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LOGISITICS CHINA high yield 7-8% NAV $0.88
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Joelton
Supreme |
11-Jun-2025 11:14
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OTS Holdings leads with excellence in food manufacturing
OTS Holdings is a brand builder and food manufacturing group in the consumer industry with a strong niche in ready-to-eat and ready-to-cook meat products. The group' s products are distributed under eight house brands including " Golden Bridge" , " Kelly' s" , " GoldenLion" and " Orchid" for its non-halal food products, and " El-Dina" and " Kizmiq" for its halal food products. Listed on the SGX Catalist Board since June 2021, the group' s food products have been marketed and sold globally.
1. What is OTS Holdings&rsquo core business and its key segments?
Established in 1993 and listed in 2021, OTS Holdings is a consumer food manufacturing group with a strong niche in ready-to-eat and ready-to-cook meat products. Our primary markets are Singapore and Malaysia.
We serve halal and non-halal consumer segments, offering over 1,100 products across 13 main product categories. Our flagship brands, &ldquo Golden Bridge&rdquo and &ldquo Kelly&rsquo s,&rdquo are household names in Singapore and Malaysia.
In June 2022, we launched our 7th brand, ANEW, a plant-based ready-to-eat brand that delivers quality, nutrition, and convenience with a taste of heritage.
Driven by innovation, we continue to refine our recipes and explore technological advancements to improve efficiency and product quality. Our in-house R& D team is key in helping us stay ahead of evolving consumer trends.
We operate three modern food manufacturing facilities &mdash two in Singapore and one in Simpang Renggam, Johor, Malaysia. In Singapore, our integrated facilities span 9,131 sqm and have an annual production capacity of around 2,500 tonnes.
Our products are sold in major supermarkets, convenience stores, provision shops, hotels, and restaurants across Singapore and Malaysia. They are also exported to markets including Australia, Hong Kong, India, Indonesia, Brunei and the Philippines.
2. OTS Holdings recorded 6.8% y-o-y revenue growth to $16.8 million in 1HFY2025. What were the key drivers?
Export sales primarily drove the growth. However, we recently entered the Japanese distribution market, where initial order volumes tend to be higher to stock multiple outlets. In subsequent periods, order quantities may decrease as it will only be replenishing depleted stock. Nevertheless, with our FSSC 22000 certification and being two of only four of Singapore&rsquo s EU-approved meat processing facilities, we are well-positioned to further expand into international markets.
Singapore remains the primary revenue contributor, accounting for 60%&ndash 70% of total revenue. Across all business segments, the revenue distribution is relatively uniform. General trade, encompassing sales from convenience stores, provision shops, and wholesalers, contributes the most to overall revenue.
3. Looking ahead to 2030, what are the group&rsquo s top three strategic goals?
We need to continue developing new or better products and market them beyond Singapore and Malaysia. We hope to achieve the following:
To become a globally recognised brand for high-quality food products.
To be known for product innovation and great-tasting offerings.
To expand our presence across more regions and food categories.
4. How will the upcoming Johor facility impact the group&rsquo s cost structure, capabilities and market reach?
We acquired a new production facility in Johor in November 2023. The new halal-certified facility is four times larger than our existing one in Singapore. It will allow the group to meet growing demand both in domestic and international markets. It positions us to significantly scale our halal offerings and expand into Muslim-majority markets.
The Johor facility also serves as a lower-cost production base that helps us improve cost efficiency and offer more competitive pricing.
Establishing operations in Malaysia reduces reliance on a single-country production model, providing a hedge against localised disruptions. Meanwhile, Johor&rsquo s proximity to Singapore allows efficient logistics and supply chain integration.
5. Malaysia saw a 32.1% revenue decline in FY2024. What strategies are being deployed to strengthen the business there?
Revenue contribution from Malaysia continues to face challenges due to weaker spending power and increased market competition affecting sales of our premium brands. Post-Covid, consumer spending in Malaysia has been weaker, but we remain optimistic as 1HFY2025 has already shown improvement.
The group remains committed to Malaysia as a key growth market. Following the completion of the acquisition of the Johor factory in May 2024, the facility is expected to start manufacturing by the middle of this year, introducing more products and driving higher sales volumes in Malaysia.
6. With Singapore contributing 75% of FY2024 revenue, how is the group addressing saturation and evolving domestic preferences?
We are actively working to maintain brand visibility through promotions and trade shows. Additionally, we are launching new products to keep our offerings fresh and appealing to local consumers. The group maintains eight house brands targeting different demographics and dietary needs (e.g., halal, plant-based, premium Western-style meats).
We launched our new plant-based ready-to-eat brand &ldquo ANEW&rdquo in 2022. It aims to deliver quality, nutrition and convenience to consumers with a taste of heritage. OTS also has a dedicated team focusing on developing new recipes and packaging formats to meet changing tastes and lifestyles, such as smaller portion sizes for convenience and single households.
7. What are the key ESG priorities for OTS Holdings?
OTS Holdings identifies several key sustainability priorities:
Customer satisfaction is central to our success, contributing to economic growth and job creation.
We actively conserve water and manage effluent while reducing waste and improving energy efficiency to cut greenhouse gas emissions.
A safe, hazard-free workplace is maintained through regular safety checks and training.
Employee development is supported via training, workshops, and benefits, fostering retention and satisfaction.
OTS promotes equality and diversity through inclusive HR policies. Community engagement is ongoing, with campaigns that support local well-being.
The group also upholds strict food safety and quality standards across its operations.
Finally, strong corporate governance underpins its sustainability, with zero tolerance for corruption and a whistle-blowing policy to ensure accountability.
8. How does OTS uphold and strengthen its food safety and hygiene certifications?
As a food company aiming to be trusted for quality, food safety is non-negotiable. The group&rsquo s production facilities in Singapore have been certified under the globally recognised FSSC 22000 Food Safety System since 2015, demonstrating robust food safety management systems.
Additionally, both Golden Bridge Foods Manufacturing and Ellaziq have consistently achieved Grade &lsquo A&rsquo status from the Singapore Food Agency (SFA) for excellence in food hygiene and safety since 2010 and 2011, respectively. To cater to diverse consumer needs, Ellaziq&rsquo s facility is also halal-certified by Majlis Ugama Islam Singapura (Muis), ensuring compliance with Islamic dietary laws.
