Indocafe Market Singapore

l Equity Research l ASEAN l Food & Beverage l
13 June 2014
ASEAN food and beverage

Singapore aisle checks show intense competition for 3-in-1 coffee
We visited four supermarkets in Singapore to assess the competitive environment for 3-in-1 coffee. Our key
takeaways: (1) Supers brands occupy a leading share of supermarket shelf space, (2) a price war is underway
among 3-in-1 coffee brands in Singapore, with several brands offering major discounts, (3) regional competition is
heating up, with Mayora Indah from Indonesia and Power Root from Malaysia competing aggressively in Singapore.
We view Super as a leading brand, but expect strong competition to pressure its sales and margins. In 2013, we
estimate Supers branded consumer segment generated one of the highest EBIT margins among ASEAN food and
beverage companies, which could attract aggressive competition.
Supers share price has corrected 27% YTD, so we maintain our In-Line rating but trim our price target to SGD 1.34
(previously SGD 2.09).
We await signs of moderating competition before turning more positive on the stock.
Product discounts of 3-in-1 coffee brands*
Price war reflects regional competition

Our supermarket visits revealed an aggressive price war
among 3-in-1 coffee brands in Singapore with Super, Kopiko,
and Nestle offering discounts up to 37%, 33%, and 13%,
respectively. Kopiko is a leading 3-in-1 coffee brand from
Indonesia, and it has been promoting its products aggressively
with discounts and TV commercials. Other foreign brands
offering discounts include Indocafe (Indonesia), Ah Huat
(Malaysia), and OldTown (Malaysia). We believe this price war
reflects strong regional expansion by formerly domestic
brands, suggesting intensifying competition for Super not only
in Singapore, but also in its other markets.
The bottom line

We maintain our In-Line rating for Super, with a new price
target of SGD 1.34. We would await a better entry point for the
stock. Click here to get The Scoop, an audiovisual summary of
the report.
37%
Super and Kopiko have

been discounting up to
37% and 33%, respectively
33%
26%
22%
18% 17%
15% 15%
13% 13% 12%
8% 8%
6%
Chek Hub
OldTown
Nanyang
OWL
Gold Roast
Ah Huat
Nescafe
Caf Nova
UCC
Gold Kili
Aik Cheong
Ye Ye
Indocafe
2%
Kopiko
We visited Giant, Cold Storage, NTUC Fairprice, and Sheng

Siong stores and found that Supers brands collectively occupy
a leading 41.5% share of their shelf space, while Nestle holds
22%. Analysing 3-in-1 coffee prices on a per-gram basis, we
found that Supers two main brands Super and OWL are
priced at an 8-27% discount to Nestle, and close to the
average. Super has been investing in branding, but our pricing
analysis shows that its brands are still a work-in-progress and
are not yet premium products. We fear that their middle-market
pricing may make them vulnerable to competition.
40%
35%
30%
25%
20%
15%
10%
5%
0%
Super
Shelf space leader, but not yet premium
*Product with highest discount has been selected.

Source: Standard Chartered Research
Singapore supermarket shelf space share of 3-in-1 coffee

brands
15%
22%
3%
3%
Nescafe
Super
Ah Huat
Indocafe
Others
OWL
OldTown
Gold Roast
Ye Ye
5%
5%
19%
8%
18%
Supers
brands
collectively
occupy 41.5% of shelf space,
while Super and OWL hold a
combined 37%
Others include Aik Cheong, Alicafe, Caf 21, Caf Nova, Capparoma, Chek Hub, Coffee
King, Fair Price, Giant, Gold Kili, In-Comix, Kopiko, Meet U, Morning Sun, Mr.Cafe,
Nanyang, Perl Caf, and UCC.
Did you know A study from Finland and Sweden

showed that coffee drinkers have up to a 65% lower
risk of getting Alzheimers disease than nondrinkers
Munchuga Khajornkowit
+65 6596 8504
Equity Research
Standard Chartered Bank, Singapore Branch
Important disclosures can be found in the Disclosures Appendix

All rights reserved. Standard Chartered Bank 2014
http://research.standardchartered.com
This document is being provided for the exclusive use of KENNETH LOW at DMG & PARTNERS SECURITIES PTE LTD
Equity Research l ASEAN food and beverage
Contents
Super dominates shelf space
Pricing analysis
Price war in Singapore
10
Regional competition may intensify
12
Earnings sensitivity
14
What is actionable?
18
Companies
Super Group
20
Universal Robina Corp
29
Mayora Indah
31
13 June 2014
Super dominates shelf space

Supers brands collectively hold a
combined 42% share of the aisle
space in the four supermarkets
Over the week of 26 May, we visited four supermarkets in Singapore: a Giant and a
Sheng Siong in Ghim Moh, an NTUC Fairprice in Tanjong Pagar, and a Cold Storage
in Great World City. Our aisle checks revealed the following:
Super occupies a dominant share of the 3-in-1 coffee aisle: Super brand and OWL
hold 18% and 19% shares of the shelf space, respectively, in the four
supermarkets. Nestle has the highest share of aisle space by brand at 22%.
However, Supers brands (Super brand, OWL, Ye Ye, Cafe Nova, and Coffee
King) hold a combined 41.5% share of shelf space at the four supermarkets.
Figure 1: Singapore 3-in-1 coffee shelf space share by brand
22%
3%
3%
Super brand and OWL occupy
18% and 19% of shelf space,
respectively, at
the
four
supermarkets
5%
5%
19%
8%
18%
Nescafe
OWL
Super
OldTown
Ah Huat
Gold Roast
Indocafe
Ye Ye
Gold Kili
Alicafe
Chek Hub
Morning Sun
Aik Cheong
Capparoma
Caf 21
Fair Price
Kopiko
Caf Nova
Mr.Cafe
Nanyang
Coffee King
Giant
UCC
In-Comix
Meet U
Perl Caf
Differences in aisle space shares by supermarket reflect positioning: We noticed

that Nestle holds a top-three share of shelf space in Cold Storage (no. 1, 24%),
NTUC (no. 3, 22%), and Giant (no. 1, 35%), while in Sheng Siong, Nestles ranking
fell to number four with a 13% share. We believe this is because Sheng Siong has
a lower-end positioning, and Nescafe is a premium brand, leading the retailer to
place less emphasis on its products.
Figure 2: Cold Storage Shelf space
share of 3-in-1 coffee brands
Nescafe
24%
Nestle was no. 1 and no. 3
in terms of shelf space
share at Cold Storage and
NTUC
Indocafe
5%
Gold
Roast
6%
OldTown
9%
OWL
20%
Super
13%
Figure 3: NTUC Fair Price Shelf

space share of 3-in-1 coffee brands
OldTown
4%
Ah Huat
4%
Gold
Roast
5%
Nescafe
22%
OWL
24%
Super
23%
13 June 2014
Figure 4: Giant Shelf space share of

3-in-1 coffee brands
Figure 5: Sheng Siong Shelf space

share of 3-in-1 coffee brands
OldTown
16%
Nescafe
35%
Indocafe
4%
Ah Huat
7%
OWL
16%
Gold
Roast
7%
OldTown
10%
OWL
11%
Super
14%
Ah Huat
9%
Nescafe
13%
Super
16%
Super enjoys prime shelf space positioning: We observed that leading brands like
Nescafe, Super, and OWL are usually placed on shelves around eye level and
within easy reach of customers, while smaller brands are often positioned on the
top or bottom shelves. In NTUC Fair Price, Super products occupied a full shelf.
Super also had a promotion stand positioned near the store entrance to attract
consumer attention.
Figure 6: Full shelf of Super products
at NTUC Fairprice
Figure 7: Supers promotion stand

near the entrance at Fairprice
13 June 2014
Pricing analysis
Super and Owl are priced at 8-27%
discounts to Nestle
We compared the prices of 3-in-1 coffee products on the shelves in the supermarkets
we visited and calculated the original price per gram for comparable products i.e.
white coffee classic and 3-in-1 classic and took the average across all four
supermarkets. We found that for both white coffee and 3-in-1 classic, Nestles
Nescafe has one of the highest original price per gram. For white coffee classic, OWL
and Super are priced at discounts of 8% and 13% to Nestle, respectively. For 3-in-1
classic, OWL and Super are priced at discounts of 21% and 27% to Nestle,
respectively.
Super rebranded OWL in 2011 and Super in 2013, but our pricing analysis shows it is
still a work-in-progress for Super and OWL to match the brand premium of Nestle.
With our belief that competition will intensify, we are concerned that Super and
OWLs price position could make them susceptible to competition.
Figure 8: White coffee classic

Average original price/g from four supermarkets (SG)
1.40
0.59
0.56
Ye Ye
0.60
Coffee King
Indocafe
0.61
In-Comix
0.61
0.65
Super
Indocafe
0.66
Gold Kili
Morning Sun
0.69
0.68
Gold Roast
0.71
OWL
0.40
0.77
0.90
0.87
Kopiko
0.65
0.60
Nescafe
1.18
0.80
0.92
1.01
1.01
1.05
1.00
1.04
1.06
1.09
1.08
1.14
1.10
1.14
1.23
1.19
1.24
1.20
Capparoma
Mr.Cafe
Morning Sun
Giant
Fair Price
Aik Cheong
Super
Alicafe
Chek Hub
OWL
Indocafe
Alicafe
OldTown
Gold Roast
UCC
Nescafe
0.20
Ah Huat
1.40
1.20
1.00
0.80
0.60
0.40
0.20
-
Figure 9: 3-in-1 classic

Average original price/g from four supermarkets (SG)

Ranked from highest to lowest average original price/g (SGD)
Brand
Ah Huat
UCC
Nescafe
Gold Roast
OldTown
Alicafe
OWL
Indocafe
Chek Hub
Alicafe
Super
Fair Price
Aik Cheong
Giant
Morning Sun
Average
OWL vs. average
Super vs. average
OWL vs. Nestle
Super vs. Nestle
Company
Power Root
UCC
Nestle
Viz Branz
OldTown
Power root
Super
Pt Sari Indofood
Chek Hub
Power Root
Super
Fair Price
Aik Cheong
Giant
Morning Sun
Average original price/g

0.0124
0.0123
0.0119
0.0114
0.0114
0.0110
0.0109
0.0108
0.0106
0.0105
0.0104
0.0101
0.0101
0.0092
0.0065
0.0106
3%
-2%
-8%
-13%
Packaging
15x30g
15x35g
15x36g
15x40g
15x40g
30x20g
15x40g
30x12g
15x40g
15x40g
15x40g
30x12g
15x40g
15x40g
40x20g
13 June 2014
Figure 11: 3-in-1 coffee

Ranked from highest to lowest average original price/g (SGD)
Brand
Company
Average original price/g
Packaging
Capparoma
Viz branz
0.0118
25x18g
Nescafe
Nestle
0.0090
35x19g
Kopiko
Mayora Indah
0.0087
30x20g
Mr.Cafe
Tastyfood Industries
0.0077
40x20g
OWL
Super
0.0071
40x20g
Gold Roast
Viz branz
0.0069
40x20g
Gold Kili
Gold Kili
0.0068
20x20g
Super
Super
0.0066
40x20g
In-Comix
In-comix Food Industries
0.0065
10x20g
Morning Sun
Morning sun
0.0061
40x20g
Indocafe
Pt Sari Indofood
0.0061
30x20g
Coffee King
Super
0.0060
40x20g
Indocafe
Pt Sari Indofood
0.0059
45x20g
Ye Ye
Super
0.0056
45x20g
Average
OWL vs. average
Super vs. average
0.0072
-2%
-9%
OWL vs. Nestle
-21%
Super vs. Nestle
-27%
Supermarket comparison
We found the heaviest discounting in NTUC FairPrice (NTUC), the largest
supermarket chain in Singapore. Comparing selling price per gram for white coffee in
NTUC, we found that OWL and Super were sold at discounts of 13% and 42%,
respectively, to Nestle. Based on original price, Super and OWL were at discounts of
10% and 14% to Nestle, respectively. With the heavy discounting for Supers white
coffee product, Supers white coffee is by far the cheapest on a per gram basis for
sale at NTUC.
For 3-in-1 classic at NTUC, the selling price per gram for OWL and Super are 11%
and 17% below that for Nestle, respectively, and the two brands are ranked number
two and three after Nestle by highest selling price per gram.
13 June 2014
Figure 12: White Coffee Classic from NTUC Fair Price

