- Japan Foods’ 9MFY24 reported PATMI is well below our estimate, amid higher-than-estimated tax expenses. It continues to ramp up its outlet count, especially the halal-concept restaurants which have performed better than its regular outlets.
- - Read this at SGinvestors.io -
9MFY24 operating numbers tracked estimates, but PATMI missed amidst higher tax expenses.
- Japan Foods (SGX:5OI)’s 9MFY24 revenue of S$65m (+12% y-o-y) accounted for 78% of our FY24 estimate. The growth was driven by expanded halal offerings and a higher number of operating restaurants. Its gross profit of S$55m (+12% y-o-y) was in line with our estimate, as the gross margin is tracking our projection.
- - Read this at SGinvestors.io -
- Japan Foods’s PATMI turned around to a profit of S$587k in 3QFY24, from a loss of S$130k in 2QFY24. We noticed a sharp rise in tax expenses in 3QFY24, which led to the 9MFY24 reported PATMI acccounting for only 65% of our full-year estimate.
Outlet expansion continues; the group remains focused on growing its number of halal-concept restaurants.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-02-22
Previous report by RHB:
2023-12-08 Japan Foods - Delayed Impact Of High Inflation; Downgrade To NEUTRAL.
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