Beyond certifications, OTS enforces stringent internal quality assurance protocols. These include regular audits, employee training in food safety and hygiene, and the use of accredited third-party labs for product testing.
Our ERP system not only plans production but also tracks batch-level data. We actively welcome customer feedback, which our QC team reviews to make continual improvements.
9. Can you share the results of your solar power initiatives so far?
As part of the group&rsquo s climate change transition plan, OTS Holdings has included the generation of solar energy as part of its Produce strategic lever (one of the three strategic levers of Reduce, Produce and Neutralise), to reduce 30% of our aggregated absolute Scope 1 and 2 GHG emissions by FY2035, with FY2023 as our baseline.
Due to space constraints, the number of solar panels installed at our facility has reached its practical limit. The energy output from solar panels is equivalent to 10% of the energy purchased from the grid. Following the completion of renovations at our Johor plant, we plan to implement solar solutions at the site.
In addition, the group plans to explore using renewable energy certificates (RECs) and carbon credits to offset the unavoidable residual GHG emissions. This reflects OTS&rsquo s proactive stance in transitioning towards a low-carbon future and enhancing its long-term sustainability.
10. What is OTS Holdings&rsquo value proposition to shareholders and what might investors be overlooking?
We believe our share price is undervalued, as the market just reflects the net assets backing on our balance sheet. For instance, our Singapore property is recorded at a net book value of around $5 million, but a recent valuation we did put it at $20 million.
Moreover, we are in a transformation phase, setting up our Johor halal plant and exiting underperforming ventures like the JV plant in Bulan, which may temporarily affect profitability but position us for stronger long-term growth.
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Joelton
Supreme |
27-Dec-2024 10:55
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OTS Holdings disposes 50% equity interest in JV Co for $0.5 mil
Food manufacturer OTS Holdings OTS announced that it has entered into a sale and purchase of shares and assignment of loan agreement with Valencier International to dispose of the company&rsquo s entire 50% equity interest in its joint venture company (JV Co) Delta Bridge for $500,000.
The JV Co is a directly held, 50% joint venture entity of OTS Holdings, while the other 50% is held by Hogsworld, an unrelated third party. Upon completion of the proposed disposal, the group will no longer hold any equity interest in the JV Co, which is an investment holding company that holds 90% of PT Delta Bridge Foods.
PT Delta Bridge Foods is a non-Halal food manufacturing business in Bulan, Indonesia.
The group said that the JV Co' s subsidiary had faced challenges due to unforeseen outbreak of African Swine Fever on the Riau Islands, Indonesia in May 2023. As a result, its Indonesia supplier has halted its pork supplies due to a shortage of raw materials, which resulted in share of losses and impairment charges pertaining to the JV Co recognised by the Group in FY2023. To date, there is no clear timeline for the plant to fully resume operations.
Meanwhile, the group has in Nov 2023 announced that its subsidiary acquired a factory in Malaysia. This disposal will enable the group to focus its resources on its operations in Malaysia and strengthen its cash flows.
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Joelton
Supreme |
29-Nov-2023 10:17
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OTS Holdings to acquire Malaysian factory and land for RM14.3 mil
OTS Holdings OTS has announced the proposed acquisition of a property in Johor, Malaysia through its wholly-owned subsidiary Ellaziq (Malaysia) at a purchase consideration of RM14.3 million ($4.1 million).
The property, which consists of 1.66 hectares of freehold land and a factory unit for food processing, is currently owned by Yong Mei Foodstuffs Manufacturing (M).
OTS says the proposed acquisition is part of its plan to expand business operations and lower manufacturing costs for its halal products.
The purchase will be financed by Ellaziq&rsquo s internally generated funds and bank borrowings.
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Joelton
Supreme |
04-Sep-2023 12:56
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OTS: Singapore company Golden Bridge&rsquo s golden formula for success
SINGAPORE &ndash People who grew up in Singapore know that when it comes to luncheon meat, there is that go-to brand from China. Grown-ups wax lyrical about pan-fried slices of pink canned meat in sandwiches, in a bowl of instant noodles or over rice. They indulge in nostalgia, even if food safety fears or sodium overload stops them from indulging in that pleasure from childhood.
For canned stewed pork, there is yet another household name from China. What else are you going to use for beehoon braised with the contents of those cans, vegetables optional?
And, of course, for lup cheong and other waxed meats for claypot or fried rice, Hong Kong is the place to shop for the artisanal stuff.
With quiet audacity, Singapore company Golden Bridge has been giving people here alternatives to these well-established brands and purveyors. It celebrates its 30th anniversary this year, having started in 1993 with just one product &ndash lean waxed sausages, or lup cheong, with XO brandy in it.
Today, the umbrella company that runs Golden Bridge and its other brands, OTS Holdings, makes more than 1,000 variations of products in 14 categories, including waxed meats, canned meats, meat floss, charcuterie, condiments and ready-to-eat food.
The Ong family is behind it, and three of them run OTS Holdings, the name taken from founder Ong Tuan Seng&rsquo s initials. His children &ndash Madam Ong Chew Yong, 63, is the executive director, Mr Ong Bee Chip, 60, the managing director, and Mr Ong Bee Song, 69, the sales director.
Revenue was in the mid-$20 million in the two years before Covid-19 struck &ndash $23.9 million in 2018 and $26.3 million in 2019.
The home-cooking boom during the pandemic and the setting up of the company&rsquo s distribution network in Malaysia in 2019 helped revenue reach $34.5 million in 2020. It rose to $38.5 million in 2021, before settling at $34.1 million in 2022, with the lifting of dining restrictions after the pandemic.
Upstart start-up
How did this company take on established names? The answer seems to be a combination of business acumen, meeting consumer demands and figuring out what they want before they know what they want.
The late founder Mr Ong, who died in 2013 at the age of 84, grew up in a family of pig farmers. Instead of going into the business, he started working as a delivery assistant, then became a lorry driver. He set up a logistics company, and then three more businesses, dealing with vehicle repair, textile printing and textile printing machinery.