Ranked from highest to lowest selling price/g (SGD)
Original Total weight
price
(g)
5.60
450
Original Discounted
price/g
price/g
0.0124
NA
Selling
price/g
0.0124
Packaging
15x30g
%discount
NA
0.0113
0.0113
15x36g
6%
NA
0.0110
15x40g
NA
0.0108
NA
0.0108
15x40g
NA
600
0.0113
0.0104
0.0104
15x40g
8%
3.65
360
0.0101
NA
0.0101
30x12g
NA
6.50
600
0.0108
0.0099
0.0099
15x40g
8%
Pt Sari Indofood
3.77
360
0.0105
0.0092
0.0092
30x12g
12%
Viz Branz
5.50
600
0.0092
NA
0.0092
15x40g
NA
Aik Cheong
Aik Cheong
6.05
600
0.0101
0.0083
0.0083
15x40g
18%
Super
Super
6.20
600
0.0103
0.0065
0.0065
15x40g
37%
Brand
Ah Huat
Company
Power Root
Nescafe
Nestle
6.50
540
0.0120
Alicafe
Power Root
6.60
600
0.0110
Chek Hub
Chek Hub
6.50
600
OldTown
OldTown
6.80
Fair Price
Fair Price
OWL
Super
Indocafe
Gold Roast
Average
0.0108
0.0099
OWL vs. Average
0%
-0%
Super va. Average
-4%
-34%
OWL vs. Nestle
-10%
-13%
Super vs. Nestle
-14%
-42%
5%
52%
OWL vs. Super

Figure 13: 3-in-1 Classic from NTUC Fair Price

price
(g)
Original Discounted
price/g
price/g
Selling
price/g
Packaging
% discount
0.0075
0.0075
35x19g
13%
0.0078
0.0066
0.0066
40x20g
15%
800
0.0065
0.0062
0.0062
40x20g
5%
4.70
800
0.0059
NA
0.0059
40x20g
NA
5.20
600
0.0087
0.0058
0.0058
30x20g
33%
5.25
800
0.0066
0.0058
0.0058
40x20g
12%
Brand
Company
Nescafe
Nestle
5.75
665
0.0086
OWL
Super
6.20
800
Super
Super
5.20
Coffee King
Super
Kopiko
Mayora Indah
Gold Roast
Viz Branz
Average
OWL vs. Average
0.0073
0.0063
6%
5%
Super vs. Average
-11%
-2%
OWL vs. Nescafe
-10%
-11%
Super vs. Nescafe
-25%
-17%
19%
7%
OWL vs. Super

13 June 2014
Figure 14: White Coffee Classic from NTUC Fair Price

Ranked from highest to lowest selling price/g (SG))
1.40
1.24
1.20
1.00
1.13 1.10
1.08 1.04
1.01 0.99
Figure 15: 3-in-1 Classic from NTUC Fair Price

Ranked from highest to lowest selling price/g (SG))
0.92 0.92
Super
0.10
Aik Cheong
Gold Roast
0.20
Indocafe
0.20
OWL
0.30
Fair Price
0.40
OldTown
0.40
Chek Hub
0.59
0.58
0.58
0.50
0.60
Alicafe
0.62
0.60
0.83
0.65
Nescafe
0.66
0.70
0.80
Ah Huat
0.75
0.80
Nescafe
OWL
Super
Coffee King Kopiko
Gold Roast
Figure 16: 3-in-1 Classic from Cold Storage

price
(g)
Original Discounted
price/g
price/g
Selling
price/g
Packaging
% discount
NA
0.0118
25x18g
NA
NA
0.0081
40x20g
NA
0.0077
NA
0.0077
40x20g
NA
0.0086
0.0075
0.0075
35x19g
13%
800
0.0069
NA
0.0069
40x20g
NA
5.40
800
0.0068
NA
0.0068
40x20g
NA
Pt Sari Indofood
3.80
600
0.0063
NA
0.0063
30x20g
NA
Super
4.95
800
0.0062
NA
0.0062
40x20g
NA
Super
5.35
900
0.0059
NA
0.0059
45x20g
NA
Brand
Company
Capparoma
Viz Branz
5.30
450
0.0118
Gold Roast
Viz Branz
6.45
800
0.0081
Mr.Cafe
Tastyfood
6.15
800
Nescafe
Nestle
5.75
665
OWL
Super
5.50
Super
Super
Indocafe
Coffee King
Ye Ye
Average
0.0076
0.0075
OWL vs. Average
-9%
-8%
Super vs. Average
-11%
-9%
OWL vs. Nescafe
-20%
-8%
Super vs. Nescafe
-22%
-10%
2%
2%
OWL vs. Super

13 June 2014
Figure 17: 3-in-1 Classic from Giant

price
(g)
Original Discounted
price/g
price/g
Selling
price/g
Packaging
% discount
NA
0.0124
15x36g
NA
0.0092
NA
0.0092
35x19g
NA
0.0087
NA
0.0087
30x20g
NA
800
0.0066
NA
0.0066
40x20g
NA
5.25
800
0.0066
NA
0.0066
40x20g
NA
Super
5.20
800
0.0065
0.0063
0.0063
40x20g
3%
Pt Sari Indofood
3.60
600
0.0060
NA
0.0060
30x20g
NA
Super
4.70
900
0.0052
NA
0.0052
45x20g
NA
Selling
price/g
Brand
Company
OldTown
OldTown
6.70
540
0.0124
Nescafe
Nestle
6.15
665
Kopiko
Mayora Indah
5.20
600
Gold Roast
Viz Branz
5.25
OWL
Super
Super
Indocafe
Ye Ye
Average
0.0076
0.0076
OWL vs. Average
-14%
-14%
Super vs. Average
-15%
-17%
OWL vs. Nescafe
-29%
-29%
Super vs. Nescafe
-30%
-32%
1%
4%
OWL vs. Super

Figure 18: 3-in-1 Classic from Sheng Siong

Brand
Company

price
(g)
Original Discounted
price/g
price/g
Packaging
% discount
OldTown
OldTown
6.80
540
0.0126
NA
0.0126
15x36g
NA
Nescafe
Nestle
6.25
665
0.0094
0.0092
0.0092
35x19g
2%
OWL
Super
5.70
800
0.0071
NA
0.0071
40x20g
NA
In-Comix
In-Comix Food
Industries
1.30
200
0.0065
NA
0.0065
10x20g
NA
Morning sun
Morning sun
4.90
800
0.0061
NA
0.0061
40x20g
NA
Indocafe
Pt Sari Indofood
3.60
600
0.0060
NA
0.0060
30x20g
NA
Super
Super
5.20
800
0.0065
0.0058
0.0058
40x20g
11%
Gold Roast
Viz Branz
5.25
800
0.0066
0.0058
0.0058
40x20g
12%
Ye Ye
Super
4.95
900
0.0055
0.0055
45x20g
NA
0.0074
0.0072
OWL vs. Average
-3%
-1%
Super vs. Average
-12%
-19%
OWL vs. Nescafe
-24%
-23%
Super vs. Nescafe
-31%
-37%
10%
23%
Average
OWL vs. Super

13 June 2014
Price war in Singapore

A price war is underway, with
Super, Kopiko and Nescafe
discounting up to 37%, 33%, and
13%, respectively
Our visits to the four supermarkets revealed an intense price war between 3-in-1
coffee brands, with Super, Kopiko (of Mayora Indah, MYOR IJ, OP) and Nescafe
offering discounts up to 37%, 33%, and 13%, respectively. This is one reason why
Supers revenue declined 11% YoY in Singapore in 1Q14, and we believe aggressive
discounting may continue to pressure its local sales and margin results.
Figure 19: Percentage discount by product of each brand
Ranked from highest to lowest
Company
Super
Brand
Super
Product
White coffee
% discount
37%
Mayora Indah
Kopiko
3-in-1 brown coffee
33%
Super
Ye Ye
3-in-1 rich
26%
Pt Sari Indofood
Indocafe
Cappuccino
22%
Aik Cheong
Aik Cheong
White coffee
18%
Gold Kili
Gold Kili
White coffee espresso
17%
UCC
UCC
Colombia coffee
15%
Super
Caf Nova
3-in-1 classic
15%
Nestle
Nescafe
3-in-1 classic
13%
Power Root
Ah Huat
White coffee hazelnut
13%
Viz Branz
Gold Roast
3-in-1 classic
12%
Super
OWL
White coffee 2-in-1 w/creamer
8%
OldTown
OldTown
White coffee hazelnut
8%
OldTown
Nanyang
White coffee 2-in-1
6%
Chek Hub
Chek Hub
White coffee 2-in-1
2%
Note: Product with the highest discount has been selected

13 June 2014
Figure 20: Super White Coffee

promotion
Three for SGD 11.75
Figure 21: Kopiko Brown Coffee

promotion
Buy 2 get 1 free
10
When analysing the prices of 3-in-1 classic coffee products after the discount (on a
per-gram basis), we found the following:
For classic 3-in-1 products, Capparoma is highest priced, while OWL and Super
are close to the average (4% and 12% respective discounts). The lowest priced
was Supers Ye Ye brand.
Among white coffee original products, Ah Huat has the highest price. OWL is
priced close to the average (a 2% premium), while Super has the second-lowest
price, at a 17% discount to the average.
Figure 22: 3-in-1 classic coffee
Ranked from highest to lowest average discount price/g (SGD)
Brand
Company
Capparoma
Viz Branz
Kopiko
Mayora Indah
Nescafe
Nestle
Mr.Cafe
Tastyfood Industries
OWL
Super
Gold Kili
Gold Kili
Gold Roast
Viz Branz
In-Comix
In-Comix Food
Super
Super
Morning sun
Morning Sun
Indocafe
Pt Sari Indofood
Coffee King
Super
Indocafe
Pt Sari Indofood
Ye Ye
Super
Average
OWL vs. Average
Super vs. Average
Average original
price/g
0.0118
0.0087
0.0090
0.0077
0.0071
0.0068
0.0069
0.0065
0.0066
0.0061
0.0061
0.0060
0.0059
0.0056
0.0072
Average discount
price/g
0.0118
0.0087
0.0084
0.0077
0.0068
0.0068
0.0065
0.0065
0.0063
0.0061
0.0061
0.0060
0.0059
0.0056
0.0071
-4%
-12%
Packaging
25x18g
30x20g
35x19g
40x20g
40x20g
20x20g
40x20g
10x20g
40x20g
40x20g
30x20g
40x20g
45x20g
45x20g

Ranked from highest to lowest average discount price/g (SGD)
Brand
Company
Ah Huat
Power Root
Gold Roast
Viz Branz
Nescafe
Nestle
Alicafe
Power Root
UCC
UCC
OldTown
OldTown
Chek Hub
Chek Hub
Alicafe
Power Root
OWL
Super
Fair Price
Fair Price
Indocafe
Pt Sari Indofood
Aik Cheong
Aik Cheong
Giant
Giant
Super
Super
Morning Sun
Morning Sun
Average
OWL vs. average
Super vs. average
Average original
price/g
0.0124
0.0114
0.0119
0.0110
0.0123
0.0114
0.0106
0.0105
0.0109
0.0101
0.0108
0.0101
0.0092
0.0104
0.0065
0.0106
Average discount
price/g
0.0124
0.0114
0.0113
0.0110
0.0110
0.0109
0.0106
0.0105
0.0105
0.0101
0.0101
0.0092
0.0092
0.0085
0.0065
0.0102
2%
-17%
Packaging
15x30g
15x40g
15x36g
30x20g
15x35g
15x40g
15x40g
15x40g
15x40g
30x12g
30x12g
15x40g
15x40g
15x40g
40x20g
13 June 2014
11
Regional competition may intensify

Previously primarily domestic
brands are expanding regionally
Foreign brands offering discounts in Singapore include Kopiko (Indonesia), Indocafe

(Indonesia), Ah Huat (Malaysia) and Old Town (Malaysia). We believe the price war
reflects aggressive regional expansion by brands that previously focussed primarily
on their domestic markets. This suggests that Super may face intensifying
competition not only in Singapore, but also in its other markets.
Intensifying competition in Singapore and the region

During our Singapore store visits, we found the following foreign brands competing
with Super:
Kopiko: Kopiko comes from Mayora Indah (MYOR IJ, OP), a leading food and
beverage company in Indonesia. Mayora has been expanding strongly outside of
its home market. Exports as a percentage of group sales have increased from 9%
in 2003 to 37% in 2013. Markets where Mayora Indah has performed well include
the Philippines, where it was the number two 3-in-1 coffee brand in 2013. We
believe the aggressive discounting of its 3-in-1 coffee product in Singapore
(accompanied by a TV advertising campaign) shows that the company aims to
gain market share in Singapore. Our aisle checks showed that Mayora held only
1% of the shelf space in the four supermarkets we visited.
Figure 24: International revenue Mayora Indah
Figure 25: Philippines instant coffee market share, 2013

