External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

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External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>On the road to recovery. While 1H FY2021 revenue increased 15% YoY to S$21.2mn, JFOOD reversed into a loss of S$1.6mn from a slight profit of S$0.3mn in the prior year period. The reversal was mainly due to lower rental concessions and government grants.</li><li>A new dawn. JFOODS operated 52 restaurants in Singapore as at end-Sep 2021, a slight increase from 50 as at end-Mar 2021, but a decline from 59 as at end-Sep 2020. However, we believe the worst is behind us. The break of dawn brings new opportunities, which the group has taken advantage of to expand into areas such as Halal-certified restaurants.</li><li>Maintain OUTPERFORM but with a lower TP of S$0.56, as we account for a weaker FY2022 due to the delayed reopening plans in Singapore. However, JFOODS is in a favourable position to grow and expand its market share given its flexible business model. We particularly like its ability to rotate among its restaurant brands and constantly bring in new concepts, supported by its rock-solid balance sheet. We thus maintain our OUTPERFORM rating with an unchanged TP.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

On the road to recovery. While 1H FY2021 revenue increased 15% YoY to S$21.2mn, JFOOD reversed into a loss of S$1.6mn from a slight profit of S$0.3mn in the prior year period. The reversal was mainly due to lower rental concessions and government grants.A new dawn. JFOODS operated 52 restaurants in Singapore as at end-Sep 2021, a slight increase from 50 as at end-Mar 2021, but a decline from 59 as at end-Sep 2020. However, we believe the worst is behind us. The break of dawn brings new opportunities, which the group has taken advantage of to expand into areas such as Halal-certified restaurants.Maintain OUTPERFORM but with a lower TP of S$0.56, as we account for a weaker FY2022 due to the delayed reopening plans in Singapore. However, JFOODS is in a favourable position to grow and expand its market share given its flexible business model. We particularly like its ability to rotate among its restaurant brands and constantly bring in new concepts, supported by its rock-solid balance sheet. We thus maintain our OUTPERFORM rating with an unchanged TP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japan Foods Holding

Japan Foods Holding Ltd (JFOOD SP)