Golden Bridge was his fifth business venture. His granddaughter, Ms Ong Shiya, 37, the holding company&rsquo s brand manager, says two relatives had started a business making lup cheong in the 1980s. Mr Ong saw potential in the food business and decided to take it over. That was how Golden Bridge Foods Manufacturing came to be.
She says: &ldquo He enjoyed drinking XO cognac, and he thought of using it in the sausages. It was our unique selling point &ndash no one else in the market had thought of that.
&ldquo Lean sausages came about because consumers had become more sophisticated over the years. He scaled back on the amount of fat in the sausages to fit local taste preferences. In Hong Kong, people prefer super fatty ones, but we wanted to cater to consumers here.&rdquo
Golden Bridge now makes a range of waxed sausages, including the original XO Special Lean Sausage, Chicken Wine Sausage and Liver Sausage.
In the beginning, Ms Ong says, the company marketed the product to restaurants. The lup cheong was also sold in wet markets and dry goods stores. In 1995, the lup cheong started to be stocked in FairPrice supermarkets.
Mr Ong&rsquo s next move was not to venture into canned food, a natural extension of those shelf-stable waxed sausages. Instead, he started making and selling chilled Taiwanese sausages in 1999, all the rage as a pasar malam snack at the time.
Madam Ong says: &ldquo Golden Bridge was one of two brands at that time to make Taiwanese sausages. It was quite unheard of for companies to expand from waxed sausages to chilled and frozen products.&rdquo
That led, in 2004, to a new brand, Kelly&rsquo s, which started with chilled and frozen hams and sausages. The brand, Ms Ong says, is meant to evoke the image of a caring mother.
It was in 2009 that Golden Bridge debuted its canned luncheon meat. The original flavour, still sold today, is made with 43 per cent less sodium than other brands and contains no MSG.
Madam Ong says: &ldquo We thought there was an opportunity to introduce higher quality luncheon meat to local consumers. There were no local manufacturers producing luncheon meat, and the China food industry was rife with food quality and food safety scandals.&rdquo
Indeed, in August 2007, the Agri-Food and Veterinary Authority suspended two canned meat processing plants in China from exporting to Singapore, after detecting a banned antibiotic &ndash fed to pigs &ndash in their products during routine monitoring. The suspension affected the Maling and Narcissus brands. It led to supermarkets shelves being stripped bare of canned pork, as shoppers stockpiled these products. The suspension was lifted at the end of 2008.
OTS Holdings, which has about 150 employees, makes most of its products in a 9,131 sq m factory in Senoko, which has halal and non-halal wings. It also has a factory in Pulau Bulan, Indonesia, which manufactures food for the market there and works with contract manufacturers in Malaysia to supply that country.
The meat, Ms Ong says, is from sources approved by the Singapore Food Agency and comes from Canada, Brazil and countries in Europe.
Changing tastes
New products sprang forth thick and fast. In 2009, the company started producing halal chilled and frozen hams and sausages and, in 2010, started selling halal shelf-stable, chilled and frozen meat products under the El-Dina brand.
As people&rsquo s taste buds became ever more sophisticated, the company started offering Iberico pork luncheon meat in 2017 under the Kelly&rsquo s brand. It is made with 100 per cent Iberico pork from Spain. The black Iberian pigs, fed on acorns, are said to have a rich, nutty flavour. Two years later, the brand debuted Truffle Pork Ham, in line with a slew of truffle oil-infused products on the market at the time. A 200g can of Kelly&rsquo s Truffle Pork Ham costs $4.24 at FairPrice supermarkets.
Ms Ong says: &ldquo We grew alongside the Singaporean consumer.&rdquo
That led to the company launching Anew, its plant-based range, in 2022. Aside from Singapore aiming to be a hub for researching and developing alternative proteins, the new brand, Ms Ong says, is also in response to customers.
&ldquo Sustainability has been a huge topic since before Covid,&rdquo she says. &ldquo The management is always looking into the business and seeing how else to grow it. With our existing know-how with proteins, they thought we should move into the plant-based arena.&rdquo
The three-member in-house research and development team came up with the formulation for Anew&rsquo s canned plant-based luncheon meat using soya protein. Also in the range are plant-based rendang, butter chicken and bolognese sauce, which come in retort pouches.
A 250g pouch costs $6.30 on RedMart, while a 340g can of Anew luncheon meat costs $5.45, also from RedMart.
&ldquo Growth for the past year, compared with the rest of the group, has not been significant,&rdquo Ms Ong says.
&ldquo But we knew from the get-go that Singapore would be a small market. Anew is meant to meet consumer needs across borders.&rdquo
The brand is exported to Indonesia, and the company is looking to distribute it in Europe and Dubai. Meanwhile, it is also developing new products, including plant-based jerky.
Branching out
Apart from Singapore, the company&rsquo s products are sold in Malaysia, the Philippines, Indonesia, India, Brunei, Hong Kong, Myanmar, Australia and New Zealand.
It hit paydirt in Australia in 2022, when Costco, a chain of more than 50 warehouse-type stores that sell everything from furniture to electronics to food, started carrying Golden Bridge&rsquo s lup cheong (A$22.99 or S$20 for 720g) and bak kwa (A$21.49 for 420g). This June, an Asian living in Sydney posted on social media photos of the bak kwa he had bought at one of the chain&rsquo s stores. That gained traction and there was a bump in sales.
&ldquo I think that shows there is demand for more Asian products in Australia,&rdquo Ms Ong says, adding that the company is in talks with Costco to develop new products for that market. &ldquo We are still identifying the needs of the huge Asian population there.&rdquo
The company will introduce bak kwa in gift boxes, something &ldquo not readily available&rdquo in Australia.
More ready-to-eat food is another area the company is looking to develop.
Ms Ong says: &ldquo In certain markets, there are consumers who no longer cook. They prefer to eat out, or pull out something quick and fast to eat from their office drawer. So, we will focus on convenience and price value.&rdquo
For Chinese New Year, Golden Bridge came up with festive offerings such as canned Buddha Jumps Over The Wall in 2018 and 2019, and lup cheong made with Iberico pork in 2020 and 2021. It will start offering canned abalone for the festive celebrations next year, priced at $25.90 for a 425g can.
