Universal Robina Corporation (URC) is a Philippines-based food producer with a more than 40% share of the domestic market. Profitable Growth has remained World Class since 2013, when Gokongwei took over. URC ranks among the best 59 large consumer staples companies globally. Learn more at: http://becomeabetterinvestor.net/blog/cornering-the-filipino-food-market/

1. Presented by: Dr. Andrew Stotz, CFA
Universal Robina
Corporation

2. 222 September 2016
 Its business comprises three segments: Branded consumer foods (BCF), commodity food
products (CFP), and agro-industrial products (AIP)
 URC’s manufacturing, distribution, and sales-and-marketing activities are handled
primarily through its BCF segment, accounting for 83% of revenue and comprising snack
foods, beverage and grocery groups. The BCF unit manufactures and distributes a diverse
mix of products many of which has a dominant market share within their segment
 AIP is further divided in to three sub divisons, which engage in hog and poultry farming at
its Robina Farms location; the manufacture and distribution of animal feeds, glucose and
soya products at its Universal Corn Products location; and, the production and distribution
of animal health products, at its Robichem location
 CFP operates sugar mills and refineries through its Sugar subdivisions, with milling
capacity of 31,000 tons of cane per day, producing 33,000 bags of refined sugar per day; and
flour milling, with capacity of 2,150 tons per day
80
100
120
140
160
100
150
200
250
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
URC PM (LHS)(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by segment 9MFY16 BCF sales by market 9MFY16
Universal Robina Corporation (URC PM)
Stock information:
Name: Universal Robina
Corp.
Ticker: URC PM
Price (PHP): 186
Mcap: US$8,492m
3MADTO: US$9m
Beta: 0.1x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
56% JG Summit Holdings, Inc.
2% Arisaig Partners (Asia) Pte
Ltd.
42% Free float
Background: Universal Robina Corporation is a Philippines-based food
producer, with a more than 40% domestic market share and a
presence in international markets, such as Thailand, Singapore,
Indonesia, Malaysia, Vietnam, China and Hong Kong. Branded
consumer foods account for more than 80% of revenue.
Branded consumer foods 83% Agro-industrial products 8%Commodity food products 9%
Domestic
65%
Export
35%

3. 322 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Universal Robina Corporation is a
Philippines-based food producer, with a more than
40% domestic market share
and a presence in international markets, such as
Thailand, Singapore, Indonesia, Malaysia, Vietnam,
China and Hong Kong.
Branded consumer foods account for more than 80%
of revenue.
Universal Robina Corporation (URC PM)

4. 422 September 2016
80
100
120
140
160
100
150
200
250
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
URC PM (LHS)(PHP) (%)Stock information:
Name: Universal Robina Corp.
Ticker: URC PM
Price (PHP): 186
Mcap: US$8,492m
3MADTO: US$9m
Beta: 0.1x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
56% JG Summit Holdings, Inc.
2% Arisaig Partners (Asia) Pte
Ltd.
42% Free float
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Universal Robina Corporation (URC PM)

5. 522 September 2016
 Its business comprises three segments: Branded consumer foods (BCF), commodity food
products (CFP), and agro-industrial products (AIP)
 URC’s manufacturing, distribution, and sales-and-marketing activities are handled
primarily through its BCF segment, accounting for 83% of revenue and comprising snack
foods, beverage and grocery groups. The BCF unit manufactures and distributes a diverse
mix of products many of which has a dominant market share within their segment
 AIP is further divided in to three sub divisons, which engage in hog and poultry farming at
its Robina Farms location; the manufacture and distribution of animal feeds, glucose and
soya products at its Universal Corn Products location; and, the production and distribution
of animal health products, at its Robichem location
 CFP operates sugar mills and refineries through its Sugar subdivisions, with milling
capacity of 31,000 tons of cane per day, producing 33,000 bags of refined sugar per day; and
flour milling, with capacity of 2,150 tons per day
80
100
120
140
160
100
150
200
250
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
URC PM (LHS)(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by segment 9MFY16 BCF sales by market 9MFY16
Universal Robina Corporation (URC PM)
Stock information:
Name: Universal Robina
Corp.
Ticker: URC PM
Price (PHP): 186
Mcap: US$8,492m
3MADTO: US$9m
Beta: 0.1x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
56% JG Summit Holdings, Inc.
2% Arisaig Partners (Asia) Pte
Ltd.
42% Free float
Background: Universal Robina Corporation is a Philippines-based food
producer, with a more than 40% domestic market share and a
presence in international markets, such as Thailand, Singapore,
Indonesia, Malaysia, Vietnam, China and Hong Kong. Branded
consumer foods account for more than 80% of revenue.
Branded consumer foods 83% Agro-industrial products 8%Commodity food products 9%
Domestic
65%
Export
35%

6. 622 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Its business comprises three segments: Branded
consumer foods (BCF), commodity food products
(CFP), and agro-industrial products (AIP)
Universal Robina Corporation (URC PM)

