Japan Foods Holding

Japan Foods Holding | BUY

Aug 16 close: 49.5 cents

Target price: 64 cents

Broker: KGI Securities, Aug 16

We expect an improvement in the next few quarters as the weakness in the first quarter of FY2019 was partly due to lower performance in June, which coincided with the Fifa World Cup 2018.

The upside from the Singapore operations is expected to be limited and we reiterate our view that growth will have to come from overseas expansion... We are optimistic on its entry into Indonesia but will not factor it into our forecasts until we obtain more clarity on the performance of its first restaurant in the country.

Japan Foods' business model remains resilient and adaptable even in the face of higher costs.

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