These are available online and will be sold at a food fair in September. The inspiration behind this latest offering came from the China company that supplies it with cans for its products. It pointed Golden Bridge to abalone farmers and suppliers in Nanri Island in Fujian, which has an established fishing industry.
Canned abalone is a competitive arena, but that has not stopped the Ongs. There seems no end to looking for ways to expand the business, to push ahead.
The patriarch, Ms Ong says, did just that, even after he retired in 2000 at age 71. In 2007, he started a property investment company.
She says he tooled around in his biggest indulgence, a Bentley GT Continental Coupe, and also went back to his farming roots by growing organic fruit and vegetables for his family of 10 children, 30 grandchildren and 35 great-grandchildren.
They used to live near each other, she says of her grandfather.
&ldquo In the morning, on the way to work, a Bentley would drive past me,&rdquo she says. &ldquo There goes Ah Gong.&rdquo
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WBdisciple
Elite |
04-Sep-2023 09:11
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OTS: Singapore company Golden Bridge&rsquo s golden formula for success
SINGAPORE &ndash People who grew up in Singapore know that when it comes to luncheon meat, there is that go-to brand from China. Grown-ups wax lyrical about pan-fried slices of pink canned meat in sandwiches, in a bowl of instant noodles or over rice. They indulge in nostalgia, even if food safety fears or sodium overload stops them from indulging in that pleasure from childhood.
For canned stewed pork, there is yet another household name from China. What else are you going to use for beehoon braised with the contents of those cans, vegetables optional?
And, of course, for lup cheong and other waxed meats for claypot or fried rice, Hong Kong is the place to shop for the artisanal stuff.
With quiet audacity, Singapore company Golden Bridge has been giving people here alternatives to these well-established brands and purveyors. It celebrates its 30th anniversary this year, having started in 1993 with just one product &ndash lean waxed sausages, or lup cheong, with XO brandy in it.
Today, the umbrella company that runs Golden Bridge and its other brands, OTS Holdings, makes more than 1,000 variations of products in 14 categories, including waxed meats, canned meats, meat floss, charcuterie, condiments and ready-to-eat food.
The Ong family is behind it, and three of them run OTS Holdings, the name taken from founder Ong Tuan Seng&rsquo s initials. His children &ndash Madam Ong Chew Yong, 63, is the executive director, Mr Ong Bee Chip, 60, the managing director, and Mr Ong Bee Song, 69, the sales director.
Revenue was in the mid-$20 million in the two years before Covid-19 struck &ndash $23.9 million in 2018 and $26.3 million in 2019.
The home-cooking boom during the pandemic and the setting up of the company&rsquo s distribution network in Malaysia in 2019 helped revenue reach $34.5 million in 2020. It rose to $38.5 million in 2021, before settling at $34.1 million in 2022, with the lifting of dining restrictions after the pandemic.
Upstart start-up
How did this company take on established names? The answer seems to be a combination of business acumen, meeting consumer demands and figuring out what they want before they know what they want.
The late founder Mr Ong, who died in 2013 at the age of 84, grew up in a family of pig farmers. Instead of going into the business, he started working as a delivery assistant, then became a lorry driver. He set up a logistics company, and then three more businesses, dealing with vehicle repair, textile printing and textile printing machinery.
Golden Bridge was his fifth business venture. His granddaughter, Ms Ong Shiya, 37, the holding company&rsquo s brand manager, says two relatives had started a business making lup cheong in the 1980s. Mr Ong saw potential in the food business and decided to take it over. That was how Golden Bridge Foods Manufacturing came to be.
She says: &ldquo He enjoyed drinking XO cognac, and he thought of using it in the sausages. It was our unique selling point &ndash no one else in the market had thought of that.
&ldquo Lean sausages came about because consumers had become more sophisticated over the years. He scaled back on the amount of fat in the sausages to fit local taste preferences. In Hong Kong, people prefer super fatty ones, but we wanted to cater to consumers here.&rdquo
Golden Bridge now makes a range of waxed sausages, including the original XO Special Lean Sausage, Chicken Wine Sausage and Liver Sausage.
In the beginning, Ms Ong says, the company marketed the product to restaurants. The lup cheong was also sold in wet markets and dry goods stores. In 1995, the lup cheong started to be stocked in FairPrice supermarkets.
Mr Ong&rsquo s next move was not to venture into canned food, a natural extension of those shelf-stable waxed sausages. Instead, he started making and selling chilled Taiwanese sausages in 1999, all the rage as a pasar malam snack at the time.
Madam Ong says: &ldquo Golden Bridge was one of two brands at that time to make Taiwanese sausages. It was quite unheard of for companies to expand from waxed sausages to chilled and frozen products.&rdquo
That led, in 2004, to a new brand, Kelly&rsquo s, which started with chilled and frozen hams and sausages. The brand, Ms Ong says, is meant to evoke the image of a caring mother.
It was in 2009 that Golden Bridge debuted its canned luncheon meat. The original flavour, still sold today, is made with 43 per cent less sodium than other brands and contains no MSG.
Madam Ong says: &ldquo We thought there was an opportunity to introduce higher quality luncheon meat to local consumers. There were no local manufacturers producing luncheon meat, and the China food industry was rife with food quality and food safety scandals.&rdquo
Indeed, in August 2007, the Agri-Food and Veterinary Authority suspended two canned meat processing plants in China from exporting to Singapore, after detecting a banned antibiotic &ndash fed to pigs &ndash in their products during routine monitoring. The suspension affected the Maling and Narcissus brands. It led to supermarkets shelves being stripped bare of canned pork, as shoppers stockpiled these products. The suspension was lifted at the end of 2008.
OTS Holdings, which has about 150 employees, makes most of its products in a 9,131 sq m factory in Senoko, which has halal and non-halal wings. It also has a factory in Pulau Bulan, Indonesia, which manufactures food for the market there and works with contract manufacturers in Malaysia to supply that country.
The meat, Ms Ong says, is from sources approved by the Singapore Food Agency and comes from Canada, Brazil and countries in Europe.
Changing tastes
New products sprang forth thick and fast. In 2009, the company started producing halal chilled and frozen hams and sausages and, in 2010, started selling halal shelf-stable, chilled and frozen meat products under the El-Dina brand.
