2014年8月29日 星期五

TATYY:蔗糖素最大廠

lance 發表於 2014-7-22 13:59  










TATYY 英國泰萊(Tate & Lyle)
產品:各種食品添加物,像糖、澱粉、檸檬酸、甜味劑等。
最有名的是蔗糖素(Sucralose, 亦稱三氯蔗糖) ,
1976年泰萊公司與倫敦大學研究人員發明。
蔗糖素是一種由蔗糖(Sucrose)轉化而來的甜味劑,
是一種甜度為糖的600倍、並且零熱量的甜味劑,
適合糖尿病患者使用。

產業地位,就查到的資料,泰萊算是糖業的A咖:
1. 目前在美國、加拿大、澳洲等80多國核准為
食品添加劑,使用於5000多種產品
(飲料、甜點、冰淇淋、乳製品、口香糖、果醬……等)

2. 泰萊與J&J創立的SPLENDAR 蔗糖素,

是美國銷量第一的品牌低熱量糖精。

3. 2004年8月,可口可樂和百事可樂宣佈,

用三氯蔗糖取代其部分飲料中的蔗糖用量。
泰萊是可口可樂的主要供應商之 一。

4. 在全球三氯蔗糖市場的佔有率62%

5. 美國低熱量甜味劑市場的50%以上

糖應該是民生必需品,不論日子好壞,都會用到吧。
雖然有其它代糖,像甜菊糖(甜度200-300倍)、阿斯巴甜,
但蔗糖素使用的歷史較悠久,
就甜度、穩定性、使用安全,蔗糖素仍難被取代。













Josephchu 發表於 2014-8-29 17:47  

這家公司不錯但為什麼會淑 ?
終於找到一篇今年二月的文章,其中解釋了部分原因,
提供給同學參考大概原因:
旗艦Splenda的價格被中國競爭對手破壞了,售價下調15%,
這條產品線的獲利能力失控。
其他產品線還OK。

What: Shares in Tate & Lyle (LSE: TATE) plunged by 15% to 669p during early trading this morning, following the release of a Q3 statement in which it cut its profit outlook, due to weak sales in developed markets and a drop in price of the artificial sweetener sucralose (which it sells under the brand-name Splenda).
So what: The company, which provides sweeteners and ingredients to the food and drinks industry, expects its annual profits to be in line with last year’s £329m. This is below analysts’ predictions by around £11m.
The price of sucralose is falling due to competition from cheaper rivals in China, where there is a mountain of unsold inventory. Tate & Lyle expects that sucralose prices will decline by about 15% in the current quarter, having previously only forecast a single digit decline.
Now what: In an attempt to defend market share, the company has renewed several customer contracts, some for multiple years, at lower prices. There’s nothing much the company can do, as sucralose profit streams are out of its control.
However, sucralose aside, the company expects to see profit growth in all categories across its specialty food ingredients business. This part of the group’s operations accounts for around 29% of sales and 65% of profit.
Following the profit warning analysts are speculating about a potential takeover bid. The Chinese firm Bright Food is currently on an acquisition trail, and Tate & Lyle’s crash in value could make it appealing. Bright Food bought Weetabix in 2012 and is believed to want to increase  its international presence.
Before today, analysts were expecting Tate & Lyle’s upcoming annual results to reveal earnings of 60p per share.
After today’s price movement the shares may therefore trade on a P/E of 11 and offer a possible income of around 4%.
The decision to ‘buy’ — based on those ratings, today’s results and the wider prospects of the food industry — is, of course, entirely yours to make.

While short-term price drops can result in a bargain, we believe every portfolio should feature companies with healthy balance sheets, dominant market positions and reliable cash flows.


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