Nov-12
60%
37%
Domestic
International
63%
% market share
50%
Sep-13
49% 49%
36%
40%
30%
24%
21%
20%
9%
10%
0%
Nestle
Source: Mayora Indah
URC
Mayora
Source: Companies
OldTown: OldTown (OTB MK, NR, ASEAN F&B: Specialty instant coffee is a
differentiator, released 13 June 2013) is the leading 3-in-1 white coffee brand in
Malaysia. Management estimates that the company held a 42% share of the white
coffee market in Malaysia in June 2011. Our aisle checks showed that OldTown
occupied 9% of the shelf space, ranking it number three after Super and Nestle.
OldTowns management has clearly articulated the companys plans for regional
expansion. OldTown opened its first OldTown Cafe in Singapore in 2008, and it
operates similar cafes in Indonesia and China.
Ah Huat: Ah Huat was established in 2012 by Power Root (PWRT MK, NR, Power
Root, published 27 February 2014) of Malaysia. Management said they
established the brand to target the ethnic Chinese communities in Malaysia and
Singapore, as its other brand, Alicafe, primarily targets ethnic Malays. Our store
visits showed that despite Ah Huat being a young brand, it held a respectable 5%
13 June 2014
12
share of the shelf space. In our view, this indicates the threat posed to Super by
new entrants in Singapore and the region.
Indocafe: Sari Indofood is one of the leading producers of instant 3-in-1 coffee and
instant cappuccino in Indonesia, sold under the Indocafe brand. It also produces
the Max-Brand of coffee creamers. Sari Indofood is owned by Sumatra Tobacco
Trading Company Group (STTC), which is based in Indonesia. Our aisle check
showed that Indocafe had a 3% share of the shelf space at the four supermarkets
we visited.
13 June 2014
13
Earnings sensitivity
We estimate that Super is
generating an EBIT loss from its
promotions in Singapore
We estimate that after allocating SG&A expenses, Super could be generating an

EBIT loss of SGD 0.74 per pack of 15x25-40g, 3-in-1 coffee product sold. We expect
strong competition in Singapore to reduce Supers branded consumer EBIT margin
by 1.3ppt in 2014, but the impact could be greater if competition spreads to other
markets.
Super is likely generating an EBIT loss

Super says it generates a gross profit margin of 40-45% from its branded consumer
segment, and we estimate the branded consumer segment generated an EBIT
margin of 19% in 2013. For its promotion in Singapore, Super is offering a discount of
up to 37% on its charcoal-roasted white coffee product. Given Supers white coffee
product is a premium product, for our sensitivity analysis we assume it generates a
gross profit margin of 50% and an EBIT margin of 25% prior to discounting.
Assuming that COGS and SG&A/unit remain the same, any discount beyond 25%
would result in an EBIT loss. At a 37% discount (which is what Supers promotion
offers), we estimate that its products are generating an EBIT loss of SGD 0.74/pack
(-19% EBIT margin).
Figure 26: Super Estimated profit per pack
ASP
Pre-discount
6.20
Post-discount
3.91
(3.10)
(3.10)
COGS
Gross profit
3.10
0.81
Gross profit margin
50%
21%
SG&A
(1.55)
(1.55)
EBIT
1.55
(0.74)
EBIT margin
25%
-19%
Discount
37%
Source: Company, Standard Chartered Research estimates
Figure 27: Sensitivity to discount percentage

Discount
ASP
37%
3.91
35%
4.03
30%
4.34
25%
4.65
19%
4.65
14%
4.96
9%
5.27
Gross profit
0.81
0.93
1.24
1.55
1.55
1.86
2.17
Gross profit margin
21%
23%
29%
33%
33%
38%
41%
EBIT
(0.74)
(0.62)
(0.31)
0.31
0.62
EBIT margin
-19%
-15%
-7%
0%
0%
6%
12%
Source: Standard Chartered Research estimates
Manageable impact from Singapore competition

On our estimates, the price war in Singapore should reduce Supers branded
consumer EBIT margin by 1.3ppt to 17.7% in 2014. We assumed the following:
Singapore accounted for 9% of Supers branded consumer sales (6% of group
sales) in 2013. We assume that 85% of Singapore branded consumer sales come
from coffee and 15% from cereal. We believe the OWL and Super brands each
accounted for half of Supers Singapore coffee sales.
We assume flat cereal sales growth in 2014, generating an EBIT margin of 19%.
This results in a blended Singapore branded consumer EBIT margin of 3.6%.
13 June 2014
14
Figure 28: Super Singapore branded consumer sales

Coffee
2013
27.6
2014E
25.50
Cereal
4.9
4.9
32.4
30.4
Total
Sales growth
Coffee
-8%
Cereal
0%
Total
-6%
EBIT
Coffee
5.24
0.16
Cereal
0.92
0.92
Total
6.16
1.08
Coffee
19%
0.6%
Cereal
19%
19%
Total
19%
3.6%
EBIT margin
We assume that Super is sold at a discount, while OWL is not. We model flat
Singapore coffee sales for Super (increased volumes, but reduced revenue per
pack from the discount), and OWLs sales declining by 15% YoY, based on market
share losses due to no discount (management said that OWLs sales declined
c.20% YoY in 1Q14).
We model an EBIT margin of 19% for OWL and -15% for Super after the discount.
Our sensitivity analysis shows that if Super is discounted by 37% (which is what
their promotion offers), EBIT margin should be -19%. However, not all Super
products are being sold at a discount, and we assume these products generate
some sales. This results in a blended coffee EBIT margin of 0.6%.
Figure 29: Singapore coffee sales
Super
2013
13.8
2014E
13.78
OWL
13.8
11.71
Total
27.6
25.50
Sales growth
Super
0%
OWL
-15%
Total
-8%
EBIT
Super
2.6
(2.1)
OWL
2.6
2.2
Total
5.2
0.2
Super
19%
-15%
OWL
19%
19%
Total
19%
0.6%
EBIT margin
We estimate that Supers branded consumer business generated a blended EBIT

margin of 19% in 2013. We assume all markets generated this EBIT margin in
2013, and expect this to continue in 2014, with the exception of Singapore. For
Singapore, we apply an EBIT margin of 3.6%, which assumes that Supers
branded consumer EBIT margin declines to 17.7% in 2014, from 19% in 2013.
13 June 2014
15
Figure 30: Revenue by geography Branded consumer

SGD mn
Thailand
2013
113.3
2014E
107.6
Myanmar
73.1
73.1
Malaysia
53.7
58.0
Singapore
32.4
32.4
Philippines
25.9
27.2
Others
66.1
76.0
Group
364.5
374.3
Growth (%)
Thailand
-5.0%
Myanmar
0.0%
Malaysia
8.0%
Singapore
0.0%
Philippines
5.0%
Others
15.0%
Group
2.7%
EBIT (SGD mn)

Thailand
21.5
20.4
Myanmar
13.9
13.9
Malaysia
10.2
11.0
Singapore
6.2
1.2
Philippines
4.9
5.2
Others
12.6
14.4
Group
69.3
66.1
Thailand
19.0%
19.0%
Myanmar
19.0%
19.0%
Malaysia
19.0%
19.0%
Singapore
19.0%
3.6%
Philippines
19.0%
19.0%
Others
19.0%
19.0%
Group
19.0%
17.7%
EBIT margin (%)
Change in EBIT margin YoY (ppt)
-1.3
13 June 2014
16
Regional competition may pressure margins

We estimate that Supers branded consumer business generated an EBIT margin of
19% in 2013, one of the highest among ASEAN food and beverage companies. We
believe Supers attractive margins may encourage intensifying competition in the
region. While the price war in Singapore should have manageable impact on Supers
overall profitability, if major price competition spreads to other markets, the impact on
Super could be significant, in our view.
19%
18%
18%
Figure 32: Supers EBIT margin, 2012-18
20%
13%
20%
13%
10%
19%
18%
18%
17%
17%
16%
2015
2016
2017
2018
15%
10%
Mayora
URC
Ultrajaya
Power root
OTB
Roti IJ
5%
Source: Company, Bloomberg, Standard Chartered Research estimates
13 June 2014
EBIT margin - Branded Consumer
25%
17%
14%
Petra SP
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Super
EBIT margin
Figure 31: EBIT margin, 2013
0%
2012
2013
2014
17
What is actionable?
Our store visits showed intensifying competition among 3-in-1 coffee brands in the
region, but with Supers share price already down 27% YTD, we maintain our In-Line
rating but trim our price target to SGD 1.34 (previously SGD 2.09). We maintain our
Outperform ratings on URC, and our In-Line rating on Mayora Indah. Our top pick in
the ASEAN food and beverage sector is URC.
Figure 33: Stock ratings
Price
target
Price
Upside/
downside
Last
Rating
(LCY)
(LCY)
(%)
FYE
2013
2014
2015
CAGR
IL
1.34
1.39
-3%
12/13
22.5
18.6
17.2
14%
PER (x)
2Y EPS
Name
Ticker
Super Group
SUPER SP
Mayora Indah Tbk PT
MYOR IJ
IL
30,363
29,250
4%
12/13
32.6
28.5
22.3
21%
Universal Robina Corp URC PM
OP
182.60
155.00
18%
09/13
36.8
28.5
24.3
23%
Above data as of 11 June 2014.

Source: Companies, Bloomberg, Standard Chartered Research estimates
Super: Competitive pressures ahead

We view Super as a leading brand, but expect strong competition to pressure its
sales and margins. We believe this has already been reflected in the share price, and
maintain our In-Line rating:
Price war in Singapore: In 1Q14, Supers sales in Singapore declined 11%. We
believe the ongoing price war was part of the reason. We expect this factor to
pressure Supers sales and margins in Singapore, which accounted for 9% of its
branded consumer sales in 2013.
Competition could intensify regionally: Beyond Singapore, we are concerned
that competition may intensify among 3-in-1 coffee brands. Mayora Indah
(Indonesia), OldTown (Malaysia), and Power Root (Malaysia) all have aggressive
regional expansion plans. One potential competitor is Universal Robina, which is
currently selling its 3-in-1 coffee solely in the Philippines. However, given the
companys regional presence in other products and strong brand, we believe it has
the potential to quickly enter other 3-in-1 coffee markets.
Await better entry point: Super trades at 17.2x 2015E PER, similar to 3-in-1
coffee peer OldTown (OTB MK, NR). We await signs of moderating competition
before turning more positive on the stock.
Universal Robina: Our ASEAN F&B top pick

We maintain our Outperform recommendation on URC, despite the stocks strong
performance, for the following reasons:
Strong multi-product portfolio: Unlike Super, which is primarily a 3-in-1 coffee
product company, URC has a solid multi-product portfolio with over 350 SKUs. We
believe this provides it significant potential to innovate and drive growth.
Robust growth: In 1Q14, URCs branded consumer sales grew by 20%, while
Supers branded consumer segment sales declined 6%.
Reasonable valuation for growth: URC is trading at 24.3x 2015E PER, but we
believe this valuation is reasonable given the companys strong regional brand,
multi-product portfolio, and solid growth. On a five-year view, assuming an exit
13 June 2014
18
multiple of 22x 2019E PER, we estimate that URC could deliver a total return of
9.8% p.a.
Mayora Indah: Aggressive growth

