Koufu Group - CGS-CIMB Research 2021-11-25: 3Q21 Same-Store Revenue Was 20% Lower Y-o-y

Koufu Group - 3Q21 Same-Store Revenue Was 20% Lower Y-o-y

  • According to its 3Q21 business update, Koufu (SGX:VL6)’s same-store revenue was 20% lower compared to 3Q19 (implying flattish y-o-y vs 3Q20).
  • As measures only recently eased in late-Nov 21, we expect 4Q21 to still be a challenging quarter. Koufu also expects further impairment losses for its non-performing outlets, to be recognised in 4Q21F.
  • On a positive note, Koufu continued its outlet expansion plans despite the tough operating environment faced.
  • We reiterate ADD call on Koufu with an unchanged target price of S$0.80, pegged to 17x CY22F P/E based on a ~20% discount to peers in view of its smaller market cap.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Kenneth TAN CGS-CIMB Research | ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-25

Previous report by CGS-CIMB:
2021-08-11 Koufu Group - Prepare Your Chopsticks.

Price targets by other brokers at Koufu Target Prices.
Listing of research reports at Koufu Analyst Reports.

Relevant links:
Koufu Share Price History,
Koufu Announcements,
Koufu Dividends & Corporate Actions,
Koufu News Articles

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