As people&rsquo s taste buds became ever more sophisticated, the company started offering Iberico pork luncheon meat in 2017 under the Kelly&rsquo s brand. It is made with 100 per cent Iberico pork from Spain. The black Iberian pigs, fed on acorns, are said to have a rich, nutty flavour. Two years later, the brand debuted Truffle Pork Ham, in line with a slew of truffle oil-infused products on the market at the time. A 200g can of Kelly&rsquo s Truffle Pork Ham costs $4.24 at FairPrice supermarkets.
Ms Ong says: &ldquo We grew alongside the Singaporean consumer.&rdquo
That led to the company launching Anew, its plant-based range, in 2022. Aside from Singapore aiming to be a hub for researching and developing alternative proteins, the new brand, Ms Ong says, is also in response to customers.
&ldquo Sustainability has been a huge topic since before Covid,&rdquo she says. &ldquo The management is always looking into the business and seeing how else to grow it. With our existing know-how with proteins, they thought we should move into the plant-based arena.&rdquo
The three-member in-house research and development team came up with the formulation for Anew&rsquo s canned plant-based luncheon meat using soya protein. Also in the range are plant-based rendang, butter chicken and bolognese sauce, which come in retort pouches.
A 250g pouch costs $6.30 on RedMart, while a 340g can of Anew luncheon meat costs $5.45, also from RedMart.
&ldquo Growth for the past year, compared with the rest of the group, has not been significant,&rdquo Ms Ong says.
&ldquo But we knew from the get-go that Singapore would be a small market. Anew is meant to meet consumer needs across borders.&rdquo
The brand is exported to Indonesia, and the company is looking to distribute it in Europe and Dubai. Meanwhile, it is also developing new products, including plant-based jerky.
Branching out
Apart from Singapore, the company&rsquo s products are sold in Malaysia, the Philippines, Indonesia, India, Brunei, Hong Kong, Myanmar, Australia and New Zealand.
It hit paydirt in Australia in 2022, when Costco, a chain of more than 50 warehouse-type stores that sell everything from furniture to electronics to food, started carrying Golden Bridge&rsquo s lup cheong (A$22.99 or S$20 for 720g) and bak kwa (A$21.49 for 420g). This June, an Asian living in Sydney posted on social media photos of the bak kwa he had bought at one of the chain&rsquo s stores. That gained traction and there was a bump in sales.
&ldquo I think that shows there is demand for more Asian products in Australia,&rdquo Ms Ong says, adding that the company is in talks with Costco to develop new products for that market. &ldquo We are still identifying the needs of the huge Asian population there.&rdquo
The company will introduce bak kwa in gift boxes, something &ldquo not readily available&rdquo in Australia.
More ready-to-eat food is another area the company is looking to develop.
Ms Ong says: &ldquo In certain markets, there are consumers who no longer cook. They prefer to eat out, or pull out something quick and fast to eat from their office drawer. So, we will focus on convenience and price value.&rdquo
For Chinese New Year, Golden Bridge came up with festive offerings such as canned Buddha Jumps Over The Wall in 2018 and 2019, and lup cheong made with Iberico pork in 2020 and 2021. It will start offering canned abalone for the festive celebrations next year, priced at $25.90 for a 425g can.
These are available online and will be sold at a food fair in September. The inspiration behind this latest offering came from the China company that supplies it with cans for its products. It pointed Golden Bridge to abalone farmers and suppliers in Nanri Island in Fujian, which has an established fishing industry.
Canned abalone is a competitive arena, but that has not stopped the Ongs. There seems no end to looking for ways to expand the business, to push ahead.
The patriarch, Ms Ong says, did just that, even after he retired in 2000 at age 71. In 2007, he started a property investment company.
She says he tooled around in his biggest indulgence, a Bentley GT Continental Coupe, and also went back to his farming roots by growing organic fruit and vegetables for his family of 10 children, 30 grandchildren and 35 great-grandchildren.
They used to live near each other, she says of her grandfather.
&ldquo In the morning, on the way to work, a Bentley would drive past me,&rdquo she says. &ldquo There goes Ah Gong.&rdquo
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Joelton
Supreme |
14-Feb-2023 09:37
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OTS Holdings Registers Revenue of $17.4 Million in 1H2023
- The Group&rsquo s Food Services business segment was a key contributor in 1H2023 with revenue growth of 26.6%
- Recognised translation loss on foreign exchange of $0.2 million in 1H2023 due to weakening of the Malaysian Ringgit against the Singapore Dollar
- Healthy balance sheet with total assets of $38.1 million and cash equivalents of $6.6 million as at 31 December 2022
- Continual focus and efforts on brand building and expansion of its product offerings in existing and new markets in the region
The Group has 4 main business segments that are categorised as follows:
a. Modern Trade - sales generated from major supermarkets
b. General Trade - sales generated from convenience stores, provision shops and wholesalers
c. Food Services - sales generated from hotels, restaurants, hawker centres, food courts, food and beverage stores, and caterers and
d. Others - sales that are mainly generated from e-commerce platforms and the export markets, and other income such as vehicle rental income and miscellaneous income.
Revenue of $17.4 million with strong revenue growth from the Group&rsquo s Food Services business segment in 1H2023: The revenue contribution from the Group&rsquo s four business segments may vary from year to year with different brands targeting different consumer price points and market segments.
In 1H2023, the Group registered revenue that dipped 7.4% to $17.4 million, as compared to $18.7 million in 1H2022. The Group&rsquo s Food Services business segment was a bright spot in 1H2023 as revenue contribution increased 26.6% to $4.0 million as the easing of COVID-19 restrictions led to more dining out and caterings in 1H2023.
The General Trade and Modern Trade segments registered lower sales of $6.9 million and $4.5 million respectively in 1H2023. For General Trade, the decrease was mainly due to increased market competition and the weakening consumer spending power in Malaysia while for Modern Trade, the decrease was a result of weaker consumer demand. The Group&rsquo s Others segment also posted lower sales due to lower export sales.
Geographically, Singapore remained the Group&rsquo s main market and sales in Singapore remained relatively stable with revenue contribution of $12.3 million, accounting for 71.1% of overall revenue in 1H2023. The revenue from Malaysia dipped by $1.1 million or 23.6%, from $4.8 million in 1H2022 to $3.7 million in 1H2023, as a result of increased market competition and weakened consumer purchasing power. Revenue from other geographical markets increased marginally by $0.2 million or 16.2%, from $1.1 million in 1H2022 to $1.3 million in 1H2023, mainly due to sales generated by its Philippines subsidiary to various new customers.
