industry and Sector: Agro & Food Industry / Food and
Beverage
No. of Listed Shares: 140,000,000 Shares*
Registered Capital: THB 140,000,000
Paid-up Capital: THB 140,000,000
Par Value: THB 1 per Share*
Listing Date: 13 March 1992
Foreign Limit: 49% (available 40%)
Dividend Policy: Not less than 50% of the net profit from
normal operation according to
consolidated financial statement after
deduction of tax revenue and legal reserve
(with additional conditions)
Market Capitalization: 14,350MB or 413MUSD
Free Float: 47.77%
* A new par value of THB 0.5 per share is effective on 16 May 2017, resulting in
280 million listed shares.
Group Structure
4
Group Structure
Malee Group Pcl.
“Manufacturing and Exporting”
Malee Enterprise
Co., Ltd. (MEC)
“Domestic Sale and
Marketing”
Share Information (As of 12 May 2017)
Abico
Holdings
Pcl
26.8%
Kamolchat
Jeungrung-
reungkit
19.2%Thai NVDR
4.6%
Others
49.3%
A leading manufacturer and distributor of
canned fruits, fruit juices, and beverages in
Thailand
100%
Shareholding Structure (As of 9 May 2017)
Agri Sol Co., Ltd.
(AGR)
“Dormant”
Malee Harvest Co., Ltd.
(MHC)
“Agro Business”
Monde Malee Beverage
Corp. (MMBC)
“Beverage Business in
Philippines”
Mega Malee Co., Ltd.
(MMC)
“Natural Health Drinks”
Joint VentureSubsidiary
Malee Applied Sciences
Co., Ltd. (MAS)
“Innovation Research &
Development”
100%
6. Milestones
5
1978
1981
1992 1995
2016
On 2 February 1978, Malee Sampran Factory
Co., Ltd. was established with capital of 10MB
as a manufacturer and distributor of canned
food and canned fruits.
On 3 March 1992, MALEE was listed on the
Stock Exchange of Thailand (SET).
1998
The Company expanded its production
base on the land of 30 rais in Sampran
District, Nakhon Pathom Province.
In April 1995, Abico Holdings Pcl acquired
40% from the existing shareholders.
2017
On 12 January 2017, the Company set up a new
subsidiary named Malee Applied Sciences Co., Ltd.
(MAS) to provide innovation research and
development for value added products and services.
On 12 May 2016, the Company’s name was changed
to Malee Group Pcl.
In Q1/2016, MALEE, together with Monde Nissin
Corporation (MNC) set up a joint venture company
in the Philippines named Monde Malee Beverage
Corporation (MMBC) and launched KRATOS RTD
Coffee as the first product.
On 22 August 2016, the Company signed a joint
venture agreement with Mega Lifesciences Pcl to
develop natural health-focused RTD products.
On 15 March 2017, MMBC launched its second
product, the jelly drink, under the brand of “Jelly Vit.”
On 15 May 1998, the Company’s name
was changed to Malee Sampran Pcl.
7. 1,600 1,682 1,537
1,931
2,140 2,357
2,615 2,706 2,822 2,964
688
2,405 2,021
1,546 898
1,510
1,737
1,603
2,065
2,567
3,578
827
2,062
869
(93)
(295)
131 106
228
646
283 307 331
530
118
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3M/2017
Unit: Baht Million
CMG Brand Net Profit
3M/2017
Historical Performance
6
CMG: Contract Manufacturing
• Prior to 2009, major contribution of CMG
was from canned fruits.
• Discontinued the canned pineapple
production in 2009 and canned sweet corn
in 2013.
2016: Historical
Highest Sales
2012-2013: Benefit
from the great flood
8. Malee Brand Portfolio
7
Daily Nutrition
Functionality Tactical
Malee 100%
Juice UHT
Malee 100%
Juice
Pasteurize
Malee
Coco
Malee
Nutrients
Malee
i-Corn
Malee
Healti
Plus
Malee Food
Service
Malee
Tropical
Malee
Canned
Fruit
OTHERS
Canned Fruit
Dairy Product
Other Beverages
First Choice Farmer
Chokchai Farm
UHT Pasteurize
Canned
Sweetened
Condensed Non
Dairy Creamer
TurBusta Maxx
Malee
Light
Malee
Probiotics
10. Premium Market
(100% RTD Fruit
Juice)
5,245MB
38%
Medium Market (40-
99%% RTD Fruit
Juice)
1,265MB
9%
(+3% YoY)
Economy Market (20-
39% RTD Fruit Juice)
2,976MB
21%
(-10% YoY)
Super Economy
Market (<20% RTD
Fruit Juice)
2,399MB
17%
(+9% YoY)
Others
2,018MB
15%
(+7% YoY)
(-13% YoY)
Domestic RTD Fruit Juice Market
9
Source: Neilson
MAT Mar 2017 Market Value of 13,903 MB, a Decrease of 0.3% YoY
11. Premium Juice UHT Market Share
10
MAT Mar 2017 Market Value of 4,872 MB, Growth of 10% YoY
Tipco
28%
Malee
20%
Unif
12%
Doikham
22%
Cocomax
9%
Others
9%
Tipco
32%
Malee
22%
Unif
14%
Doikham
18%
Cocomax
6%
Others
8%
MAT Mar 2016 MAT Mar 2017
Note: Including Coconut Water
Source: Neilson
13. NEW MALEE COCO
TASTY, FRESH, AND NATURAL
Domestic Business: New Product
12
New Products
14. MMBC – New Product Launch
13
Jelly Vit, the jelly drink was launched in the mid
of March 2017, the second product after Kratos
RTD Coffee.
