- We do not expect the recently announced extension on the suspension of Japan Foods (SGX:5OI)’s subsidiary from applying for work passes until 31 May 2024, to impact its restaurant expansion plans in 2023.
- - Read this at SGinvestors.io -
No impact from the penalty and work pass application suspension.
- See Japan Foods announcement 'Completion of Investigation by Ministry of Manpower on a Subsidiary' dated 22 Jun 2023 – Japan Foods’ subsidiary, Japan Foods Enterprises (JFE), has been suspended from applying for work passes until 31 May 2024. However, the company will be allowed to renew its existing ones. It has also been slapped with a penalty of S$75,000. Japan Foods has noted that the infringements were related to erroneous Central Provident Fund contributions, which inflated JFE’s foreign employee entitlement. The incidents stemmed from administrative oversight.
- - Read this at SGinvestors.io -
The restaurant industry in Singapore continues to register positive growth.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-06-27
Previous report by RHB:
2023-03-10 Japan Foods - Benefitting From Strong F&B Demand; Stay BUY.
Price targets by other brokers at Japan Foods Target Prices.
Listing of research reports at Japan Foods Analyst Reports.
Relevant links:
Japan Foods Share Price History,
Japan Foods Announcements,
Japan Foods Dividends & Corporate Actions,
Japan Foods News Articles
