| 9M24 | 9M23 | 2023 | 2022 |
|---|
| Revenues | 6,480.31 | 5,748.14 | 7,943.90 | 6,569.86 |
| Expenses | 6,054.71 | 5,620.21 | 7,725.75 | 6,510.11 |
| Net Profit (Loss) | 284.12 | 30.39 | 80.13 | -209.95 |
| Assets | 5,585.68 | 5,538.96 | 5,536.92 | 5,618.96 |
| Liabilities | 3,185.21 | 3,533.04 | 3,423.36 | 4,121.54 |
| Shareholders' Equity | 2,313.98 | 1,932.51 | 2,040.14 | 1,412.43 |
| Operating | 239.22 | 191.58 | 431.24 | 179.81 |
| Investing | -56.73 | -87.77 | -112.77 | -67.54 |
| Financing | -246.29 | -49.16 | -95.74 | -141.46 |
| EPS (Baht) | 0.52 | 0.06 | 0.15 | -0.73 |
| GP Margin (%) | 19.61 | 15.70 | 16.31 | 16.54 |
| NP Margin (%) | 4.64 | 0.29 | 0.71 | -2.12 |
| D/E Ratio (x) | 1.33 | 1.76 | 1.62 | 2.75 |
| ROE (%) | 15.72 | -10.58 | 4.64 | -20.42 |
| ROA (%) | 9.37 | 3.42 | 3.70 | 1.23 |
The Company continuously focuses on driving profitable growth sustainably by growing Malee & Chokchai Farm branded products faster than growth in contract manufacturing sales. Nevertheless, the Company will not limit the sales growth of the contract manufacturing business. where opportunity arises to help reduce overall production costs, leveraging the available existing production capacity to achieve higher efficiency. The Company, with our strong commitment, is confident that we will achieve our double-digit growth target for the year 2024 compared to the previous year. The strategies being employed align with the direction previously set as follows:
Malee & Chokchai Farm branded products: Concentrate on increasing sales volume in the target market by implementing marketing and sales strategies based on the 4 commercial pillars: Mental Availability; ‘Healthier and Happier Beverages for Everyday Consumption’, Physical Availability; ‘Superior Distribution, Share of Shelf, & Visibility within the focus segments’, Relevant Portfolio; ‘Prioritizing Hero SKUs with Innovation Projects and New Product Development’, and Improved Customer Preference; ‘Collaborating with partners to increase market value in the fruit juice and dairy segments.
Renewable initiative projects such as solar rooftop phase I at Malee Sampran, which was completed in early 2024 as part of a sustainability plan to reduce energy use and greenhouse gas emissions, and will expand the plan to phase II next year.
Malee Group received its another recertification from the Thai Private Section Collective Action Against Corruption (CAC) in March 2024
The recertification of the Private Sector Collective Action Coalition Against Corruption (PACC) affirms the Company’s cooperation in complying with the anti-bribery and anti-corruption policy, which is an important policy that all employees in the Malee Group must strictly adhere to.
In 9M/2024 ending 30 September 2024, the Company and its subsidiaries achieved sales of Baht 6,452 million, an increase of 13% YoY mainly due to the international sales channel which increased by 51% YoY. Overall, sales increased from both the Company's Branded Business (Brand) and Contract Manufacturing Business (CMG) at 5% YoY and 19% YoY respectively. In H2/2567, the Company has planned for marketing communication of new products Malee Coco and apple juice to consumers, which will help strengthen Malee's new products even more.
In Q2/2024, the Company introduced a new innovative product, 'Malee Coco Liposos', which received positive feedbacks from consumers. The Company will have in marketing and advertising activities in H2/2024, which is expected to strengthen Malee brand sales.
Risk from fluctuation in volume and price of raw materials - Advance planning on orders has also been a key procurement strategy to ensure that the best raw materials are still available for the production process. The Company has worked closely with farmers and producers, enabling the Company to have information to help decide on ordering in advance, adapt to the problems, and develop raw material reserves. This will help in better risk management and ensure that the business can smoothly operate despite the fluctuation in raw material supply.
Risk from Foreign Exchange Rates - The Company has been exposed to risks from its export business due to the luctuations in exchange rates that resulted in higher product prices. To hedge the foreign exchange risk, the Company has sold most of its exported products in Thai baht. The rest has been done by maintaining the balance of income and expenditure in foreign currency (Natural Hedge). Therefore, the Company has exchange rate risk at a manageable level.
Risk from reliance on Contract Manufacturing Business (CMG) - The Company manages risks by diversifying both clients and products to balance revenues and stability and also offers a variety of products and services including the development of recipes, and the production process until the products are ready for sale. The Company regularly discusses with its business partners about operation plans to share mutual goals and benefits in the long term, so that customers have confidence and trust in the quality of products. The Company always collaborates closely with business partners for new product development.
Malee Group received an Excellent (5 star) rating for Corporate Governance in October 2024 From the Corporate Governance Survey Project of Thai Listed Companies in 2024 represents the ongoing commitment to conducting business in accordance with corporate governance principles. The Thai Institute of Directors Association (IOD) has rated Malee Group's corporate governance as Excellent CG Scoring or 5 stars, with endorsement from the Stock Exchange of Thailand.
| as of 30/09/24 | MALEE | FOOD | SET |
|---|---|---|---|
| P/E (X) | 25.30 | 36.54 | 18.03 |
| P/BV (X) | 3.15 | 1.52 | 1.37 |
| Dividend yield (%) | - | 2.63 | 3.16 |
| 30/09/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 7,149.08 | 5,675.61 | 1,987.20 |
| Price (B/Share) | 13.10 | 10.40 | 7.20 |
| P/E (X) | 25.30 | - | - |
| P/BV (X) | 3.15 | 2.94 | 3.33 |
