{"id":332046,"date":"2025-03-28T00:56:50","date_gmt":"2025-03-27T16:56:50","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=332046"},"modified":"2025-03-28T00:56:53","modified_gmt":"2025-03-27T16:56:53","slug":"stock-in-focus-san-miguel-food-beverage-inc-fb-28-march-2025-by-ap-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-san-miguel-food-beverage-inc-fb-28-march-2025-by-ap-securities\/","title":{"rendered":"Stock in Focus: San Miguel Food &amp; Beverage, Inc. (FB) &#8211; 28 March 2025 by AP Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Summary of Broker&#8217;s Recommendation<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td>FB<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>San Miguel Food &amp; Beverage Inc.<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>AP Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>28 March 2025<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 69.67<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Maintain BUY rating on operational sustainability. FB\u2019s P\/E ratio of 11.1x is at relatively attractive valuations compared to the 16.0x P\/E average of Consumer \u2013 Manufacturing comps. We reiterate that FB is still a good value pick at these levels. Moving forward, we see FB carrying over its stable growth to 2025, which is further bolstered by improving consumer sentiment and spending. With all of these in consideration, we maintain our BUY rating on FB with a Target Price of P69.67\/share.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Opinion<\/h2>\n\n\n\n<p><strong>Earnings hit consensus estimate<\/strong><\/p>\n\n\n\n<p>FB\u2019s 2024 earnings of P40.9-Billion remains in-line with consensus estimate of P41.2-Billion. The earnings hit is attributed to volume-driven sales growth for all its segments while having steady margins of 18%. A further breakdown shows that Spirits saw sales growth of 17% year-on-year (YoY) to P62.5-Billion from the previous year, while Food (+4% YoY), and Beer (+3% YoY) had modest sales growth.<\/p>\n\n\n\n<p><strong>Stable and steady margins<\/strong><\/p>\n\n\n\n<p>FB had also been consistently maintaining a 17.5% average EBITDA margin over the past five years. For 2024, we saw a slight expansion in its EBITDA margin to 18.0% that compounded with its steady sales growth of 6% YoY to P400.9-Billion.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Check how many brokers recommend this stock<\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"bYr06TDkUW\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/\">All Stock Rankings<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=vl41kk1LWM#?secret=bYr06TDkUW\" data-secret=\"bYr06TDkUW\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our Target Price and recommendation on CEB<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-332046","post","type-post","status-publish","format-standard","hentry","category-stocks-in-focus","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/332046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=332046"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/332046\/revisions"}],"predecessor-version":[{"id":332048,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/332046\/revisions\/332048"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=332046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=332046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=332046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}