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.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 4,170.48 | 4,558.63 | 6,200.51 | 6,290.40 |
| Expenses | 3,969.07 | 4,192.74 | 5,689.81 | 5,679.67 |
| Net Profit (Loss) | 163.56 | 300.35 | 426.87 | 485.23 |
| Assets | 4,081.78 | 4,694.42 | 4,746.15 | 5,044.76 |
| Liabilities | 1,606.67 | 2,080.15 | 2,009.43 | 2,284.60 |
| Shareholders' Equity | 2,440.87 | 2,579.27 | 2,701.54 | 2,722.79 |
| Operating | 682.02 | 831.58 | 1,098.23 | 1,111.25 |
| Investing | -239.28 | 90.08 | -23.42 | -245.33 |
| Financing | -804.63 | -806.03 | -914.41 | -1,231.93 |
| EPS (Baht) | 0.32 | 0.58 | 0.83 | 0.94 |
| GP Margin (%) | 55.53 | 56.15 | 56.28 | 56.16 |
| NP Margin (%) | 3.90 | 6.57 | 6.87 | 7.75 |
| D/E Ratio (x) | 0.65 | 0.80 | 0.73 | 0.83 |
| ROE (%) | 11.56 | 16.50 | 15.74 | 17.88 |
| ROA (%) | 8.58 | 11.40 | 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 (2,000k+ 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
- End hunger and achieve food security
- Ensure good health and well-being for all
- Provide quality education and continuous people development
- Promote decent work and sustainable economic growth across the value chain
- Encourage responsible consumption and production
- Address climate change by reducing environmental impact
- Strengthen governance with efficiency and transparency
- Collaborate with partners to achieve sustainable development goals effectively
- The Company operates 438 domestic restaurants and bakery shops and 10 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.
3Q25 Revenue was 1,422mb, -200mb or -12% YoY mainly due to the decrease in 1) Domestic stores revenue, -204mb due to traffic slow down from stores in all business channels and 2) International Stores revenue, -19mb, due to stores in Cambodia, 3) partially offset by Retail and Foodservice revenue, +23mb, mainly from Mooncake and New OEM Customer for Snack & Drink
3Q25 Net Profit was 80mb, -38MB or -33% YoY mainly due to the decrease in revenue and higher Selling and Administrative expenses.
- “Fresh Bake” has expanded to 111 units, exceeding its target of 100 for the year. This marks an increase of 71 units since the end of last year, is one of the key strategies to drive sales for Take-away channel.
- “Shio Pan,” the wildly popular salted bread, has surpassed expectations — originally targeting 1,000,000 pieces in 2025, it has already achieved over 2,000,000 pieces sold.
- Mooncake Sold Out Ahead of Festival! We achieved an exceptional milestone with 1.3 million pieces sold before the festival period ends.
- 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
Due 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.
- 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.
- CAC Change Agent Status: The company was upgraded to CAC Change Agent status by CAC.
- Net Zero Pioneer Recognition: S&P received a Certificate of Honor as a pilot organization in the "Project to Promote Setting Industry Greenhouse Gas Emission Targets towards Net Zero using Science Based Targets (Phase 2)."
- Sustainability Expo Participation: S&P participated as a sustainability partner, operating a booth at the SX Food Festival
- Environmental Management Certification: The Lamphun Bakery Production Plant was awarded the ISO 14001:2015
| as of 30/09/25 | SNP | FOOD | SET |
|---|---|---|---|
| P/E (X) | 15.39 | 10.01 | 16.67 |
| P/BV (X) | 2.12 | 1.28 | 1.21 |
| Dividend yield (%) | 8.12 | 4.77 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 5,095.63 | 5,764.76 | 8,544.19 |
| Price (B/Share) | 9.90 | 11.20 | 16.60 |
| P/E (X) | 15.39 | 13.48 | 17.40 |
| P/BV (X) | 2.12 | 2.23 | 3.29 |