Gross profit of $4.6 million and gross profit margin of 26.4%, with recurring EBITDA of $1.1 million in 1H2023: Corresponding to lower revenue, the Group&rsquo s gross profit declined by $0.6 million or 11.6%, from approximately $5.2 million in 1H2022 to approximately $4.6 million in 1H2023. With higher costs of production mainly attributable to raw material, energy and depreciation, the Group&rsquo s gross profit margin dipped by 1.3 percentage points, from 27.7% in 1H2022 to 26.4% in 1H2023.
The Group achieved recurring EBITDA of $1.1 million in 1H2023 with three of its business segments, other than Modern Trade, posting positive recurring EBITDA.
The Group&rsquo s administrative and marketing and distribution costs remained relatively stable in 1H2023, at $2.9 million and $1.4 million respectively, as compared to 1H2022.
The Group&rsquo s other income and gains declined by $0.3 million or 49.6%, from $0.5 million in 1H2022 to $0.2 million in 1H2023, which was mainly due to a decrease in government grants recognised of $0.2 million. In addition, there was no gain on disposal of plant and equipment and foreign exchange gain recorded during 1H2023 compared with $0.1 million in 1H2022.
In 1H2023, the Group also recognised translation loss on foreign exchange of $0.2 million in 1H2023 due to weakening of the Malaysian Ringgit against the Singapore Dollar.
Overall, the Group registered a net profit before tax of $0.1 million in 1H2023.
Healthy balance sheet with total assets of $38.1 million and cash equivalents of $6.6 million as at 31 December 2022: The Group&rsquo s total assets comprised current assets of $22.9 million and non-current assets of $15.2 million. With total loans and borrowings being pared down to $1.0 million and fewer lease liabilities as at 31 December 2022, the Group&rsquo s total liabilities stood at $9.2 million, comprising current liabilities of $4.4 million and non-current liabilities of $4.8 million as at 31 December 2022.
Commenting on the Group&rsquo s financial performance for 1H2023, Managing Director of OTS Holdings, Mr. Ong Bee Chip said: &ldquo The easing of COVID-19 restrictions and normalising of economic and social activities in our operating markets have led to changes in consumers&rsquo spending preferences.
In addition, inflationary pressures have resulted in higher costs of production that weighed on our near-term profitability.
As we move ahead, we will continue to maintain our financial discipline, review our cost structure, explore the launch of new products and expand our distribution channels locally and overseas.&rdquo
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Joelton
Supreme |
27-Aug-2022 10:25
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OTS Holdings Posts Revenue of $34.14 Million with Net Profit of $1.12 Million for FY2022 Proposed Dividend of 0.22 cents Per Share
> The Group&rsquo s four business segments continue to remain profitable with net cash of approximately $2.23 million generated from operating activities in FY2022
> Balance sheet remained healthy with total assets of $38.90 million and total loans and borrowings being pared down to $1.27 million as at 30 June 2022
> Proposed dividend of 0.22 cents per share, representing a payout of approximately 42% of the Group&rsquo s net profit for FY2022
> Market expansion of its plant-based, ready-to-eat food brand &lsquo ANEW&rsquo and to continue its efforts on brand building and expansion of its product offerings in neighboring countries
Commenting on the Group&rsquo s financial performance for FY2022, Managing Director of OTS Holdings, Mr. Ong Bee Chip said: &ldquo We delivered a positive set of underlying performance for the full year, despite being affected by a number of external factors, including political, macroeconomic and market headwinds.
We believe that our strategy of diversifying our brand and product portfolio will continue to resonate with consumers and enable us to expand our customer base in existing and new markets.
Moving ahead, we are confident that the strength of our established brands and operational excellence will put us in a strong position as we implement our business strategy progressively.
Mr. Ong added, &ldquo To reward shareholders, we have recommended a dividend of 0.22 cents per share, which represents a payout of approximately 42% of our FY2022&rsquo s net profit.&rdquo
Revenue of $34.14 million with gross profit margin of 28.0% and recurring EBITDA of $3.42 million in FY2022: The revenue contribution from the Group&rsquo s four business segments may vary from year to year with different brands targeting different consumer price points and market segments. In FY2022, the Group registered revenue of approximately $34.14 million, representing a drop of 11.3% as compared to $38.51 million in FY2021.
Revenue from the Group&rsquo s business segments of General Trade and Modern Trade registered lower sales of $15.40 million and $9.02 million respectively in FY2022. For General Trade, the decrease was mainly due to the weakening consumer spending power in Malaysia and lower selling prices while for Modern Trade, the decrease was a result of lower product sales in Singapore and Malaysia. The Group&rsquo s Other segment also posted lower sales due to ongoing political situation in one of our target countries that have affected demand.
Revenue from the Food Services business segment increased due to higher sales to existing and new customers in Singapore and Malaysia.
Geographically, Singapore remained the Group&rsquo s main market with revenue contribution of $23.66 million, accounting for 69.3% of overall revenue in FY2022. The revenue from Malaysia declined by $3.42 million or 28.2%, from $12.12 million in FY2021 to $8.70 million in FY2022, as a result of weakened consumer purchasing power. Revenue from other geographical markets dipped marginally by $0.09 million or 5.0%, from $1.87 million in FY2021 to $1.78 million in FY2022, mainly due to lower sales to existing overseas customers as a result of the prolonged pandemic and ongoing political situation in one of our target countries.
The Group&rsquo s four business segments continue to be profitable with net cash of approximately $2.23 million generated from operating activities in FY2022: With higher raw material costs, increase in utilities costs and lower economies of scale due to reduced production output, the Group&rsquo s gross profit margin declined by 2.6% from 30.6% in FY2021 to 28.0% in FY2022. The Group registered lower gross profit of $9.56 million in FY2022, as compared to $11.79 million in FY2021.
The Group achieved recurring EBITDA of $3.42 million in FY2022 with its four business segments posting positive recurring EBITDA.