We maintain our In-Line rating on Mayora due to its recent poor margin performance:
Rising raw materials costs hurt margins: Mayora reported a gross profit margin
of 20.1% in 1Q14, compared to 24.6% in 1Q13. Food processing and instant
coffee gross profit margins both fell to 18-20% in 1Q14, from 19-26% in 1Q13. We
think this was largely due to rising raw material costs, including coffee (+13%
YoY), while packaging expenses tend to rise during periods of USD/IDR
depreciation.
Potential for more margin pressure in 2H14: Mayora spent only 5.4% of its
revenue on marketing in 1Q14, compared to its usual c.8%. We think this could
lead to further EBIT margin pressures in the next three-to-six months, as it may
need to catch up on its marketing efforts prior to the Lebaran holiday in July. In
addition, the Indonesian government has announced plans to increase electricity
tariffs by 37-64% YoY for industrial users. We estimate that factory overheads and
utilities accounted for around 7% of revenue in 2013.
Fairly valued for now: Given our expectation of further margin pressure, we
consider Mayora fairly valued. We will be watching for signs of improving margins
in the next two quarters.
13 June 2014
19
Super Group
Competitive pressures ahead
Super Groups 1Q14 results were below our expectations, IN-LINE (unchanged)
with core net profit representing 18% of our full-year
PRICE as of 11 Jun 2014
forecast, compared with 25% in 2013.
We cut our 2014E and 2015E EPS by 9% and 14%,
respectively, to reflect Supers weak sales, and revise our
price target to SGD 1.34 (previously SGD 2.09).
With Supers share price down 27% YTD, we maintain our
In-Line rating. Our 12-month price target implies 3%
potential downside. We will look out for stronger earnings
growth before becoming more positive.
Weak sales. Supers 1Q14 sales and core net profit fell 6% and
14% YoY, respectively, with sales of both branded consumer (71%
of 1Q14 sales) and food ingredients (29% of 1Q14 sales) declining
6% YoY. We were disappointed by the fall in branded consumer
sales in Thailand (-10% YoY), Myanmar (-6% YoY) and Singapore
(-11% YoY) we estimate that these markets constituted c.60% of
Supers branded consumer sales in 2013. The fall in food
ingredients sales was primarily due to a 30% sales decline in
Indonesia, as Supers Indonesian clients had overstocked in 4Q13.
Price war in Singapore. Our supermarket visits in Singapore
revealed that an aggressive price war is brewing, with many 3-in-1
coffee brands offering significant discounts. Brands such as
Nestle, Kopiko (or Mayora Indah) and Super are offering discounts
of up to 37%. We think the price war may last 6-9 months, and we
expect this to pressurise Supers sales and margins in Singapore.
Hurt by exposure to southern Thailand. We note that Supers
sales declined 10% YoY in Thailand in 1Q14; Universal Robinas
(URC) sales, on the other hand, grew 16% during the period. We
believe Supers sales in Thailand were adversely affected, due
primarily to its large exposure to southern Thailand (65% of
Thailand sales, according to management estimates). Consumer
demand in the southern provinces has been affected by an acute
insurgency problem.
Maintain In-Line. Super trades at 17.2x 2015E PER, similar to 3in-1 coffee peer Oldtown Bhd (OTB MK, NR). We await signs of
moderating competition before becoming more positive on the
stock. We transfer coverage to Munchuga Khajornkowit.
PRICE TARGET
SGD 1.39
SGD 1.34
Bloomberg code
Reuters code
SUPER SP
SPGP.SI
Market cap
12-month range
SGD 1,544.5mn (USD 1,235.5mn)
SGD 1.38 - 2.53
EPS adj. est. change 2014E
Year-end: December
Sales (SGD mn)
EBITDA (SGD mn)
EBIT (SGD mn)
Pre-tax profit (SGD mn)
Net profit adj. (SGD mn)
FCF (SGD mn)
EPS adj. (SGD)
DPS (SGD)
Book value/share (SGD)
EPS growth adj. (%)
DPS growth (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Div. payout (%)
Net gearing (%)
ROE (%)
ROCE (%)
EV/sales (x)
EV/EBITDA (x)
PBR (x)
PER adj. (x)
Dividend yield (%)
-9.2%
2013
557.0
78.2
93.0
114.7
100.1
14.5
0.09
0.04
0.42
27.9
26.2
14.0
16.7
18.0
49.9
-20.2
23.1
20.3
3.9
27.5
4.5
22.5
2.2
2015E
2014E
589.1
79.7
93.1
95.8
83.2
57.1
0.07
0.04
0.49
-16.9
-16.8
13.5
15.8
14.1
50.0
-27.1
16.4
17.4
2.4
17.4
2.8
18.6
2.7
-13.9%
2015E
649.8
86.0
100.4
104.1
89.8
53.5
0.08
0.04
0.57
8.0
8.0
13.2
15.5
13.8
50.0
-31.3
15.1
16.0
2.1
15.6
2.4
17.2
2.9
2016E
719.2
92.9
108.7
112.9
96.8
53.9
0.09
0.04
0.66
7.8
7.8
12.9
15.1
13.5
50.0
-34.2
14.1
15.1
1.8
13.8
2.1
16.0
3.1
Share price performance

Super Group
STRAITS TIMES INDEX (rebased)
2.6
1.9
1.2
Jun-13
Sep-13
Share price (%)

Ordinary shares
Relative to index
Relative to sector
Major shareholder
Free float
Average turnover (USD)
Dec-13
Mar-14
-1 mth
-18
-19
-
Jun-14
-3 mth -12 mth

-21
-37
-25
-40
Lay Hoon Te (12.2%)
45%
2,227,811
Source: Company, FactSet
Munchuga Khajornkowit
+65 6596 8504
Equity Research
13 June 2014
20
SUPER SP
SGD 1.39
SGD 1.34
1Q14 results highlights

1Q14 sales and core net profit
declined 6% and 14% YoY,
respectively
Supers 1Q14 results were below our expectations, with core net profit representing
18% of our full-year forecast, compared with 25% in 2013. Sales and core net profit
declined 6% and 14% YoY, respectively, during the quarter. The following are the key
results highlights:
Figure 34: Results summary
SGD mn
1Q13
1Q14
YoY
growth
Revenue
132.4
124.6
-6%
Gross profit
2014
consensu
2013 Old 2014E
s
557.0
616.4
1Q13
1Q14
1Q14
as % of
as % of as % of 2014
2013 2014E old
consensus
618.9
24%
20%
20%
49.1
46.7
-5%
209.5
229.3
225.4
23%
20%
21%
37.1%
37.5%
NA
37.6%
37.2%
36.4%
NA
NA
NA
23.9
19.9
-16%
93.0
106.6
103.9
26%
19%
19%
18.0%
16.0%
NA
16.7%
17.3%
16.8%
NA
NA
NA
22.1
17.8
-19%
100.1
91.6
91.6
22%
19%
19%
16.7%
14.3%
NA
18.0%
14.9%
14.8%
NA
NA
NA
19.6
16.9
-14%
78.7
91.6
90.8
25%
18%
19%
Net margin core
14.8%
13.5%
NA
14.1%
14.9%
14.7%
NA
NA
NA
EPS diluted (SG)
3.97
3.20
-19%
8.98
16.42
16.40
44%
19%
19%
3.52
3.03
-14%
7.06
16.42
16.30
50%
18%
19%
76.50
86.23
13%
83.74
91.93
90.80
91%
94%
95%
GP margin
EBIT
EBIT margin
Net profit
Net margin
Net profit core
EPS diluted core (SG)

BPS (SGD)
Source: Company, Bloomberg and Standard Chartered Research estimates
Figure 35: Changes in our 2014 estimates

SGD mn
Old
estimates
New
estimates
Revenue
616.4
589.0
618.9
-4%
Net profit
91.6
83.0
91.6
-9%
Core net profit
91.6
80.0
90.8
-13%
8.2
7.4
8.2
-9%
EPS diluted (SG)
Changes in
Consensus our estimates
Source: Bloomberg, Standard Chartered Research estimates
Weak sales across both segments: Sales of branded consumer (71% of sales)
and food ingredients (29% of sales) declined 6% YoY each in 1Q14.
Branded consumer weak sales in key markets: Management said that sales
in 1Q14 grew YoY in the Philippines, Indonesia, Vietnam and Cambodia and was
flat in Malaysia. However, this was offset by weakness in Thailand (-10% YoY),
Myanmar (-6% YoY) and Singapore (-11% YoY). Thailand, Myanmar and
Singapore were Supers largest, second-largest and fourth-largest branded
consumer markets in 2013 we estimate these three markets constituted c.60% of
Supers branded consumer sales in 2013.
13 June 2014
21
Figure 36: 1Q14 branded consumer sales growth, by

country
25%
20%
Figure 37: 1Q14 branded consumer sales growth, by

region
4%
20%
15%
0%
10%
3%
5%
YoY %
YoY %
2%
2%
0%
-5%
-2%
-4%
-6%
-6%
-10%
-6%
-10%
-15%
Vietnam Philippines Branded Myanmar
consumer
Source: Company
-11%
Thailand Singapore
-6%
-8%
-8%
-10%
BCF - East Asia
Branded consumer
BCF - Southeast Asia
Source: Company
Branded consumer Thailand: Supers 1Q14 branded consumer sales in

Thailand declined 10% YoY; during the same period, URCs sales grew 16%. We
believe Supers sales in Thailand was adversely impacted, due primarily to its
significant exposure to southern Thailand. According to management estimates,
65% of Supers Thailand sales are from the southern provinces, where consumer
demand has been impacted by an acute insurgency problem. Management also
stated the company had shortened its credit terms to distributors, from 90 days to
60 days, to manage credit risk, thus hurting sales in the quarter. It expects the
stimulus programs from Thailands recent military-led government to help revive
consumer demand in 2H14.
Branded consumer Myanmar: Supers 1Q14 branded consumer sales in
Myanmar declined 6% YoY. The company offers two brands in Myanmar: Super,
their flagship, premium brand; and Coffee King, which targets the lower-income
segment. According to management, Supers distributors raised prices of both
brands by about 6-8% in November 2013. While volumes of the Super brand
continued to grow in 1Q14, Coffee King volumes fell in the quarter.
Branded consumer Singapore: Supers branded consumer sales in Singapore
declined 11% YoY in 1Q14. Management said the sales decline was because of:
(1) rebranding of Supers instant cereal products under Nutremill in December
2013. It believes that it would take time to build brand awareness for rebranding;
and (2) an aggressive price war in the 3-in-1 coffee market in Singapore. While the
Super brand participated in the price war, the OWL brand is yet to do so, resulting
in sales of the OWL brand declining c.20%.
China coffee-in-a-cup not growing: Sales growth in China was flat during the
quarter, despite the low base and the product being launched only last year.
Management said it was not concerned about the flat sales, because the product is
seasonal with higher sales in winter. It also attributed the weakness in China to
disruption caused by moving Supers factory; as a result, the factory did not
produce for two weeks.
Food ingredients recovering: Sales of food ingredients in Southeast Asia (41%
of food ingredient sales) declined 20% YoY in 1Q14, while sales in East Asia grew
6% YoY. Sales rose in the Philippines, Singapore and Vietnam but declined in
Indonesia and Thailand.
13 June 2014
22
Figure 38: Revenue breakdown, by segment products

Branded consumer
Figure 39: 1Q14 revenue, by geographical region
Food ingredients
100%
80%
6%
29%
36%
37%
38%
38%
38%
38%
24%
Southeast Asia
60%
40%
East Asia
71%
Other Markets
64%
63%
62%
62%
62%
62%
2014E
2015E
2016E
2017E
2018E
2019E
70%
20%
0%
1Q14
Source: Company
Still guiding for growth: Despite the sales decline in 1Q14, management has
guided for a full-year single-digit sales growth for branded consumer and low
double-digit sales growth for food ingredients.
Balance sheet and cash flow: Supers balance sheet remains strong, with net
cash of SGD 94mn as of end-1Q14. The company spent capex of SGD 11mn in
the quarter. Management has guided for a full-year capex of SGD 40mn, with
maintenance capex of c.SGD 4-5mn and the remaining for moving the companys
headquarters in Singapore to Tuas and for coffee plant expansion.
Bonus issue: On 24 February 2014, management announced issuance of bonus
shares (one bonus share for every existing ordinary share held by shareholders).
This issue will be effective on 26 May 2014. As of 24 February 2014, the company
had 557,738,980 shares outstanding, including 152,000 treasury shares.
13 June 2014
23
Maintain In-Line
We value Super based on SOTP
with separate DCF valuations for its
branded consumer and food
ingredients businesses
We maintain our In-Line rating and our price target implies 3% potential downside.
Our price target is based on SOTP, comprising separate DCF valuations for its
branded consumer and food ingredients businesses. Our price target translates into
17.3x 2015E PER.
SOTP
We value Super based on our SOTP valuation methodology, separately valuing its
branded consumer and food ingredients businesses. Our DCF-based fair value for
the branded consumer business implies 19.8x 2015E PER. We also value the food
ingredients segment on DCF.
Figure 40: Our SOTP valuation
Valuation
(SGD mn)
Segment
Value of operations Branded consumer segment
Value of operations Food ingredients segment
Total value of operations
Add: net cash / less: net debt
Per share
EBITDA
Net income
value
2015E EV/EBITDA
2015E PER 2015E
(SGD) (SGD mn) 2015E (x) (SGD mn)
(x)
1,172
1.05
243
0.22
1,415
1.27
98
0.09
(20)
(0.02)
Equity value
1,493
1.34
Shares outstanding (mn)
1,115
Less: Minority interests
Fair value per share (SGD)
1.34
Current price (SGD)*
1.39
Upside/(downside)
-3%
EPS adj. 2015E (SG)
0.08
Target PER 2015E
81
14.5x
59
34
7.1x
24
115
12.3x
83
Valuation
% of EV methodology
19.8x
83%
DCF
10.1x
17%
DCF
17.0x
100%
17.3x
EBITDA - 2015E
115
Target EV/EBITDA 2015E
13.0x
Note: Share price data as of 11 June 2014

