The Company operates a restaurant and bakery business categorised as follows: 1) Domestic restaurants and bakeries the operation of restaurant branches and bakery shops nationwide 2) Overseas restaurants the operation of Thai restaurants abroad 3) The production and distribution of bakery products, frozen prepared foods, 4) The provision of other related services, such as home delivery of foods and outside catering.
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 1,390.26 | 1,452.46 | 6,200.51 | 6,290.40 |
| Expenses | 1,337.49 | 1,338.43 | 5,689.81 | 5,679.67 |
| Net Profit (Loss) | 47.68 | 93.35 | 426.87 | 485.23 |
| Assets | 4,550.67 | 4,908.05 | 4,746.15 | 5,044.76 |
| Liabilities | 1,790.25 | 2,053.73 | 2,009.43 | 2,284.60 |
| Shareholders' Equity | 2,724.65 | 2,816.64 | 2,701.54 | 2,722.79 |
| Operating | 184.85 | 211.51 | 1,098.23 | 1,111.25 |
| Investing | -85.57 | -68.45 | -23.42 | -245.33 |
| Financing | -150.10 | -121.93 | -914.41 | -1,231.93 |
| EPS (Baht) | 0.09 | 0.18 | 0.83 | 0.94 |
| GP Margin (%) | 55.36 | 56.24 | 56.28 | 56.16 |
| NP Margin (%) | 3.46 | 6.44 | 6.87 | 7.75 |
| D/E Ratio (x) | 0.65 | 0.72 | 0.73 | 0.83 |
| ROE (%) | 13.76 | 16.84 | 15.74 | 17.88 |
| ROA (%) | 10.26 | 12.66 | 11.19 | 12.51 |
- Elevate the dining experience through new store concepts and designs.
- Increase sales from single dishes, appetizers, and beverages such as the Kra Prao series, Fresh Bake, Pop Cake series, etc.
- Expand the Fresh Bake sales units to 100 locations.
- In retail business, focus on new products and exclusive items, while food service business emphasizes growth both in the existing customer base and new customers.
- S&P's 3P Sustainability Strategies includes 3 main strategies; PLANET: Environment, PEOPLE: People and PROSPERITY: Economic/Governance which a framework for sustainability in control, collaboration, and conduct to help achieve the goals on the promise of “Healthier Family, Happier World”. We have emphasized the operation in conformity with the 7 UN SDGs
- Zero Hunger
- Good Health and Well-Being
- Quality Education
- Decent Work and Economic Growth
- Responsible Consumption
- Climate Action
- Partnerships for the Goals
- The Company operates 438 domestic restaurants and bakery shops and 11 international restaurants.
- For over 50 years, S&P has been operating business along with domestic customers.
- We have variety of bakery and food products to serve our customers and business partners.
1Q25 Revenue was 1,378mb, -60mb or -4.1% YoY mainly due to the decrease in Domestic Stores revenue, -58mb or -5% YoY, and partially offset by 1) the increase from Retail and Food Service revenue, +8mb or +5%, and 2) the decrease from International Stores revenue, -10mb or -13% YoY
1Q25 Net Profit was 48mb, -45mb or -49% YoY, mainly driven by the revenue decline from the Domestic Stores Business and higher Selling and Admin Expenses.
- 64 units of “Fresh Bake”, +24 units from end of 2024. Fresh Bake is one of the key vehicles to drive take-away sales.
- Pop Cake Series (0.5lbs) was newly launched in late Mar 2025 and fully launched in Apr. 2025, boosting Pound Cake top line +5% as compared to the pre-launched period.
- Strong growth on festive product, Khao Chae, +6% YoY
- Strong growth on Retail and Food Service revenue from cash & carry, modern trade, airline, and food chain accounts.
- Continuous improvement on cost saving and productivity via LEAN projects and internal collaboration.
Risk from economic conditions and decreased purchasing power
The ongoing trade war has led to economic uncertainty, causing a slowdown in consumption and a reduction in consumer purchasing power. As a result, the food industry has been impacted. The company has developed a strategic plan to boost sales through attractive new products that appeal to new customer segments, expand Fresh Bake sales units, and focus on growing the retail and food service businesses.
Business Competition Risk
The emergence of new restaurants and bakeries has intensified competition, leading to a decline in brand popularity and loss of market share. To address this, the company focuses on brand building through various channels, product development, quality and service enhancement, as well as seeking new opportunities for business expansion.
- Declaration to set organizational greenhouse gas emission targets aimed at achieving Net Zero through the Science Based Targets initiative (Phase 2)
- Carbon Footprint Organization and Carbon Footprint for Product.
- National G-Green Award 2024, under the Green Restaurant project, awarded to a total of 12 outlets.
- S&P Strengthens Sustainability Efforts, Shares Concepts at "From Food Waste to Well-being: Empowering Entrepreneurs for Good Environmental Management" Event, Underscoring Commitment to Efficient Surplus Food Management
- Member of the Thai Private Sector Collective Action Against Corruption (CAC) for the third time under the Thai Institute of Directors (IOD).
- Announcement of the 'No Gift Policy' as a declaration of intent to promote whistleblowing on corruption and unethical practices.
| as of 31/03/25 | SNP | FOOD | SET |
|---|---|---|---|
| P/E (X) | 13.67 | 12.30 | 15.78 |
| P/BV (X) | 2.16 | 1.26 | 1.10 |
| Dividend yield (%) | 7.03 | 4.86 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 5,867.70 | 5,764.76 | 8,544.19 |
| Price (B/Share) | 11.40 | 11.20 | 16.60 |
| P/E (X) | 13.67 | 13.48 | 17.40 |
| P/BV (X) | 2.16 | 2.23 | 3.29 |
