Group 1 - VILVI Group reported consolidated sales of EUR 27.07 million for January 2026, reflecting a 9.2% increase compared to January 2025 [1] - The group includes several companies such as Vilkyškių pieninė AB, Modest AB, Kelmės pieninė AB, Kelmės pienas UAB, Pieno logistika AB, Baltic Dairy Board SIA, and Marijampolės pieno konservai UAB [1] Group 2 - On January 16, 2026, Vilkyškių pieninė AB completed the acquisition of 100% of the shares of Marijampolės pieno konservai UAB [2] - Marijampolės pieno konservai UAB specializes in the production of canned milk and milk powder [2]

Group 1: Kimly Limited - Kimly Limited is a leading coffee shop operator in Singapore with 86 food outlets and 176 stalls, achieving a revenue of S$322.1 million in FY2025, a 0.9% YoY increase, while net profit remained stable at S$33.3 million [2][4] - The company has a strong balance sheet with S$68.1 million in cash and only S$5.0 million in debt, resulting in a net cash position of over S$63 million, allowing for potential dividend growth [3][5] - Despite a decrease in free cash flow to S$55.3 million due to a S$30.0 million investment in property acquisitions, Kimly is set to distribute a total annual dividend of S$0.020 per share, yielding approximately 4.7% at a share price of S$0.43 [4][5] Group 2: Fraser & Neave - Fraser & Neave (F&N) reported a 7.4% YoY revenue increase to S$2.32 billion in FY2025, driven by strong sales in canned milk and beverage expansion, although attributable profit declined by 6.4% to S$141.3 million due to restructuring costs [6][7] - Free cash flow fell sharply to S$7.3 million from S$110.2 million as capital expenditure doubled to S$223.9 million, with funds directed towards long-term growth projects [7][8] - F&N maintained its total annual dividend at S$0.055 per share, offering a trailing yield of approximately 3.4% at a share price of S$1.60, but the sustainability of the dividend is under scrutiny due to cash flow pressures [8][9] Group 3: Thai Beverage - Thai Beverage, the largest beverage company in Southeast Asia, reported a 2% decline in revenue to THB 333.3 billion and a 7% drop in net profit to THB 25.4 billion for FY2025, largely due to a revenue slide in the Vietnamese beer market [10][11] - Despite falling profits, Thai Beverage raised its dividend, declaring a total of THB 0.62 per share, supported by a 13% increase in free cash flow to THB 32.4 billion [11][12] - The company holds THB 43.8 billion in cash against THB 227.5 billion in total debt, indicating the weakest balance sheet among the three companies, but the dividend sustainability is cautiously optimistic due to improved cash generation [12][13] Group 4: Investment Insights - The analysis highlights the importance of free cash flow over headline profits for sustainable dividend distributions, with Kimly being the most secure option due to its strong cash position [15][16] - Thai Beverage demonstrates operational strength with improved cash flow supporting a dividend increase, while F&N is in a transition phase requiring monitoring of its capital investments [16][17] - Investors should consider payout coverage, balance sheet resilience, and management's growth investments when evaluating these stocks, with Kimly offering the highest confidence level [17]