Relative valuation
Super trades at 17.2x 2015E PER, a 15% discount to the ASEAN consumer staples
average of 20.1x 2015E PER.
Figure 41: Peer comparison
Name
Super Group
Ticker
Rating
3M avg
Price
Market
value
Target Price
cap traded
(LCY) (LCY) (USDm) (USDm)
PER (x)
Last
FYE
EV/EBITDA (x)
2-yrs
EPS
2015E CAGR
2-yrs
PEG
Price/
sales
2014
Div.
yield
(%)
2015E 2014E
ROCE
(%)
2014E
2013
2014E
2013
2014E
1.34
1.39
1,235
2.19 12/13
22.5
18.6
17.2
14%
3.5
2.6
12.6
17.4
15.6
2.7
17.4
8,521
6,900
5,130
6.87 12/13
24.2
13.3
9.9
56%
0.2
0.9
10.3
6.1
5.5
3.8
17.4
30,363 29,250
SUPER SP IL
ASEAN consumer staples

Indofood Sukses INDF IJ
Makmur Tbk PT
Mayora Indah
Petra Foods
MYOR IJ
OP
IL
2,215
0.08 12/13
32.6
28.5
22.3
21%
1.1
1.8
17.9
15.3
12.8
0.5
19.6
3.90
1,906
1.15 12/13
40.2
27.8
24.4
28%
0.9
3.4
19.2
15.4
13.7
0.8
31.6
182.60 155.00
7,718
7.71 09/13
36.8
28.5
24.3
23%
1.1
3.6
24.0
18.7
16.0
2.3
24.9
33.5
24.5
20.2
0.8
2.4
17.9
13.9
12.0
1.8
23.4
PETRA SP OP
Universal Robina URC PM
OP
4.00
Average Asean consumer staples

Source: Company, FactSet, Bloomberg, Standard Chartered Research estimates
13 June 2014
24
DCF valuation Branded consumer

We value Supers branded consumer business using a three-stage DCF model. Our
explicit forecasts for 2013-23E translate into a free cash flow CAGR of 5.8%. We
assume second-stage and terminal growth rates of 6% and 3%, respectively, and use
a WACC of 8.3%.
Figure 42: DCF valuation Branded consumer foods
SGD mn
2012
2013
2014E
2015E
2016E
2017E
2018E
2019E
2020E
2021E
2022E
2023E
71
69
67
71
76
81
87
94
101
109
117
126
-2.5%
-2.7%
5.9%
6.5%
6.5%
8.1%
7.6%
7.6%
7.6%
7.7%
7.7%
Stage 1: Explicit 2013-23E

EBIT
Change YoY
EBIT margin
20%
19.0%
18.0%
17.5%
17.0%
16.5%
16.3%
16.0%
15.8%
15.5%
15.3%
15.0%
EBIT (1-tax)
59
57
60
64
67
71
77
82
88
94
101
108
10
11
13
15
16
17
(-) Change in working capital
(11)
(2)
(9)
(9)
(10)
(12)
(13)
(11)
(12)
(13)
(15)
(16)
(-) Capital expenditure
(22)
(22)
(19)
(20)
(22)
(23)
(26)
(28)
(31)
(32)
(35)
(38)
-5.9%
-5.0%
-5.0%
-5.0%
-4.8%
-4.8%
-4.8%
-4.8%
-4.5%
-4.5%
-4.5%
41
40
44
43
46
48
54
58
64
68
71
0.96
0.88
0.81
0.75
0.70
0.64
0.59
0.55
0.51
0.47
38
39
35
34
33
35
35
35
34
33
2024E
2025E
2026E
2027E
2028E
2029E
2030E
2031E
2032E
2033E
(+) Depreciation and amortisation
Capex/Sales
Unlevered free cash flow
33
Discount factor
Present value of FCF
Stage 2: 2024-33E
Discount factor
75
80
85
90
95
101
107
113
120
127
0.43
0.40
0.37
0.34
0.31
0.29
0.27
0.25
0.23
0.21
32
32
31
30
30
29
29
28
27
27
Stage 3: Terminal
Terminal value
2,479
Discount factor
0.21
Present value of terminal value
524
Equity value
Growth rate assumptions
WACC assumptions
DCF of operations: Stage 1
352
Stage 1: 2013-23E
5.8%
Risk-free rate
2.7%
296
Stage 2: 2024-33E
6.0%
Cost of debt
6.0%
NPV of the terminal value
524
Stage 3: Terminal
3.0%
Equity risk premium
6.2%
Enterprise value (SGD mn)
1,172
Tax rate
17.0%
Number of diluted shares
1,115
Target debt-to-firm-value
0.00%
Enterprise value per share (SGD)

Net profit 2015E
PER 2015E
1.05
59
19.8
Equity beta
0.90
Cost of debt (after tax)
5.0%
Cost of equity
8.3%
WACC
8.3%

13 June 2014
25
Figure 43: Sensitivity for branded consumer

Terminal growth rate
1.0%
3.0%
5.0%
7.0%
6.3%
1.25
1.36
1.79
3.54
(4.45)
7.3%
1.03
1.10
1.33
1.96
11.67
8.3%
0.87
0.92
1.05
1.35
2.59
9.3%
0.75
0.78
0.86
1.03
1.48
10.3%
0.66
0.67
0.73
0.83
1.04
WACC
0.0%
Note: Data as of 11 June 2014

DCF valuation Food ingredients

We value Supers food ingredients business using a three-stage DCF model. Our
explicit forecasts for 2014-23E translate into a free cash flow CAGR of 13.1%. We
assume second-stage and terminal growth rates of 5% and 3%, respectively, and use
a WACC of 9.5%.
Figure 44: DCF valuation Food ingredients segment
SGD mn
2013
2014E
2015E
2016E
2017E
2018E
2019E
2020E
2021E
2022E
2023E

EBIT
24
26
29
33
36
39
42
44
47
49
52
Change YoY
38%
8%
13%
12%
11%
8%
7%
6%
6%
6%
6%
EBIT margin
12%
12%
12%
12%
12%
12%
12%
11%
11%
11%
11%
EBIT (1-tax)
21
23
26
29
32
34
36
38
40
42
44
10
10
10
(-) Change in working capital
(47)
(8)
(10)
(11)
(11)
(10)
(9)
(9)
(8)
(8)
(8)
(15)
(13)
(15)
(16)
(17)
(19)
(21)
(22)
(23)
(24)
(25)
Capex/Sales
-8%
-6%
-6%
-6%
-6%
-6%
-6%
-6%
-6%
-6%
-6%
(36)
10
13
15
16
20
20
21
0.95
0.87
0.79
0.72
0.66
0.60
0.55
0.50
0.46
0.42
10
2024E
2025E
2026E
2027E
2028E
2029E
2030E
2031E
2032E
2033E
22
23
24
26
27
28
30
31
33
34
0.38
0.35
0.32
0.29
0.27
0.24
0.22
0.20
0.18
0.17
(+) Depreciation and amortisation
Discount factor
Stage 2: 2023-33E
Discount factor
Stage 3: Terminal
Terminal value
543
Discount factor
0.17
92
Equity value
Growth rate assumptions
WACC assumptions
80
Stage 1: 2014-23E
13.1%
Risk-free rate
2.7%
71
Stage 2: 2024-33E
5.0%
Cost of debt
6.0%
92
Stage 3: Terminal
3.0%
Equity risk premium
Enterprise value (SGD mn)

Number of diluted shares
Enterprise value per share (SGD)
Net profit 2015E
PER 2015E
243
1,115
0.22
24
10.1
6.2%
Tax rate
17.0%
Target debt-to-firm-value
0.00%
Equity beta
1.10
5.0%
Cost of equity
9.5%
WACC
9.5%

13 June 2014
26
Figure 45: Sensitivity for food ingredients
WACC
Terminal growth rate

0.0%
1.0%
3.0%
5.0%
7.0%
7.5%
0.26
0.28
0.33
0.47
1.70
8.5%
0.22
0.23
0.26
0.33
0.59
9.5%
0.19
0.20
0.22
0.26
0.36
10.5%
0.17
0.17
0.18
0.21
0.26
11.5%
0.15
0.15
0.16
0.17
0.20
Note: Data above as of 11 June 2014

Historical valuation
Super currently trades at 17.9x PER, based on 12-month forward earnings. Its fiveyear average 12-month forward PER is 13.5x.
Figure 46: Super PER band
Super has been trading in the 4-31x
PER range, based on 12-month
forward earnings
3.0
LCY
2.5
30.9x
2.0
24.0x
1.5
19.0x
1.0
0.5
14.0x
9.0x
4.0x
0.0
Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
Share price data as of 11 June 2014
Source: Company, Bloomberg and Standard Chartered Research estimates
13 June 2014
27
Income statement (SGD mn)

Year-end: Dec
Sales
Gross profit
SG&A
Other income
Other expenses
EBIT
Net interest
Associates
Other non-operational
Exceptional items
Pre-tax profit
Taxation
Minority interests
Exceptional items after tax
Net profit
Cash flow statement (SGD mn)
2012
519.3
181.4
(93.2)
0.0
0.0
88.3
0.5
0.2
1.6
0.0
90.5
(8.7)
(3.5)
0.0
78.3
2013
557.0
209.5
(116.4)
0.0
0.0
93.0
0.4
(2.4)
23.6
0.0
114.7
(11.1)
(3.4)
0.0
100.1
2014E
589.1
218.4
(125.2)
0.0
0.0
93.1
0.5
(1.5)
3.7
0.0
95.8
(9.8)
(2.9)
0.0
83.2
2015E
649.8
239.9
(139.5)
0.0
0.0
100.4
1.0
(1.0)
3.7
0.0
104.1
(11.2)
(3.1)
0.0
89.8
2016E
719.2
261.2
(152.5)
0.0
0.0
108.7
1.0
(0.5)
3.7
0.0
112.9
(12.7)
(3.4)
0.0
96.8
78.3
76.6
100.1
78.2
83.2
79.7
89.8
86.0
96.8
92.9
0.07
0.07
0.04
1,115
0.09
0.09
0.04
1,115
0.07
0.07
0.04
1,115
0.08
0.08
0.04
1,115
0.09
0.09
0.04
1,115
Year-end: Dec
Cash
Short-term investments
Accounts receivable
Inventory
Other current assets
Total current assets
2012
112.2
3.0
95.6
82.7
8.8
302.3
2013
98.5
2.4
94.6
101.6
28.9
326.0
2014E
155.2
2.4
109.3
111.7
28.9
407.4
2015E
208.2
2.4
120.5
123.5
28.9
483.6
2016E
261.6
2.4
133.4
138.0
28.9
564.3
PP&E
Intangible assets
Associates and JVs
Other long-term assets
Total long-term assets
211.7
0.0
0.0
28.8
240.5
250.6
0.0
0.0
22.5
273.1
262.1
0.0
0.0
22.5
284.6
283.1
0.0
0.0
22.5
305.6
307.8
0.0
0.0
22.5
330.2
Total assets
542.9
599.1
692.0
789.1
894.6
Short-term debt
Accounts payable
Other current liabilities
Total current liabilities
0.9
40.1
79.9
120.8
0.0
36.9
68.5
105.4
0.0
44.1
68.5
112.6
0.0
48.8
68.5
117.3
0.0
54.5
68.5
123.0
0.4
0.0
0.0
5.0
5.4
0.2
0.0
0.0
7.0
7.1
0.2
0.0
0.0
7.0
7.1
0.2
0.0
0.0
7.0
7.1
0.2
0.0
0.0
7.0
7.1
Total liabilities
126.2
112.5
119.8
124.4
130.2
Shareholders funds
Minority interests
398.9
17.8
466.9
19.7
549.7
22.5
639.0
25.7
735.4
29.1
Total equity
416.7
486.6
572.2
664.7
764.4
Total liabilities and equity
542.9
599.1
692.0
789.1
894.6
(110.9)
1,115
(98.3)
1,115
(155.0)
1,115
(208.1)
1,115
(261.5)
1,115
Net profit adj.