Overall, the Group registered a net profit of $1.12 million in FY2022.
Healthy balance sheet with total assets of $38.90 million as at 30 June 2022: The Group&rsquo s total assets comprised current assets of $23.66 million and non-current assets of $15.23 million. With total loans and borrowings being pared down to $1.27 million and lower trade and other payables as at 30 June 2022, the Group&rsquo s total liabilities decreased substantially to $9.57 million, comprising current liabilities of $4.57 million and non-current liabilities of $5.00 million as at end of June 2022.
In June 2022, the Group announced the launch of its plant-based, ready-to-eat food brand &lsquo ANEW&rsquo that aims to deliver quality, nutrition and convenience to consumers with a taste of heritage.
Sold in online stores and major supermarkets across Singapore, the first product line-up from ANEW consists of three luncheon meat products, which were developed by its in-house R& D team and
manufactured in Singapore, and are inspired by the Group&rsquo s popular luncheon meat products.
Coupled with the tagline &ldquo Better Food Forward&rdquo , ANEW&rsquo s nutritional product features include Non-GMO, Cholesterol Free, Trans-Fat Free and No Added Preservatives. Tasty on its own and yet highly versatile, ANEW&rsquo s luncheon meat products can also be used for a variety of Asian and Western cuisines.
For its overseas markets (such as Malaysia, Indonesia and the Philippines), the Group will continue to focus on building its branding presence and expanding its product offerings within these countries.
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spursfan
Supreme |
27-Aug-2022 09:41
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Press Release OTS Holdings Posts Revenue of $34.14 Million with Net Profit of $1.12 Million for FY2022 Proposed Dividend of 0.22 cents Per Share
Financial Year End &ndash 30 June
https://links.sgx.com/1.0.0/corporate-announcements/A5M0IVUW5QK2NTG0/729959_OTS%20-%20Condensed%20Consolidated%20Interim%20FS%202HFY2022%20-%20Final.pdf |
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Sg_KoalaDreaming
Master |
10-Aug-2022 22:24
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not yet. Do not have the distributionn network.
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tedlim
Veteran |
10-Aug-2022 15:35
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\OTS Holdings bridges plant-based meat frontier with ANEW brand https://www.scmp.com/country-reports/country-reports/topics/singapore-national-day-2022/article/3188080/ots-holdings One of Singapore&rsquo s biggest manufacturers of chilled, frozen, dried and canned meat products, OTS now eyes the global market for its 100 per cent plant-based proteins OTS Holdings continues to create a healthier world through food innovation. Leveraging nearly three decades of branding and food manufacturing experience, the group is behind leading Asian brands Golden Bridge, Kelly&rsquo s, Golden Lion, Orchid and halal labels EL-Dina and Kizmiq. In June this year, OTS revolutionised healthy eating as it raised the bar for 100 per cent plant-based proteins with the launch of its ANEW brand of ready-to-eat luncheon meat. &ldquo We&rsquo ve worked exceptionally hard to get to where we are. We&rsquo re consistently driven by our passion for the highest quality standards and flavours, a commitment that benefits our customers and partners worldwide,&rdquo says Ong Bee Chip, managing director of OTS Holdings. The group&rsquo s innovative spirit was evident early on. In 1993, OTS founder Ong Tuan Seng entered the market with his own concoction of lean sausages using XO brandy and a special marinade sauce under the Golden Bridge brand. Through the years, OTS has grown into one of Singapore&rsquo s biggest manufacturers of chilled, frozen, dried and canned meat products under various household brands. Today, the group exports 40 per cent of its products to Asia, Europe and the rest of the world. Pushing the boundaries of food innovation with a taste of heritage, ANEW is a 100 per cent plant-based, ready-to-eat brand that delivers quality, nutrition and convenience to consumers. A result of nearly two years of collaboration among the group&rsquo s in-house research and development team, institutes and 12 suppliers from seven countries, the ANEW canned luncheon meat exceeds customer expectations in appearance, taste and texture. Starting with classic, barbecue and black pepper flavours, ANEW will be rolling out more plant-based meat products ahead. &ldquo Singapore is our first launch site, but we&rsquo re eyeing the global market as plant-based alternatives become a growing part of consumers&rsquo diet worldwide,&rdquo says marketing manager Shiya Ong. &ldquo We welcome distribution partners globally as we expect to sell to more than 40 countries.&rdquo |
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WBdisciple
Elite |
25-Jul-2022 08:11
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My wife bought it as well...taste and texture is not bad. Will be our go-to food for 初 一 和 十 五 。 
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Sg_KoalaDreaming
Master |
23-Jul-2022 22:22
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An update: I find the taste it yummy. Give a 8.5 out of 10 rating 
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Sg_KoalaDreaming
Master |
11-Jul-2022 12:38
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Chanced upon the new plant based luncheon meat while grocery shopping at NTUC and bought a can to try. Before promotion price it is $5.xx+ and promotion price is $4.xx+ As usual the company maintains a higher pricing strategy for its products. Nothing wrong with that except it could do much better in branding as the name " ANEW" lacks the ooomp and wow factor 
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Joelton
Supreme |
09-Jun-2022 08:52
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SGX-listed OTS Holdings Launches Plant-Based, Ready-to-Eat Food Brand &lsquo ANEW&rsquo with Three &lsquo ANEW&rsquo Luncheon Meat Products Introduced
- Coupled with the tagline &ldquo Better Food Forward&rdquo , ANEW is a 100% plant-based, ready- to-eat brand that aims to deliver quality, nutrition and convenience to consumers with a taste of heritage
- Developed by its in-house R& D team and manufactured in Singapore, the first product line-up from ANEW consists of three luncheon meat products that are inspired by the Group&rsquo s popular luncheon meat products
- Tasty on its own and yet highly versatile, ANEW&rsquo s luncheon meat products can also be used for a variety of Asian and Western cuisines
- ANEW&rsquo s nutritional product features include Non-GMO, Cholesterol Free, Trans-Fat Free and No Added Preservatives
- ANEW&rsquo s luncheon meat products are sold in online stores and will be made available in major supermarkets across Singapore
- According to Bloomberg, the plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over US$162 billion, up from US$29.4 billion in 2020
SINGAPORE, 8 June 2022 &ndash OTS Holdings Limited (&ldquo OTS Holdings&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), a brand builder and food manufacturing group, is pleased to announce that it has launched a plant-based, ready-to-eat food brand ANEW that aims to deliver quality, nutrition and convenience to consumers with a taste of heritage. For more information on ANEW, please visit www.anew-foods.com.
