Sino Grandness: In a company feature by The Business Times, Sino Grandness guided that it plans to start selling its Garden Fresh brand of fruit juices in Thailand by 2H15, and eventually to other parts of South-east Asia.
The group’s expansion into Thailand comes after Thai conglomerates Thoresen Thai Agencies (TTA) and PM Group took respective 9% and 3.8% stakes in the food processor via a private placement of new shares.
As a background, the chairman of PM Group, Prayudh Mahagitsiri, is dubbed the “coffee king” of Thailand, and Sino Grandness aims to leverage on its new partners distribution network in Thailand and the region.
Overall, Sino Grandness remains bullish on its prospects in China, citing its first-mover advantage in the loquat juice business, and stronger growth from its three in-house brands, namely Garden Fresh Juices, Grandness canned fruit/vegetables and its Hao Tian Yuan snack foods, in 2015.
On its proposed spin-off/listing of its beverage business, plans are still progressing, and the group is targeting to complete and submit its necessary paperwork before Jul ’15.
Following Maybank-KE’s portfolio rebalancing, the house has ceased coverage of the counter, and its last Hold rating and TP of $0.45 are no longer valid. This follows a 39% ytd plunge in its share price and 61% collapse over a 12-month period.
No comments:
Post a Comment