EBITDA
EPS (SGD)
EPS adj. (SGD)
DPS (SGD)
Avg fully diluted shares (mn)
Balance sheet (SGD mn)
Long-term debt
Convertible bonds
Deferred tax
Other long-term liabilities
Total long-term liabilities
Net debt (cash)

Year-end shares (mn)
Year-end: Dec
EBIT
Depreciation & amortisation
Net interest
Tax paid
Changes in working capital
Others
Cash flow from operations
2012
88.3
(11.6)
(0.5)
(8.7)
(17.4)
123.9
85.7
2013
93.0
(14.8)
(0.4)
(9.7)
(35.7)
123.5
62.8
2014E
93.1
(13.5)
(0.5)
(9.8)
(17.5)
123.3
82.0
2015E
100.4
(14.4)
(1.0)
(11.2)
(18.4)
134.0
89.0
2016E
108.7
(15.8)
(1.0)
(12.7)
(21.7)
145.4
94.3
Capex
Acquisitions & Investments
Disposals
Others
Cash flow from investing
(63.3)
0.3
0.2
4.8
(58.0)
(48.3)
8.3
2.3
0.1
(37.6)
(24.9)
0.0
0.0
0.0
(24.9)
(35.4)
0.0
0.0
0.0
(35.4)
(40.5)
0.0
0.0
0.0
(40.5)
Dividends
Issue of shares
Change in debt
Other financing cash flow
Cash flow from financing
(32.3)
0.0
0.0
(1.1)
(33.5)
(39.6)
0.0
0.0
(2.3)
(41.9)
(0.4)
0.0
0.0
0.0
(0.4)
(0.4)
0.0
0.0
0.0
(0.4)
(0.5)
0.0
0.0
0.0
(0.5)
Change in cash
Exchange rate effect
Free cash flow
(10.4)
0.0
22.4
(13.0)
0.0
14.5
56.7
0.0
57.1
53.1
0.0
53.5
53.4
0.0
53.9
2012
2013
2014E
2015E
2016E
34.9
14.8
17.0
15.1
9.6
17.8
24.9
24.8
21.6
22.4
37.6
14.0
16.7
18.0
9.7
7.3
27.9
27.9
27.9
26.2
37.1
13.5
15.8
14.1
10.2
5.8
-16.9
-16.9
-16.9
-16.8
36.9
13.2
15.5
13.8
10.7
10.3
8.0
8.0
8.0
8.0
36.3
12.9
15.1
13.5
11.2
10.7
7.8
7.8
7.8
7.8
20.4
21.7
1.0
1.0
-0.2
94.9
61.1
40.9
23.1
20.3
1.0
0.7
-0.3
96.8
62.3
40.4
16.4
17.4
0.9
0.9
-0.5
105.0
63.2
39.9
15.1
16.0
0.9
0.9
-0.4
104.7
64.6
41.4
14.1
15.1
0.9
0.9
-0.4
104.2
64.4
41.2
Financial ratios and other

Year-end: Dec
Operating ratios
Gross margin (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Effective tax rate (%)
Sales growth (%)
Net income growth (%)
EPS growth (%)
EPS growth adj. (%)
DPS growth (%)
Efficiency ratios
ROE (%)
ROCE (%)
Asset turnover (x)
Op. cash/EBIT (x)
Depreciation/capex (x)
Inventory days
Accounts receivable days
Accounts payable days
Leverage ratios
Net gearing (%)
Debt/capital (%)
Interest cover (x)
Debt/EBITDA (x)
Current ratio (x)
Valuation
EV/sales (x)
EV/EBITDA (x)
EV/EBIT (x)
PER (x)
PER adj. (x)
PBR (x)
Dividend yield (%)
-26.6
0.3
1,961.2
0.0
2.5
2.1
13.9
12.1
15.1
15.1
4.5
3.4
-20.2
-27.1
-31.3
-34.2
0.0
0.0
0.0
0.0
2,819.2 12,774.2 13,768.3 14,901.0
0.0
0.0
0.0
0.0
3.1
3.6
4.1
4.6
3.9
27.5
23.1
22.5
22.5
4.5
2.2
2.4
17.4
14.9
18.6
18.6
2.8
2.7
2.1
15.6
13.3
17.2
17.2
2.4
2.9
1.8
13.8
11.8
16.0
16.0
2.1
3.1
13 June 2014
28

Great Taste driving growth
We reiterate our Outperform rating on URC, with a revised
price target of PHP 182.60 (previously PHP 195.60).
OUTPERFORM
(unchanged)
PRICE TARGET
We expect robust growth for URC in the Philippines,

especially its 3-in-1 coffee brand, Great Taste.
PHP 155.00
PHP 182.60
We continue to like URC for its strong regional brand,

multi-product portfolio, and top-class management.
Bloomberg code
We value URC based on SOTP valuation methodology, and

our price target translates into 28.6x 2015E PER.
Robust growth. In 2QFY14 (end-March 2014), sales of URCs
domestic branded consumer business grew 24% YoY, driven
primarily by the success of Great Taste. Moreover, sales of URCs
beverage segment in the Philippines grew 41% YoY during the
quarter, compared with 16% YoY for the snack segment. We
expect Great Taste to sustain its robust growth the company
undersupplied the market earlier because its manufacturing
capacity had been fully utilised. URC opened a new plant in
Vietnam in May 2014, thereby increasing its coffee product
manufacturing capacity by 30%.
Gaining market share. Great Tastes market share of 3-in-1
coffee increased to 22% in December 2013, from only 5% in June
2012. Great Tastes momentum remains strong: its market share
rose to 23% in February 2014, according to management. In
contrast, Nestles market share of 3-in-1 coffee declined to 42% in
February 2014, from 53% in June 2012. Great Tastes strong
market share gain and Nestles market share decline suggest
market leadership could change quickly, which could be a
negative read-across for Super in its core markets.
Reuters code
URC PM
URC-PH
Market cap
12-month range
PHP 338,133mn (USD 7,743mn)
PHP 102.90 - 157.00
Year-end: September
Sales (PHP mn)
EBITDA (PHP mn)
EBIT (PHP mn)
Pre-tax profit (PHP mn)
Net profit adj. (PHP mn)
FCF (PHP mn)
EPS adj. (PHP)
DPS (PHP)
Book value/share (PHP)
EPS growth adj. (%)
DPS growth (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Div. payout (%)
Net gearing (%)
ROE (%)
ROCE (%)
EV/sales (x)
EV/EBITDA (x)
PBR (x)
PER adj. (x)
Dividend yield (%)
2013
80,995
13,897
10,279
11,550
9,179
6,073
4.21
3.00
23.28
25.1
57.9
17.2
12.7
11.3
65.2
-19.8
20.6
20.2
2.7
16.0
5.3
24.4
2.9
2015E
2014E
93,357
17,662
13,429
14,122
11,863
6,353
5.44
3.55
25.19
29.2
18.2
18.9
14.4
12.7
65.0
-15.8
22.5
24.9
3.5
18.7
6.2
28.5
2.3
2.9%
2015E
107,659
20,617
15,902
16,551
13,907
8,315
6.37
4.16
27.43
17.2
17.2
19.2
14.8
12.9
65.0
-13.2
24.3
27.1
3.1
16.0
5.7
24.3
2.7
2016E
124,209
23,885
18,759
19,416
16,218
10,935
7.43
4.85
30.04
16.6
16.6
19.2
15.1
13.1
65.0
-12.6
26.0
29.3
2.7
13.8
5.2
20.8
3.1

PSEi - PHILIPPINE SE IDX (rebased)
160
130
Potential to expand 3-in-1 coffee regionally. Currently, URC

sells 3-in-1 coffee only in the Philippines. As its manufacturing
capacity is limited, we expect the company to focus on the
Philippines 3-in-1 coffee market this year. However, over the next
2-3 years, we think URC may launch new 3-in-1 coffee products.
This would intensify competition for other 3-in-1 coffee brands,
such as Super and Mayora Indah, in our view.
100
Jun-13
Sep-13
Share price (%)

Ordinary shares
Relative to index
Relative to sector
Major shareholder
Free float
Dec-13
Mar-14
Jun-14
-1 mth
-3 mth -12 mth
5
10
35
5
5
30
JG Summit Holding (64.0%)
23%
7,684,102
Stephen Hui
+65 6596 8514
Equity Research
13 June 2014
29
URC PM
PHP 155.00
PHP 182.60
Income statement (PHP mn)
Cash flow statement (PHP mn)
Year-end: Sep
Sales
Gross profit
SG&A
Other income
Other expenses
EBIT
Net interest
Associates
Exceptional items
Pre-tax profit
Taxation
Minority interests
Year-end: Sep
EBIT
Net interest
Tax paid
Others
Net profit
2012
2013
2014E
2015E
2016E
71,202 80,995 93,357 107,659 124,209
18,471 23,219 26,140 30,144 34,778
(10,671) (12,940) (12,711) (14,242) (16,019)
7,801 10,279 13,429 15,902 18,759
547
264
604
540
528
31
19
42
55
66
53
(35)
47
54
62
716
1,023
0
0
0
9,147 11,550 14,122 16,551 19,416
(989) (1,432) (2,118) (2,516) (3,048)
(422)
(73)
(102)
(83)
(97)
7,736
10,045
11,902
13,952
16,270
7,050
11,216
9,179
13,897
11,863
17,662
13,907
20,617
16,218
23,885
3.69
3.36
1.90
2,097
4.60
4.21
3.00
2,182
5.46
5.44
3.55
2,182
6.40
6.37
4.16
2,182
7.46
7.43
4.85
2,182
Year-end: Sep
Cash
Accounts receivable
Inventory
2012
5,346
7,461
9,759
17,121
39,688
2013
12,033
8,522
10,987
1,885
33,428
2014E
10,650
9,823
12,783
1,885
35,140
2015E
9,895
11,328
14,741
1,885
37,849
2016E
10,254
13,069
17,007
1,885
42,215
PP&E
Intangible assets
Associates and JVs
27,919
1,274
96
1,011
30,300
30,180
1,274
85
1,578
33,117
34,248
1,274
128
1,578
37,227
38,146
1,274
183
1,578
41,180
41,467
1,274
249
1,578
44,567
Total assets
69,987
66,545
72,367
79,029
86,782
Short-term debt
Accounts payable
8,589
7,587
3,893
20,068
1,945
9,514
3,260
14,719
1,945
11,068
3,260
16,274
1,945
12,764
3,260
17,969
1,945
14,726
3,260
19,931
2,990
0
312
3,303
0
0
996
996
0
0
996
996
0
0
996
996
0
0
996
996
Total liabilities
23,371
15,715
17,270
18,965
20,927
Shareholders funds
Minority interests
46,580
37
50,779
51
54,945
152
59,828
235
65,523
332
Total equity
46,617
50,830
55,097
60,064
65,855
69,987
66,545
72,367
79,029
86,782
6,233 (10,088)
2,097
2,182
(8,704)
2,182
(7,950)
2,182
(8,309)
2,182
Net profit adj.

