With a market cap of $26.5 billion, Constellation Brands, Inc. (STZ) is a leading producer, importer, and marketer of beer, wine, and spirits, offering a broad portfolio of well-known brands across the United States, Canada, Mexico, New Zealand, and Italy. It distributes its products through wholesale distributors, retailers, on-premise locations, and state alcohol beverage control agencies. Shares of the wine, liquor and beer company have underperformed the broader market over the past 52 weeks. STZ sto ...

Constellation Brands has named board director and former Suntory executive Nick Fink as the US group's new CEO. Fink, who joined the board in 2021, will take over from Bill Newlands, who will step down on 13 April, Constellation said in a statement yesterday (12 February). Constellation board chair Chris Baldwin said: “Nick will bring unique perspective and capabilities that will benefit Constellation and its stakeholders as we position the company for long-term success in a rapidly evolving and hyper-co ...

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]

Core Insights - Constellation Brands, Inc. (STZ) reported strong financial performance for Q3 of fiscal 2026, with earnings per share (EPS) of $3.06, exceeding estimates of $2.65, and revenue of approximately $2.22 billion, surpassing expectations of $2.16 billion [2][6] Financial Performance - The Beer Business segment achieved notable gains in both dollar and volume share, contributing positively to overall financial results [3] - The Wine and Spirit Business continued to outperform the U.S. wine industry, further solidifying the company's market position [3] Market Valuation - STZ has a price-to-earnings (P/E) ratio of approximately 22.10, indicating strong investor confidence in its earnings potential [4] - The price-to-sales ratio stands at about 2.62, reflecting the value placed on each dollar of sales [4] - The company maintains a low debt-to-equity ratio of 0.047, suggesting prudent financial management [4] Financial Stability - The current ratio of approximately 1.34 indicates the company's ability to cover short-term liabilities with short-term assets [5] - An earnings yield of about 4.53% represents a solid return on investment for shareholders [5]

Core Viewpoint - The stock market, particularly the Straits Times Index, is experiencing a bull run in 2025, with a year-to-date increase of over 21% as of December 15, 2025, yet three blue-chip stocks are underperforming, indicating potential investment opportunities beneath the surface [1]. Group 1: Thai Beverage (ThaiBev) - ThaiBev reported a total return of -11.1% year-to-date, with revenue declining by 2.1% year-on-year to THB333.3 billion and profit attributable to owners falling by 6.8% to THB25.4 billion for the fiscal year ending September 30, 2025 [2]. - The spirits segment saw a revenue dip of 1.8% to THB118.6 billion, while beer revenue tumbled by 2.5% to THB123.2 billion, with a significant 14% decline in beer revenue from Vietnam [3]. - A notable reduction in profit from associates and joint ventures contributed to the sharper drop in net profit, decreasing from THB5.5 billion in FY2024 to THB2.8 billion in FY2025 due to the disposal of Frasers Property Limited [4]. - Despite weaker earnings, ThaiBev's operating cash flow increased by 20.5% year-on-year to THB46 billion, and free cash flow rose by 12.5% to THB32.4 billion [4]. - The company declared a total dividend of THB0.62 per share for FY2025, an increase from THB0.6 the previous year [5]. Group 2: Mapletree Industrial Trust (MIT) - MIT reported a total return of -3.4% year-to-date, with gross revenue of S$346.1 million for the first half of the fiscal year ending March 31, 2026, down 3% year-on-year [6]. - Net property income declined by 3.5% to S$257.7 million, and distribution per unit fell by 5.1% year-on-year to S$0.0645 [6]. - Portfolio occupancy remained resilient at 91.3%, with Singapore maintaining 92.6% occupancy and Japan at full occupancy [7]. - The decline in financial performance was primarily due to lower contributions from the North American portfolio and foreign exchange headwinds from a weaker US dollar [7]. - MIT completed strategic divestments totaling S$535.3 million in Singapore and US$11.8 million for a Georgia data center, achieving premiums of 22.1% and 18.6% above market valuation, respectively [8]. - Aggregate leverage improved to 37.3% post-divestment, enhancing financial flexibility for future growth [8]. Group 3: SATS Ltd - SATS reported a total return of -2.8% year-to-date, with revenue rising by 9% year-on-year to S$3.1 billion for the first half of the fiscal year ending March 31, 2026, driven by higher cargo volumes and flight handling activities [9]. - Gateway services contributed nearly 78% of revenue, while net profit attributable to shareholders increased by 11.2% year-on-year to S$149.8 million [10]. - Free cash flow surged by 79.4% year-on-year to S$232.7 million, with management optimistic about continued growth in the global air cargo market in 2025 [10]. Group 4: Cash Flow Insights - ThaiBev's free cash flow rose by 12.5% year-on-year, SATS experienced a nearly 80% surge in cash generation, and MIT unlocked value through strategic divestments at premiums exceeding 20% [11].

