Core Viewpoint - The coconut water market is experiencing high growth potential, with a market size just over $1 billion, indicating room for improvement compared to other beverage categories. The sustainable growth is supported by increasing penetration rates and a focus on high-quality raw materials and stable supply chains [1][2]. Industry Summary - The coconut water industry has a clear division of labor, with raw material attributes determining the stability of the supply chain as a key factor. The market is currently attracting numerous participants, but issues such as substandard products are disrupting market order. Future industry standards are expected to favor companies with high-quality raw material sources and stable supply chains [1]. - The market for coconut water is projected to maintain a high level of prosperity, with significant growth opportunities as the industry becomes more regulated [1]. Company Summary - IFBH is identified as a leading company in the domestic coconut water market, focusing on branding rather than midstream processing or downstream sales. The company has a strong relationship with its main raw material supplier, General Beverage, which enhances its supply chain efficiency [1][2]. - General Beverage is the sole supplier of coconut water raw materials, having established strong partnerships with qualified farmers and local collectors in Thailand. In 2024, IFBH's coconut water sales are expected to reach 132 million liters, accounting for over 45% of Thailand's estimated coconut water production in 2023 [2]. - The company has successfully entered the Chinese market since 2017, enhancing brand recognition through packaging, distribution, and online marketing strategies. This has led to a positive market cycle, with expectations for continued high growth in the future [2]. - Profit forecasts indicate that IFBH's net profit attributable to shareholders is expected to reach $0.43 billion, $0.56 billion, and $0.7 billion for the years 2025-2027, with year-on-year growth rates of +29.5%, +28.77%, and +25.12% respectively, reflecting the high industry growth potential [2].
IFBH(6603.HK)：椰子水行业高增势能延续 龙头优势助力前行