EBITDA
EPS (PHP)
EPS adj. (PHP)
DPS (PHP)
Balance sheet (PHP mn)
Long-term debt
Convertible bonds
Deferred tax
Net debt (cash)

Capex
Disposals
Others
2012
7,801
3,415
(547)
(899)
2,256
962
12,989
2013
10,279
3,618
(264)
(1,182)
(1,443)
610
11,619
2014E
13,429
4,233
(604)
(2,118)
(1,542)
1,255
14,653
2015E
15,902
4,715
(540)
(2,516)
(1,767)
1,133
16,927
2016E
18,759
5,125
(528)
(3,048)
(2,045)
1,118
19,381
(5,129)
(9,177)
3,695
3
(10,608)
(5,546)
0
15,432
59
9,945
(8,300)
0
0
0
(8,300)
(8,613)
0
0
0
(8,613)
(8,446)
0
0
0
(8,446)
(3,917) (5,236)
5,601
0
2,839 (6,643)
(6,105) (2,998)
(1,582) (14,877)
(7,737)
0
0
0
(7,737)
(9,069) (10,576)
0
0
0
0
0
0
(9,069) (10,576)
Dividends
Issue of shares
Change in debt
Change in cash
Free cash flow
799
7,860
6,687
6,073
(1,384)
6,353
(754)
8,315
359
10,935
2012
2013
2014E
2015E
2016E
25.9
15.8
11.0
9.9
10.8
6.0
66.9
64.2
16.5
0.0
28.7
17.2
12.7
11.3
12.4
13.8
29.8
24.8
25.1
57.9
28.0
18.9
14.4
12.7
15.0
15.3
18.5
18.5
29.2
18.2
28.0
19.2
14.8
12.9
15.2
15.3
17.2
17.2
17.2
17.2
28.0
19.2
15.1
13.1
15.7
15.4
16.6
16.6
16.6
16.6
Efficiency ratios
ROE (%)
ROCE (%)
Asset turnover (x)
Op. cash/EBIT (x)
Inventory days
17.7
16.4
1.0
1.7
0.7
67.4
38.1
51.4
20.6
20.2
1.2
1.1
0.7
65.5
36.0
54.0
22.5
24.9
1.3
1.1
0.5
64.5
35.9
55.9
24.3
27.1
1.4
1.1
0.5
64.8
35.9
56.1
26.0
29.3
1.5
1.0
0.6
64.8
35.8
56.1
Leverage ratios
Net gearing (%)
Debt/capital (%)
Interest cover (x)
Debt/EBITDA (x)
Current ratio (x)
13.4
23.2
11.4
1.3
2.0
-19.8
3.8
38.6
0.5
2.3
-15.8
3.5
175.5
0.1
2.2
-13.2
3.2
207.8
0.1
2.1
-12.6
2.9
245.1
0.1
2.1
Valuation
EV/sales (x)
EV/EBITDA (x)
EV/EBIT (x)
PER (x)
PER adj. (x)
PBR (x)
Dividend yield (%)
1.8
11.5
16.5
15.4
16.9
3.1
3.3
2.7
16.0
21.6
22.3
24.4
5.3
2.9
3.5
18.7
24.5
28.4
28.5
6.2
2.3
3.1
16.0
20.8
24.2
24.3
5.7
2.7
2.7
13.8
17.6
20.8
20.8
5.2
3.1
56,257
7,370
7,575
65,401
7,393
8,201
77,576
7,416
8,365

Year-end: Sep
Operating ratios
Gross margin (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Sales growth (%)
EPS growth (%)
EPS growth adj. (%)
DPS growth (%)
Other
Branded Consumer food
Agro-Industrial
Commodity Food
91,636 107,940
7,490
7,565
8,533
8,703
13 June 2014
30
Mayora Indah
Watching margins closely
Mayora Indah (Mayora) missed our and consensus IN-LINE (unchanged)
earnings estimates in 1Q14 due to a weak gross profit
margin following a rise in raw material prices. We expect
IDR 29,250
gross profit margin to remain under pressure from: (1)
rising raw material costs; and (2) a volatile USD-IDR
Bloomberg code
exchange rate.
We maintain our In-Line rating as we see few further
catalysts for the share price. We roll forward DCF and raise
our 12-month price target to IDR 30,363 (from IDR 27,895).
PRICE TARGET
IDR 30,363
Reuters code
MYOR IJ
MYOR.JK
Market cap
12-month range
IDR 26.2bn (USD 2mn)
IDR 22,500 - 31,000
-4.7%
2015E
-0.5%
Despite a weak 1Q14 performance, Mayoras share price is

up 10% YTD. The stock is trading at an unattractive 22x
2015E PER and our price target implies 23x 2015E PER.
Rising raw material costs hurt margins. Mayora reported a
weak 1Q14 gross profit margin of 20.1%, compared with 24.6% in
1Q13 and 22.6% in 4Q13. Management attributed this to rising
prices of palm oil, sugar, creamer and milk for its snack and
coffee-mix products. We expect gross profit margin to improve to
22.8% in 2014, close to management guidance of 22.4%.
Competition in instant coffee remains intense. Management
indicated Mayora was the second-largest player by sales in instant
coffee in Indonesia in 2013, but noted competitor Wings Food has
been aggressive in advertising spend and its buy two, get one
free promotion. Against the fierce competition, we expect Mayora
to raise marketing spend back to 7-8% of revenue for the
remainder of 2014, from just 5.4% of revenue in 1Q14.
Conservative profit target. Management guides a net profit of
IDR 807bn in 2014, implying a decline of 20% YoY on an
unadjusted basis, or 10% YoY growth on an adjusted basis
(excluding FX gains of IDR 308bn in 2013). We see upside risk to
managements target, as palm oil and sugar price trends have
moderated since 1Q14.
Fairly valued for now. While Mayora has underperformed the
Jakarta Composite Index, the stock is still up 10% YTD and is
trading at 22x 2015E PER. As we expect further margin pressure,
we view Mayoras current valuation as fairly valued. We will be on
the lookout for signs of improving margins in the next two quarters.
Year-end: December
Sales (IDR bn)
EBITDA (IDR bn)
EBIT (IDR bn)
Pre-tax profit (IDR bn)
Net profit adj. (IDR bn)
FCF (IDR bn)
EPS adj. (IDR)
DPS (IDR)
Book value/share (IDR)
EPS growth adj. (%)
DPS growth (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Div. payout (%)
Net gearing (%)
ROE (%)
ROCE (%)
EV/sales (x)
EV/EBITDA (x)
PBR (x)
PER adj. (x)
Dividend yield (%)
2013
12,018
1,669
1,305
1,356
801
535
896
159
4,307
14.1
42.8
13.9
10.9
6.7
13.7
51.1
30.4
19.4
2.1
14.9
6.0
28.2
0.6
2014E
14,421
1,822
1,469
1,207
918
354
1,026
140
5,193
14.5
-11.9
12.6
10.2
6.4
13.7
37.5
21.6
19.6
1.9
15.3
5.6
28.5
0.5
2015E
17,306
2,158
1,806
1,541
1,172
524
1,310
179
6,325
27.7
27.7
12.5
10.4
6.8
13.7
24.5
22.7
21.5
1.6
12.8
4.6
22.3
0.6
2016E
20,584
2,622
2,199
1,929
1,466
140
1,639
224
7,740
25.1
25.1
12.7
10.7
7.1
13.7
20.9
23.3
23.0
1.3
10.5
3.8
17.8
0.8

Mayora Indah
JAKARTA COMPOSITE INDEX (rebased)
32,000
27,000
22,000
Jun-13
Sep-13
Share price (%)

Ordinary shares
Relative to index
Relative to sector
Major shareholder
Free float
Dec-13
Mar-14
Jun-14
-1 mth
-3 mth -12 mth
3
-3
9
1
-8
1
Unita Branindo (32.9%)
64%
100,373
Alvin Witirto
+65 6596 8530
Equity Research
13 June 2014
31
MYOR IJ
IDR 29,2 50
IDR 30,3 63
DCF valuation
Our DCF assumes a risk-free rate of 8.5%, cost of debt of 7.0%, equity risk premium
of 6.0%, tax rate of 25.0%, target debt to firm value of 12.5% and an implied
weighted average cost of 12.3%.
Figure 47: DCF valuation (IDR bn)
2012
2013
2014E
2015E
2016E
2017E
2018E
2019E
2020E
2021E
2022E
EBIT
1,157
1,305
1,469
1,806
2,199
2,656
3,174
3,792
4,529
5,272
6,003
6,833
12.8%
12.6%
22.9%
21.8%
20.8%
19.5%
19.5%
19.5%
16.4%
13.9%
13.8%
Change YoY
EBIT margin
2023E
11.0%
10.9%
10.2%
10.4%
10.7%
10.9%
11.1%
11.2%
11.3%
11.5%
11.6%
11.8%
EBIT (1-tax)
867
979
1,102
1,355
1,650
1,992
2,380
2,844
3,397
3,954
4,502
5,125
(+) Depr and amortisation
271
364
353
352
422
429
444
468
626
656
695
744
(-) Ch. in working capital
(740)
(471)
(646)
(677)
(749)
(823)
(951)
(1,098)
(1,266)
(1,183)
(1,211)
(1,470)
(619)
(477)
(288)
(346)
(1,029)
(486)
(573)
(676)
(1,995)
(918)
(1,033)
(1,162)
-6%
-4%
-2%
-2%
-5%
-2%
-2%
-2%
-5%
-2%
-2%
-2%
(221)
395
520
683
293
1,112
1,299
1,538
762
2,509
2,954
3,237
Discount factor
0.94
0.83
0.74
0.66
0.59
0.53
0.47
0.42
0.37
0.33
Present Value of FCF's
487
570
218
736
766
807
356
1,045
1,096
1,069
2024E
2025E
2026E
2027E
2028E
2029E
2030E
2031E
2032E
2033E
3,560
3,916
4,308
4,739
5,213
5,734
6,308
6,938
7,632
8,395
0.29
0.26
0.23
0.21
0.19
0.16
0.15
0.13
0.12
0.10
1,048
1,026
1,005
985
965
945
926
907
889
871
Capex to sales
Stage 2: 2024-33E
Discount factor
Present Value of FCF's
Stage 3: Terminal
Terminal value
120,858
0.10
Discount factor
12,534
Equity value
Growth rates assumptions
WACC assumptions
7,152
Stage 1: 2014-23E
23%
Risk-free rate
8.5%
9,567
Stage 2: 2024-34E
10%
Cost of debt
7.0%
12,534
Stage 3: Terminal
5%
Enterprise value (IDR bn)
29,254
Tax rate
25.0%
Add. Net cash
(2,012)
Target debt to firm value
12.5%
Less. Minority interest

Equity value (IDR bn)
Shares outstanding (bn)
(86)
27,155
0.894
Price target (IDR)
30,363
Current price (IDR)
29,250
Upside/downside
Equity risk premium
Equity beta
6.0%
0.80
5.3%
Cost of equity
13.3%
WACC
12.3%
3.8%
PER 2015E
23.2
EPS 2015E
1,310
13 June 2014
32
Relative valuation
Mayora is trading at 22x 2015E PER and our price target implies 23x 2015E PER.
Figure 48: Peer comparison
Name
Ticker
Mayora Indah
MYOR IJ
Market
cap
3M
avg.
value
traded
(LCY)
(USD
mn)
(USD
mn)
FYE
2013
2014
2015 CAGR PEG 2014 2013 2014 2015 2014
2014
IL 30,363 29,250
2,215
0.08 12/13
32.6
28.5
22.3
21%
1.1
1.8
17.9
15.3
12.8
0.5
19.6
Rating
Price
target
Price
(LCY)
Last
2Y
EPS
PER (x)
2Y
Price/
sales
EV/EBITDA (x)
Div.
ROCE
yield
(%)
(%)
Indonesia
Indofood CBP
OP 12,300 10,200
5,025
3.71 12/13
20.3
17.7
14.7
18%
0.8
2.0
15.5
11.6
9.2
2.1
25.7
Indofood Sukses INDF IJ
ICBP IJ
OP
6,900
5,094
6.83 12/13
24.2
13.3
9.9
56%
0.2
0.9
10.3
6.1
5.5
3.8
17.4
Ultrajaya
ULTJ IJ
NR
4,000
978
0.10 12/13
35.5
23.4
18.0
40%
0.4
2.6
17.7
14.3
11.3
NA
19.1
Tiga Pilar
AISA IJ
NR
2,435
602
1.16 12/13
23.0
17.4
13.5
31%
0.4
1.3
12.2
9.2
7.2
0.6
18.0
Siantar Top
STTP IJ
NR
2,890
321
0.00 12/13
33.1
NA
NA
NA
NA
NA
NA
NA
NA
NA
18.7
27.2
18.0
14.0
36%
0.5
1.7
13.9
10.3
8.3
2.2
19.8
8,521
Average
Regional peers
Universal Robina URC PM
OP 182.60 155.00
RFM Corp
RFM PM
NR
7,718
7.71 09/13
36.8
28.5
24.3
23%
1.1
3.6
24.0
18.7
16.0
2.3
24.9
6.17
493
0.12 12/13
24.8
22.4
20.2
11%
1.9
2.0
15.3
13.1
11.3
1.1
Super Group
SUPER SP
IL
11.1
1.34
1.39
1,235
2.19 12/13
22.5
18.6
17.2
14%
3.5
2.6
12.6
17.4
15.6
2.7
Petra Foods Ltd
PETRA SP
OP
17.4
4.00
3.90
1,906
1.15 12/13
40.2
27.8
24.4
28%
0.9
3.4
19.2
15.4
13.7
0.8
Oldtown Bhd
OTB MK
NR
31.6
2.24
313
0.51 12/12
NA
19.1
16.9
NA
NA
2.5
NA
10.6
9.1
2.7
28.6
31.1
23.3
20.6
17%
1.8
3.0
19.3
16.3
14.0
1.9
22.6
Average
Share price as of 11 June 2014
Source: Bloomberg, Standard Chartered Research estimates
13 June 2014
33
Income statement (IDR bn)