Core Insights - Uber is expanding its grocery and alcohol retail partnerships with new regional additions, including Stater Bros. Markets, Kowalski's Markets, and Big Red Liquors, enhancing its local offerings across the U.S. [1][4] Group 1: New Partnerships - The new partnerships will allow customers in Southern California, Minnesota, and the Midwest to access more regional favorites through the Uber and Uber Eats apps [2][4] - Stater Bros. is recognized for its high-quality meats and produce, Kowalski's for its gourmet selections, and Big Red for its local wines and craft spirits, catering to holiday hosting needs [3][4] Group 2: Growth in Retail Business - 2025 has been a significant year for Uber's grocery and retail business, with over 1,000 new retailers added globally and more than 50,000 retail locations across the U.S. [4][5] - The expansion includes well-known national brands alongside regional partners, emphasizing the importance of local brands in community identity [5][4] Group 3: Customer Experience - Uber One members benefit from $0 Delivery Fees on eligible grocery and retail orders, enhancing the shopping experience [3][4] - The process for customers includes selecting local stores, adding items to the cart, and tracking orders in real-time [7]

Core Points - Diamond Estates Wines & Spirits Inc. issued 679,928 common shares at a deemed price of $0.21 per share as part of the acquisition of Perigon Beverage Group, marking the second tranche of share issuances based on gross margin earnouts [1] - The company also issued 254,885 common shares to 2RL Capital at a deemed price of $0.196 per share for ongoing services related to the Perigon acquisition [2] - A shareholder meeting is scheduled for December 22, 2025, with a strong encouragement for disinterested shareholders to vote in advance [3] Company Overview - Diamond Estates Wines & Spirits Inc. is a producer of high-quality wines and ciders and serves as a sales agent for over 120 beverage alcohol brands across Canada, operating four production facilities [4] - The company’s wine portfolio includes renowned brands from various countries, such as Fat Bastard from France and Kaiken from Argentina [6] - The spirits portfolio features distinguished brands like Tag Vodka and Ginslinger Gin from Ontario, as well as international brands from Mexico, Scotland, and the USA [7] - In the beer, cider, and ready-to-drink categories, the company represents products from Ontario, Belgium, the Netherlands, and Germany [8]

Industry Trends - The article provides essential reads for the curious drinker regarding wine and spirits in 2025 [1]

Group 1 - Organic net sales growth for the 2026 fiscal year is projected to be flat to slightly down [1] - Organic operating profit growth is expected to be in the low to mid-single digit range [1]

Core Insights - Heineken's Q3 results indicate a softening in the spirits and beer market, with ongoing pressure noted among lower-middle-income consumers and specific demographic groups [1] Company Performance - Heineken's performance in Q3 reflects broader industry trends, with a noted decline in demand for both spirits and beer [1] Market Trends - The overall beverage industry is experiencing challenges, particularly affecting lower-middle-income consumers, which may impact future sales and growth prospects for companies like Heineken [1]