Market Position: Pretty Happy Drink
Target: Adult Young Girls/ First Jobbers
16. 4,771
5,389
6,541
1,533 1,515
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016 Q1/16 Q1/17
Sales Revenue
Unit: Million Baht
Q1/2017 Net profit increased by 8% YoY, in
accordance with the Company’s strategy and internal
management for efficiency enhancement and cost
reduction.
Net profit included loss of 7MB from MMBC and profit
of 7MB from the disposal of investment in LCF, which
is the reversal of impairment of goodwill in LCF in
Q4/2016.
MBCC loss was foreseen and going consistent with
the Company’s plan, while the loss was considered as
a normal level for the business at the beginning stage
launching new products into the market which requires
high spending.
Financial Highlights
15
Q1/2017 Sales slightly decreased by 1% YoY due to
the slowdown of domestic sales, especially from
canned fruit.
However, export sales continued to perform
outstandingly, both in Brand and CMG Business.
-1%
YoY
307 331
530
110 118
0
100
200
300
400
500
600
2014 2015 2016 Q1/16 Q1/17
Net Profit
Unit: Million Baht +8%
YoY
17. 33.7% 31.4% 32.2% 30.1% 31.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
2014 2015 2016 Q1/16 Q1/17
%Gross Profit Margin
18.6% 17.4%
14.4% 14.6% 13.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
2014 2015 2016 Q1/16 Q1/17
%Selling Expenses /Sales
Profitability Margin
16
Improved Q1/2017 GPM YoY was
due to enhanced production
efficiency and different product mix.
Improved Q1/2017 selling expenses
to sales was supported by the group’s
cost control policy and increased
sales ratio of CMG.
Improved Q1/2017 NPM YoY was
due to efficiency enhancement and
cost reduction.
6.4% 6.1%
8.1% 7.1% 7.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2014 2015 2016 Q1/16 Q1/17
%Net Profit Margin
18. Statements of Financial Position
17
Increased total assets were mainly
resulted from higher trade receivables as
well as additional investment in
machinery to improve production
efficiency and prepare for increased
level of production.
Increased liabilities were mainly due to
higher trades payable due to the
preparation of packaging materials for
the upcoming crop season for the
canned fruit production in Q2/2017.
Increased equity of parent Company's
shareholders was contributed by
operating profit during the year.
2,992 3,042
3,640 3,802
0.0%
50000.0%
100000.0%
150000.0%
200000.0%
250000.0%
300000.0%
350000.0%
400000.0%
2014 2015 2016 Q1/17
Total Assets
Unit: Million Baht
1,976
1,788
2,061 2,114
160000.0%
170000.0%
180000.0%
190000.0%
200000.0%
210000.0%
220000.0%
2014 2015 2016 Q1/17
Total Liabilities
Unit: Million Baht
1,012
1,250
1,575 1,687
0.0%
20000.0%
40000.0%
60000.0%
80000.0%
100000.0%
120000.0%
140000.0%
160000.0%
180000.0%
2014 2015 2016 Q1/17
Equity
Unit: Million Baht
19. Liquidity
18
Improved current ratio was mainly due to
higher trade receivables, lower bank overdrafts
and short-term loans from financial institutions
as well as lower current portion of long-term
liabilities, while a decrease in inventories
resulting in higher quick ratio.
Improved cash cycle days was due to
shortened inventory days and longer payment
days.
Reduced IBD/E and D/E was due to a
decrease in bank overdrafts and short-term
loans from financial institutions, long-term
liabilities, and liabilities under financial lease
agreements as well as an increase in retained
earnings from incurring profits.
0.98
1.13
0.95 0.96
0.53
0.66
0.50 0.54
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
2014 2015 2016 Q1/17
Current Ratio (x) Quick Ratio (x)
1.12
0.68 0.75 0.68
1.95
1.43 1.31 1.25
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
2014 2015 2016 Q1/17
IBD/E (x) D/E (x)
91 90
77 73
0.0%
1000.0%
2000.0%
3000.0%
4000.0%
5000.0%
6000.0%
7000.0%
8000.0%
9000.0%
10000.0%
2014 2015 2016 Q1/17
Cash Cycle Days
20. Return to Shareholders
19
The Company normally pays dividend twice a
year.
The Company has a policy to pay dividend
not less than 50% of the net profit from
normal operation according to consolidated
financial statement after deduction of tax
revenue and legal reserve (with additional
conditions).
Unit: Baht
Improved ROA was due to a substantial
increase of the Company’s earnings.
Improved ROE was due to a substantial
increase of the Company’s earnings.
15.5% 14.8%
20.4%
15.8%
20.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2014 2015 2016 3M/16 3M/17
ROA
33.3% 29.3%
37.5%
28.6%
35.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2014 2015 2016 3M/16 3M/17
ROE
1.50
1.05 1.11 1.20
1.90
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
200.0%
2012* 2013 2014 2015 2016
Dividend per Share
Remark: *Adjusted at par value of 1.00 Baht
23. Added to MSCI Global Small Cap Indexes
Effective as of the close of 30 November 2016
Share Endorsements
22
Partn
er
“Very Good” Level of CG Scoring
24. For more information, please visit our website: http://www.malee.co.th
or contact: ir@malee.co.th. Tel: +66 64 301 7978