7. 722 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 URC’s manufacturing, distribution, and sales-
and-marketing activities are handled primarily
through its branded consumer foods (BCF)
segment, accounting for 83% of revenue and
comprising snack foods, beverage and grocery
groups
 The BCF unit manufactures and distributes a
diverse mix of products many of which has a
dominant market share within their segment
Universal Robina Corporation (URC PM)

8. 822 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The Agro-industrial products (AIP) segment is
further divided in to three sub divisions, which
engage in hog and poultry farming at its Robina
Farms location;
 the manufacture and distribution of animal
feeds, glucose and soya products at its Universal
Corn Products location;
 and, the production and distribution of animal
health products, at its Robichem location
Universal Robina Corporation (URC PM)

9. 922 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The commodities food product (CFP) segment
operates sugar mills and refineries through its
Sugar subdivisions, with milling capacity of
31,000 tons of cane per day,
 producing 33,000 bags of refined sugar per day;
and flour milling, with capacity of 2,150 tons per
day
Universal Robina Corporation (URC PM)

10. 1022 September 2016
 Its business comprises three segments: Branded consumer foods (BCF), commodity food
products (CFP), and agro-industrial products (AIP)
 URC’s manufacturing, distribution, and sales-and-marketing activities are handled
primarily through its BCF segment, accounting for 83% of revenue and comprising snack
foods, beverage and grocery groups. The BCF unit manufactures and distributes a diverse
mix of products many of which has a dominant market share within their segment
 AIP is further divided in to three sub divisons, which engage in hog and poultry farming at
its Robina Farms location; the manufacture and distribution of animal feeds, glucose and
soya products at its Universal Corn Products location; and, the production and distribution
of animal health products, at its Robichem location
 CFP operates sugar mills and refineries through its Sugar subdivisions, with milling
capacity of 31,000 tons of cane per day, producing 33,000 bags of refined sugar per day; and
flour milling, with capacity of 2,150 tons per day
80
100
120
140
160
100
150
200
250
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
URC PM (LHS)(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown, by segment 9MFY16 BCF sales by market 9MFY16
Universal Robina Corporation (URC PM)
Stock information:
Name: Universal Robina
Corp.
Ticker: URC PM
Price (PHP): 186
Mcap: US$8,492m
3MADTO: US$9m
Beta: 0.1x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
56% JG Summit Holdings, Inc.
2% Arisaig Partners (Asia) Pte
Ltd.
42% Free float
Background: Universal Robina Corporation is a Philippines-based food
producer, with a more than 40% domestic market share and a
presence in international markets, such as Thailand, Singapore,
Indonesia, Malaysia, Vietnam, China and Hong Kong. Branded
consumer foods account for more than 80% of revenue.
Branded consumer foods 83% Agro-industrial products 8%Commodity food products 9%
Domestic
65%
Export
35%

11. 1122 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by segment 9MFY16
BCF sales by market 9MFY16
Branded consumer
foods 83%
Agro-industrial
products 8%
Commodity food
products 9%
Domestic
65%
Export
35%

13. 1322 September 2016
URC: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
ChairmanPresident&CEO
2012 2013 2014 2015 Past 12 months
James Go
2002 – Present
Lance Gokongwei
Apr 2013 – Present
James Go
2002 – Apr 2013

14. 1422 September 2016
'12 '13 '14 '15 PTM
2 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 1 1 1 1 2 3 4 6 5
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
8 7 6 6 7 2 1 1 1 1 6 2 2 2 4 1 2 5 9 3
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
CEO, 2013 – Present
Lance Gokongwei
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been World Class since ’13
URC ranks among the
best 59 large Cons. Staples
companies globally
URC: A. Stotz Profitable Growth
CEO, 2002 – Apr 2013
James Go

15. 1522 September 2016
'12 '13 '14 '15 PTM
2 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 1 1 1 1 2 3 4 6 5
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
8 7 6 6 7 2 1 1 1 1 6 2 2 2 4 1 2 5 9 3
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been World Class since ’13
URC ranks among the
best 59 large Cons. Staples
companies globally
Profitability is World
Class and the main
strength, Growth improved
to average rank
URC: A. Stotz Profitable Growth
CEO, 2013 – Present
Lance Gokongwei
CEO, 2002 – Apr 2013
James Go

16. 1622 September 2016
'12 '13 '14 '15 PTM
2 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 1 1 1 1 2 3 4 6 5
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
8 7 6 6 7 2 1 1 1 1 6 2 2 2 4 1 2 5 9 3
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been World Class since ’13
URC ranks among the
best 59 large Cons. Staples
companies globally
Profitability is World
Class and the main
strength, Growth improved
to average rank
Profit margin is also
World Class
Sales growth has slown
URC: A. Stotz Profitable Growth
CEO, 2013 – Present
Lance Gokongwei
CEO, 2002 – Apr 2013
James Go

17. 1722 September 2016
 Do YOU want to see the Profitable Growth rank
for a company in YOUR portfolio?
 Leave a comment below with company name
and country of listing…and I’ll post it if I have it