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.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 2,729.98 | 2,922.70 | 6,200.51 | 6,290.40 |
| Expenses | 2,626.30 | 2,706.38 | 5,689.81 | 5,679.67 |
| Net Profit (Loss) | 84.02 | 182.43 | 426.87 | 485.23 |
| Assets | 4,075.95 | 4,560.19 | 4,746.15 | 5,044.76 |
| Liabilities | 1,653.88 | 2,006.03 | 2,009.43 | 2,284.60 |
| Shareholders' Equity | 2,387.15 | 2,517.51 | 2,701.54 | 2,722.79 |
| Operating | 377.76 | 458.70 | 1,098.23 | 1,111.25 |
| Investing | -174.28 | 125.86 | -23.42 | -245.33 |
| Financing | -655.52 | -624.96 | -914.41 | -1,231.93 |
| EPS (Baht) | 0.16 | 0.35 | 0.83 | 0.94 |
| GP Margin (%) | 55.17 | 56.16 | 56.28 | 56.16 |
| NP Margin (%) | 3.07 | 6.23 | 6.87 | 7.75 |
| D/E Ratio (x) | 0.68 | 0.79 | 0.73 | 0.83 |
| ROE (%) | 13.39 | 18.66 | 15.74 | 17.88 |
| ROA (%) | 9.87 | 12.81 | 11.19 | 12.51 |
- New Store Concepts: Refresh S&P store designs to fit target segments, creating a vibrant and appealing atmosphere.
- Trend Products: Launch products that follow and set trends, e.g., Shio Pan (900k+ sold), with more innovations to come.
- Business Expansion: 1) Expand franchise to Laos with strong partners. 2) Introduce a new brand to grow portfolio and sales.
- Retail & Food Service: Focus on NPDs, exclusive retail items, and expand OEM food service through food chains and airlines.
- 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 439 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.
2Q25 Revenue was 1,323mb, -130mb or -9% YoY mainly due to the decrease in 1) Domestic stores revenue, -87mb 2) Retail and Food Service revenue, -22mb from the mooncake sales period was shifted from June to July and 3) International stores revenue, -21mb, due to store renovations in preparation for the launch of the new brand “Platapian” in the UK.
2Q25 Net Profit was 36mb, -53MB or -59% YoY 2Q25 mainly due to the decline in revenue and higher Selling and Administrative expenses.
- “Fresh Bake” has expanded to 101 units, exceeding its target of 100 for the year. This marks an increase of 61 units since the end of last year, is one of the key strategies to drive sales from Take-away channel.
- “Shio-Pan”, the wildly popular salted bread, has set a goal of 1,000,000 pieces in 2025 — We’re almost there — over 900,000 pieces sold and counting!
- Bakery Studio’s sales in the second quarter tripled compared to the first quarter, driven by product innovation.
- Continuous 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 trade war has created economic uncertainty, slowing consumption and reducing purchasing power, impacting the food industry. The company plans to boost sales through new products for wider customer segments, expand Fresh Bake units, and grow retail and food service businesses.
Business Competition Risk
New restaurants and bakeries have intensified competition, reducing brand popularity and market share. The company responds by strengthening brand presence, enhancing products, quality, and service, and pursuing new business opportunities.
- 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.
- Carbon Footprint for Organization (CFO) Project; The company is one of 89 organizations to receive CFO certificate for 2024. This project, which covers all departments, was conducted by the Thailand Greenhouse Gas Management Organization
- Plaque of Honor for Reducing Single-Use Plastics; The company is one of 27 leading organizations in the Green Coffee Shop group to join forces in driving efforts toward the Thailand Net Zero 2065 goal. The event was organized by the Department of Climate Change and Environment.
- Educational Cooperation Signing Ceremony; A MOU was signed between the Office of the Vocational Education Commission, Ministry of Education, and S&P. Together, they developed the Dual Vocational Education Self-Learning Program (DVE Self-Learning Program), a new type of curriculum. The ceremony was held at the Ministry of Education.
| as of 30/06/25 | SNP | FOOD | SET |
|---|---|---|---|
| P/E (X) | 13.13 | 9.89 | 14.76 |
| P/BV (X) | 1.84 | 1.12 | 1.03 |
| Dividend yield (%) | 8.20 | 5.23 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 5,044.16 | 5,764.76 | 8,544.19 |
| Price (B/Share) | 9.80 | 11.20 | 16.60 |
| P/E (X) | 13.13 | 13.48 | 17.40 |
| P/BV (X) | 1.84 | 2.23 | 3.29 |
