Public Announcement: This will be the last article covering Fraser and Neave Limited (“F&N”) till further notice. Since the initial coverage of F&N, the share price has trended higher. With the dividend pay-out unchanged, the resulting dividend yield has compressed meaningfully. Given the current discount to book value and possible market speculation regarding a potential privatization, the profile of the stock now appears to offer a more speculative opportunity for capital appreciation rather than a stable, income-oriented investment.
On 12 November 2025, F&N released their full year result for FY2025. F&N delivered revenue growth for the financial year; however, earnings per share declined, mainly due to an SGD8.4 million provision for asset impairments and other restructuring-related expenses. Additionally, the decrease in NAV per share this quarter may signal cash outflows and the possibility of further provisions ahead. Management will need to sustain improvements in operational performance to mitigate these emerging risks and preserve financial resilience.
Disclaimer: Not financial advice. All data and information provided on this site is for informational purposes only. It does not take into account your individual needs, investment objectives and specific financial circumstances.
Website: Financial Statements And Related Announcement::Full Yearly Results
Financial Highlights
Revenue
| Metrics | Current | Previous |
|---|---|---|
| Revenue | +7.4% | +9.7% |
| Rating | Favourable | Favourable |
Revenue for FY2025 has increased by 7.4% to SGD2,322 million from SGD2,162 million for the previous financial year. The increase is smaller when compared to the previous announcement, indicating a smaller increase this quarter when compared to the rest of the financial year. Overall, the revenue metric remains Favourable.
Earnings Per Share
| Metrics | Current | Previous |
|---|---|---|
| Earnings per share | -5.8% | -3.6% |
| Rating | Unfavourable | Unfavourable |
Earnings per share for FY2025 has decreased by 5.8% to SGD0.097 per share when compared to SGD0.103 per share in the previous financial year. This was mainly led by an increase in expenses under exceptional items, which are mainly due to provision for impairment of assets and other expenses relating to restructuring of operations. No further disclosure was provided by management in relation to the nature of this provision. The metric remains Unfavourable.
Operating Cash Flows
| Metrics | Current | Previous |
|---|---|---|
| Operating Cash Flows | +6.9% | No Update |
| Rating | Favourable | Unfavourable |
Operating cash flows for FY2025 has increased by 6.9% to SGD231 million from SGD216 million for the previous financial year. The increase was mainly due to a higher EBITDA noted for the financial year. The metric shifted towards Favourable.
Gearing Ratio
| Metrics | Current | Previous |
|---|---|---|
| Gearing Ratio | 34.0% | 35.0% |
| Rating | Favourable | Favourable |
Gearing ratio as of 30 September 2025 has decreased to 34.0%. This metric is computed using total assets of SGD5,034 million and total liabilities of SGD1,713 million. Do note management have provided a gearing ratio of 21.8% using borrowings less cash and bank deposits over total equity. The metric remains Favourable as it is still relatively low.
Interest Coverage
| Metrics | Current | Previous |
|---|---|---|
| Interest Coverage | 7.2x | No Update |
| Rating | Favourable | Favourable |
The interest coverage stands at 7.2 times as of 30 September 2025, using profit before interest and tax of SGD308 million and finance costs of SGD43 million. The metric is Favourable.
Price-to-Book Ratio
| Metrics | Current | Previous |
|---|---|---|
| Price to Book Ratio | 0.78 | 0.74 |
| Rating | Favourable | Favourable |
The price-to-book (“P/B”) ratio for F&N became more expensive at 0.78. This is computed using the closing share price of SGD1.49 per share as of 4 December 2025 and the net asset value of the Group of SGD1.90 per share as of 30 September 2025. This is Favourable as you will be paying a discount to its book value.
As of 4 December 2025, the Market Capitalization is approximately SGD2,170 million.
Website: Yahoo Finance: Fraser and Neave, Limited (F99.SI)
Dividend
| Year | Yield | Total |
|---|---|---|
| 2026 | 2.68% | SGD 0.040 |
| 2025 | 3.69% | SGD 0.055 |
| 2024 | 3.69% | SGD 0.055 |
| 2023 | 3.36% | SGD 0.050 |
| 2022 | 3.36% | SGD 0.050 |
| 2021 | 3.36% | SGD 0.050 |
F&N have been paying relatively consistent dividends over the last few years. With a dividend pay-out of SGD0.040 per share in February 2026, the total dividend pay-out for the calendar year 2026 may be aligned to the dividend pay-out of SGD0.055 per share for the calendar year 2025.
With a closing share price of SGD1.49 per share as of 4 December 2025, this translates to a recurring dividend yield of 3.69%. For my benchmark, a general reasonable yield would be around 4.25%. The dividend yield is Unfavourable.
Website: Reasonable Dividend Yield 2025Q4 – 4.25%
If using dividend yield of 4.25% as a benchmark, based on the dividend of SGD0.055 per share there is potential for F&N to see its share price drop by another 13.1% to SGD1.29 per share.
| Yield | Share Price | Downside |
|---|---|---|
| Current | 1.49 | – |
| 4.25% | 1.29 | -13.1% |
| 5.25% | 1.05 | -29.7% |
Summary
| Metrics | Financials | Rating |
|---|---|---|
| Revenue | +7.4% | Favourable |
| Earnings per share | -5.8% | Unfavourable |
| Operating Cash Flows | +6.9% | Favourable |
| Gearing ratio | 34.0% | Favourable |
| Interest coverage | 7.2x | Favourable |
| Price to Book Ratio | 0.78 | Favourable |
| Overall | Favourable |
Overall, F&N shifted towards Favourable. F&N’s core F&B business continues to generate stable revenue and reasonable operating profit, which is a positive sign for its resilience, especially in volatile economic conditions. The profitable underlying operations may provide F&N with some capacity to invest and expand expanding its regional footprint or diversifying product categories.
Background
Fraser and Neave, Limited (“F&N” or the “Group”) had its origins more than a century ago, in the spirited decisions of two enterprising young men, John Fraser and David Neave, who diversified from their printing business to pioneer the aerated water business in Southeast Asia in 1883. From a soft drinks base, F&N ventured into the businesses of beer in 1931, dairy in 1959, property development and management in 1990, and publishing & printing in 2000. In 2012, the Group divested a substantial part of its beer business. In 2013, as F&N celebrated its 130th year of operation, it also welcomed its new majority shareholder, the TCC Group, which is engaged in food and beverage, real estate, industrial trading and consumer products, insurance and agriculture. In January 2014, through a distribution in specie and re-listing of Frasers Property Limited by way of introduction on the Singapore stock exchange, the Group demerged its Properties business.
Today, F&N is a leading Southeast Asian consumer group with expertise and prominent standing in the Food & Beverage and Publishing & Printing industries. Leveraging its strengths in marketing and distribution, research and development, brands and financial management, as well as years of acquisition experience, the Group provides key resources and sets strategic directions for its subsidiary companies across both industries.
Listed on the Singapore Stock Exchange, F&N ranks as one of the most established and successful companies in the region with an impressive array of renowned brands that enjoy strong market leadership. F&N is present in 11 countries spanning Asia Pacific and the Americas, and employs people worldwide.
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Website: Fraser and Neave Limited (SGX: F99): 2025 Third Quarter Business Update
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