
Sillyinvestor
2021-01-02 14:00:03
From Recovery to Growth, Pan United and Koufu
It is rather difficult to project earnings beyond 1 year, which is what I learned from Lee metals and silverlake axis, Yet, because of the "unqiue" or "unfortunate" circumstances of Covid-19, it is quite possible that we can project 2 consecutive years of growth. 2020, is a recovery year from a low base, with 2021 being a "growth" year, just by the virtue of execution of shelved plans. Lets start:Koufu:1) In their updates, H2 is already better than H1 due to Phase 2. Yet, we know the F&B retailing segment will still be mostly constrained by the WFH affecting stalls' business at those near office and tourist attraction and also by the maximum of 5 people capacity2) 2021 is a recovery year, due to a low base effect, it is a no brainer that earnings will be better. 3) Assum