SPC Global lifted NSR and EBITDA in the June quarter on domestic category gains and a push into Japan's US$9.8 billion juice market. The Black Label range alone is expected to contribute $10m in revenue over three years.
Alpha Score of 67 reflects moderate overall profile with strong momentum, moderate value, moderate quality, moderate sentiment.
SPC Global Holdings (ASX: SPG) reported improved net sales revenue and normalised EBITDA for the three months to end June, driven by domestic category gains and a push into Japan's juice market. The domestic business saw branded, higher-margin product shelf space rise 5.2 percentage points versus the prior corresponding period, with beverages leading at 11.7% NSR growth. Baked beans and spaghetti added 4%, and Ardmona tomatoes 3.5% after becoming Woolworths' exclusive Australian-branded canned tomato line.
The group's international division, Nature One, ran a promotional program across China, Indonesia, and South Korea that lifted NSR by roughly $5.5 million. The bigger story is Japan. SPC secured ranging for The Original Juice Co Black Label beverages at Costco Japan and Emart Traders South Korea. Japan is Costco's third-largest market outside the US and one of the world's largest juice markets, valued at about US$9.8 billion and forecast to grow at a compound annual rate of roughly 3.3% over the next decade. The Black Label range alone is expected to contribute about $10 million in revenue over three years, with more products launching in the coming months.
Singapore is the other new front. Juice Lab Wellness Shots will hit NTUC FairPrice shelves this year, alongside a nationwide rollout of Original Beverage Co orange juice. The same range launches this month at Cold Storage, owned by Dairy Farm International. SPC plans to extend into Esso petrol and convenience outlets before year-end. The multi-channel push is expected to generate $2 million in export revenue over three years and establish a reference market for the group's "better-for-you" beverage and wellness portfolio.
On the cost side, SPC is on track to deliver its synergy program. It realised about $2 million in SG&A savings, $3.5 million from procurement, and $1.5 million from supply chain productivity improvements. The group also started restructuring its Shepparton production site in Victoria to strengthen manufacturing capability. Additional production lines will move from the Mill Park site in Melbourne, which is scheduled for closure, to Shepparton in the coming months.
SPC completed a $100 million equity raising during the quarter, resetting the balance sheet from leveraged and constrained to low leverage with strengthened liquidity. The company expects EBITDA growth, lower interest expenses, and continued working capital focus to drive a step-change in free cash flow over the coming year.
AlphaScala's Alpha Score for SPG sits at 66 out of 100, a Moderate rating in the Real Estate sector. The stock page is here.
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