Year-end: Dec
Sales
Gross profit
SG&A
Other income
Other expenses
EBIT
Net interest
Associates
Exceptional items
Pre-tax profit
Taxation
Minority interests
Exceptional items after tax
Net profit
Cash flow statement (IDR bn)

2012
10,511
2,346
(1,189)
0
0
1,157
(205)
0
(28)
36
960
(215)
(15)
0
730
2013
12,018
2,922
(1,617)
0
0
1,305
(232)
0
(27)
310
1,356
(298)
(17)
0
1,042
2014E
14,421
3,200
(1,731)
0
0
1,469
(224)
0
(38)
0
1,207
(271)
(19)
0
918
2015E
17,306
3,883
(2,077)
0
0
1,806
(219)
0
(45)
0
1,541
(346)
(24)
0
1,172
2016E
20,584
4,670
(2,470)
0
0
2,199
(217)
0
(54)
0
1,929
(433)
(30)
0
1,466
702
1,428
801
1,669
918
1,822
1,172
2,158
1,466
2,622
816
785
111
894
1,165
896
159
894
1,026
1,026
140
894
1,310
1,310
179
894
1,639
1,639
224
894
Year-end: Dec
Cash
Accounts receivable
Inventory
2012
1,340
0
2,051
1,499
424
5,314
2013
1,860
0
2,796
1,456
317
6,430
2014E
2,089
0
3,355
1,797
317
7,559
2015E
2,454
0
3,979
2,112
317
8,862
2016E
2,393
0
4,677
2,461
317
9,848
PP&E
Intangible assets
Associates and JVs
2,858
0
0
131
2,989
3,114
0
0
165
3,280
3,050
0
0
165
3,216
3,044
0
0
165
3,210
3,651
0
0
165
3,817
Total assets
8,303
9,710
10,774
12,072
13,664
Short-term debt
Accounts payable
915
853
157
1,924
1,119
1,084
429
2,632
1,119
1,337
429
2,885
1,119
1,599
429
3,147
1,119
1,896
429
3,444
Long-term debt
Convertible bonds
Deferred tax
3,017
0
0
293
3,310
2,754
0
0
385
3,139
2,754
0
0
385
3,139
2,754
0
0
385
3,139
2,754
0
0
385
3,139
Total liabilities
5,235
5,771
6,024
6,287
6,584
Shareholders funds
Minority interests
2,992
76
3,852
86
4,645
105
5,656
129
6,922
158
Total equity
3,068
3,939
4,750
5,785
7,081
8,303
9,710
10,774
12,072
13,664
Net debt (cash)

2,592
894
2,012
894
1,783
894
1,419
894
1,480
894
Net profit adj.

EBITDA
EPS (IDR)
EPS adj. (IDR)
DPS (IDR)
Balance sheet (IDR bn)
13 June 2014
Year-end: Dec
EBIT
Net interest
Tax paid
Others
2012
1,157
271
205
(133)
(740)
89
849
2013
1,305
364
232
(346)
(471)
(72)
1,012
2014E
1,469
353
224
(271)
(646)
(486)
643
2015E
1,806
352
219
(346)
(677)
(484)
870
2016E
2,199
422
217
(433)
(749)
(488)
1,169
Capex
Disposals
Others
(619)
0
28
(127)
(718)
(477)
0
4
(162)
(635)
(288)
0
0
0
(288)
(346)
0
0
0
(346)
(1,029)
0
0
0
(1,029)
Dividends
Issue of shares
Change in debt
(100)
0
231
748
879
(183)
0
203
(84)
(64)
(125)
0
0
0
(125)
(160)
0
0
0
(160)
(200)
0
0
0
(200)
Change in cash
Free cash flow
1,010
0
230
313
0
535
229
0
354
364
0
524
(61)
0
140
2012
2013
2014E
2015E
2016E
22.3
13.6
11.0
6.7
22.4
11.2
54.9
54.9
47.3
0.0
24.3
13.9
10.9
6.7
21.9
14.3
42.8
42.8
14.1
42.8
22.2
12.6
10.2
6.4
22.4
20.0
-11.9
-11.9
14.5
-11.9
22.4
12.5
10.4
6.8
22.4
20.0
27.7
27.7
27.7
27.7
22.7
12.7
10.7
7.1
22.4
18.9
25.1
25.1
25.1
25.1
Efficiency ratios
ROE (%)
ROCE (%)
Asset turnover (x)
Op. cash/EBIT (x)
Inventory days
27.3
20.8
1.4
0.7
0.4
63.4
65.3
43.3
30.4
19.4
1.3
0.8
0.8
59.3
73.6
38.9
21.6
19.6
1.4
0.4
1.2
52.9
77.8
39.4
22.7
21.5
1.5
0.5
1.0
53.2
77.3
39.9
23.3
23.0
1.6
0.5
0.4
52.4
76.7
40.1
Leverage ratios
Net gearing (%)
Debt/capital (%)
Interest cover (x)
Debt/EBITDA (x)
Current ratio (x)
84.5
61.6
5.2
2.4
2.8
51.1
54.7
5.1
2.3
2.4
37.5
49.1
5.8
2.1
2.6
24.5
43.4
7.1
1.8
2.8
20.9
37.9
8.6
1.5
2.9
Valuation
EV/sales (x)
EV/EBITDA (x)
EV/EBIT (x)
PER (x)
PER adj. (x)
PBR (x)
Dividend yield (%)
1.7
12.5
15.4
20.9
21.7
5.1
0.7
2.1
14.9
19.1
21.7
28.2
6.0
0.6
1.9
15.3
19.0
28.5
28.5
5.6
0.5
1.6
12.8
15.3
22.3
22.3
4.6
0.6
1.3
10.5
12.6
17.8
17.8
3.8
0.8
Other
Food Processing
5,773
7,642
Coffee Powder/Instant & Chocolate
5,773
Proces 7,642
9,629
9,629
0
0
0
0

Year-end: Dec
Operating ratios
Gross margin (%)
EBITDA margin (%)
EBIT margin (%)
Net margin adj. (%)
Sales growth (%)
EPS growth (%)
EPS growth adj. (%)
DPS growth (%)
34
Disclosures appendix
The information and opinions in this report were prepared by Standard Chartered Bank (Hong Kong) Limited, Standard Chartered Bank Singapore Branch, Standard
Chartered Securities (India) Limited, Standard Chartered Securities Korea Limited and/or one or more of its affiliates (together with its group of companies, SCB)
and the research analyst(s) named in this report. THIS RESEARCH HAS NOT BEEN PRODUCED IN THE UNITED STATES.
Analyst Certification Disclosure: The research analyst or analysts responsible for the content of this research report certify that: (1) the views expressed and
attributed to the research analyst or analysts in the research report accurately reflect their personal opinion(s) about the subject securities and issuers and/or other
subject matter as appropriate; and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views
contained in this research report. On a general basis, the efficacy of recommendations is a factor in the performance appraisals of analysts.
Where disclosure date appears below, this means the day prior to the report date. All share prices quoted are the closing price for the business day prior to the
date of the report, unless otherwise stated.
Recommendation and price target history for Super Group
SGD
2.57
11
10
1.80
1.41
1.03
0.64
Jul-11
Date
2.18
Oct-11
Jan-12
Apr-12
Recommendation
Jul-12
Price target
Date
Oct-12
Jan-13
Apr-13
Recommendation
Jul-13
Price target
Oct-13
Date
Jan-14
Apr-14
Recommendation
Jul-14
Price target
1 12 Aug 11 OUTPERFORM
0.89
1.25
9 13 Aug 13 IN-LINE
2.57
2 11 Nov 11 OUTPERFORM
0.88
6 15 Jan 13 OUTPERFORM
1.82 10 13 Nov 13 IN-LINE
1.97
3 27 Feb 12 OUTPERFORM
0.93
7 6 Feb 13
1.99 11 25 Feb 14 IN-LINE
2.09
OUTPERFORM
4 11 May 12 OUTPERFORM
1.12 8 14 May 13 IN-LINE
Source: FactSet prices, SCB recommendations and price targets
2.53
Recommendation and price target history for Mayora Indah
IDR
26,949
22,783
18,617
14,451
10,286
Jul-11
Date
Oct-11
Jan-12
Recommendation
Apr-12
Price target
1 15 Sep 11 OUTPERFORM
15,000
Jul-12
Date
Oct-12
Jan-13
Apr-13
Recommendation
Price target
2 12 Mar 12 OUTPERFORM
16,286 4 6 Feb 13
Jul-13
19,714
OUTPERFORM
Oct-13
Date
Jan-14
Apr-14
Recommendation
Jul-14
Price target
5 20 Sep 13 IN-LINE
27,895
23,491
Recommendation and price target history for Universal Robina Corp
PHP
195.60
163.88
132.16
3 4
100.44
68.72
37.00
Jul-11
Date
1 17 Apr 12
Oct-11
Recommendation
Jan-12
Apr-12
Jul-12
Price target
Date
Oct-12
Jan-13
Recommendation
Apr-13
Jul-13
Price target
Oct-13
Date
Jan-14
Recommendation
Apr-14
Jul-14
Price target
OUTPERFORM
78.00
4 6 Feb 13
OUTPERFORM
99.74
154.44
73.00
107.54
8 21 May 14 OUTPERFORM
195.60
3 15 Jan 13 OUTPERFORM
94.58 6 20 Sep 13 OUTPERFORM
144.20
13 June 2014
35
Recommendation Distribution and Investment Banking Relationships

% of covered companies
currently assigned this rating
% of companies assigned this rating with which SCB has provided

investment banking services over the past 12 months
OUTPERFORM
54.4%
12.7%
IN-LINE
35.4%
11.5%
UNDERPERFORM
As of 31 March 2014
10.2%
7.7%
Research Recommendation
Terminology
OUTPERFORM (OP)
IN-LINE (IL)
UNDERPERFORM (UP)
Definitions
The total return on the security is expected to outperform the relevant market index by 5% or more over the next 12 months
The total return on the security is not expected to outperform or underperform the relevant market index by 5% or more over the next
12 months
The total return on the security is expected to underperform the relevant market index by 5% or more over the next 12 months
SCB uses an investment horizon of 12 months for its price targets.

Additional information, including disclosures, with respect to any securities referred to herein will be available upon request. Requests should be sent to
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13 June 2014
36
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37

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l Equity Research l ASEAN l Food & Beverage l

ASEAN food and beverage

Price war reflects regional competition

The bottom line

Super and Kopiko have

We visited Giant, Cold Storage, NTUC Fairprice, and Sheng

Shelf space leader, but not yet premium

*Product with highest discount has been selected.

Singapore supermarket shelf space share of 3-in-1 coffee

Did you know A study from Finland and Sweden

Important disclosures can be found in the Disclosures Appendix

Equity Research l ASEAN food and beverage

Price war in Singapore

Regional competition may intensify

Universal Robina Corp

Equity Research l ASEAN food and beverage

Super dominates shelf space

Source: Standard Chartered Research

Differences in aisle space shares by supermarket reflect positioning: We noticed

Source: Standard Chartered Research

Figure 3: NTUC Fair Price Shelf

Source: Standard Chartered Research

Equity Research l ASEAN food and beverage

Figure 4: Giant Shelf space share of

Figure 5: Sheng Siong Shelf space

Source: Standard Chartered Research

Source: Standard Chartered Research

Figure 7: Supers promotion stand

Source: Standard Chartered Research

Source: Standard Chartered Research

Equity Research l ASEAN food and beverage

Figure 8: White coffee classic

Source: Standard Chartered Research

Figure 9: 3-in-1 classic

Source: Standard Chartered Research

Figure 10: White coffee classic

Average original price/g

Source: Standard Chartered Research

Equity Research l ASEAN food and beverage

Figure 11: 3-in-1 coffee

Average original price/g

In-comix Food Industries

OWL vs. Nestle

Super vs. Nestle

Source: Standard Chartered Research

Equity Research l ASEAN food and beverage

Figure 12: White Coffee Classic from NTUC Fair Price

OWL vs. Average

Super va. Average

OWL vs. Nestle

Super vs. Nestle

OWL vs. Super

Figure 13: 3-in-1 Classic from NTUC Fair Price

Super vs. Average

OWL vs. Nescafe

Super vs. Nescafe

OWL vs. Super

Equity Research l ASEAN food and beverage

Figure 14: White Coffee Classic from NTUC Fair Price

Figure 15: 3-in-1 Classic from NTUC Fair Price

Source: Standard Chartered Research

Coffee King Kopiko

Source: Standard Chartered Research