Inspired by the Group&rsquo s popular luncheon meat products, the Group will introduce three ANEW luncheon meat products under the first product line-up:
Developed by its in-house R& D team and manufactured in Singapore, ANEW&rsquo s luncheon meat products are tasty on its own and yet highly versatile to be used for a variety of Asian and Western cuisines. ANEW&rsquo s luncheon meat products are currently sold in online stores and will be made available in major supermarkets across Singapore.
Managing Director of OTS Holdings, Mr. Ong Bee Chip said: &ldquo Increased awareness of environmental and sustainability benefits have been a key driving force for plant-based alternatives to become a growing part of consumers&rsquo diet around the world.
In addition, plant-based alternatives can also mitigate concerns of food security as the world&rsquo s population continues to grow.
With ANEW, we see an opportunity to participate in the fast-growing plant-based foods market, where we want to be able to meet consumer' s expectations so that they can continue to enjoy their favourite food experience with our plant-based products based on our popular recipes."
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tedlim
Veteran |
08-Jun-2022 20:59
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Their luncheon meat products' prices increased as well..above S$4 now...still buy becos family prefer the taste and texture. | ||||||||||||||||||||
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WBdisciple
Elite |
08-Jun-2022 20:49
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WBdisciple
Elite |
09-Mar-2022 15:19
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Asia&rsquo s food spending is set to double to more than $8 trillion by 2030, report finds Asian consumers are set to double their spending on food to more than $8 trillion by 2030, according to a new joint report by PwC, Rabobank and Temasek. Much of that demand will be led by the region&rsquo s changing consumer habits and rapidly growing population, Temasek&rsquo s Anuj Maheshwari told CNBC&rsquo s &ldquo Squawk Box Asia&rdquo Tuesday. More than $1.5 trillion of investment will be required to keep up with that swelling demand, the study said. Asia should change eating habits and make way for meat-free proteins: Temasek Asian consumers are set to double their spending on food by 2030, leaving a gaping hole for investors to bring healthier and more sustainable options to the table, according to a new joint report by PwC, Rabobank and Temasek. Food spending in the region will hit more than $8 trillion by the start of the next decade &mdash up from $4 trillion in 2019 &mdash becoming the world&rsquo s largest food and beverage market, the group&rsquo s &ldquo Asia Food Challenge Report 2021&rdquo said Tuesday. Much of that demand will come from changing consumer habits in an increasingly health-conscious, digital savvy region, but also from its rapidly growing population. By 2030, Asia is expected to be home to 4.5 billion people and 65% of the world&rsquo s middle class. &ldquo Folks want healthier food, they want safer food, they want to buy online, they want food that is sustainable,&rdquo Anuj Maheshwari, Temasek&rsquo s managing director of agribusiness, told CNBC&rsquo s &ldquo Squawk Box Asia.&rdquo India and Southeast Asia are set to account for the greatest increase in spending, growing at a compound annual rate of 5.3% and 4.7%, respectively. China, however, will remain the largest market overall. The report&rsquo s finding are based on a survey of 3,600 consumers across 12 Asia-Pacific countries, as well as conversations with senior executives in the food sector and analysis of over 3,000 publicly traded food and beverage companies. A $1.5 trillion investment opportunity The rapid uptick puts pressure on an already fragile food ecosystem, which has been under immense pressure since the outbreak of the coronavirus pandemic. According to the report, it will take $1.55 trillion of investment by 2030 across the entire value chain to meet the region&rsquo s swelling food demand. That marks an increase of $750 billion from the $800 billion upstream (or preliminary) investment originally estimated in the group&rsquo s inaugural 2019 report. That presents significant commercial opportunities for investors, said Maheshwari, calling it a &ldquo big, big area in Asia.&rdquo Specifically, the report highlighted six &ldquo critical trends,&rdquo including healthy diets, fresh produce, safe and traceable sources, sustainable consumption, alternative proteins and online purchasing. &ldquo These trends (are) what agribusinesses need to focus on and make sure consumers can get this kind of food in addition to the volume that we need in places like Asia,&rdquo said Maheshwari. Agriculture technology investments have grown substantially since 2014, rising 377% to $30.5 billion, according to AgFunder. |
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Joelton
Supreme |
15-Feb-2022 09:23
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OTS Holdings Registers Revenue of $18.74 Million and Net Profit of $0.95 Million for 1H2022
&bull The Group&rsquo s business segments continued to remain profitable with net cash of approximately S$1.22 million generated from operating activities during 1H2022
&bull Balance sheet remained healthy with total assets of approximately $40.07 million and cash and cash equivalents of $9.31 million
&bull Continual focus on new growth initiatives that include the introduction of plant-based products, increasing sales of non-house brand products and overseas expansion, among others
The Group&rsquo s business segments continue to be profitable with net cash of approximately $1.22 million generated from operating activities in 1H2022: While revenue contribution from the Group&rsquo s four business segments may vary from year to year, all business segments continue to remain profitable in 1H2022.
Corresponding to lower sales in 1H2022, the Group&rsquo s production output was also reduced and with lower economies of scale, the Group&rsquo s gross profit margin dipped by 3.8 percentage points from 31.5% in 1H2021 to 27.7% in 1H2022.
Overall, the Group registered a net profit of approximately $0.95 million in 1H2022. During 1H2022, the Group generated net cash from operating activities of approximately $1.22 million. As at 31 December 2021, the Group has cash and cash equivalents of approximately $9.31 million.
Commenting on the Group&rsquo s financial performance for 1H2022, Managing Director of OTS Holdings, Mr. Ong Bee Chip said: &ldquo While there was some weakness in consumer sentiments in our overseas markets due to the prolonged pandemic, we are continuing our efforts to expand our market presence in existing and new markets as we see good opportunities on the horizon.
In addition, we are proactively taking new measures to improve our operations and cost competitiveness. As brand owners, these are significant steps in positioning our business on a firm footing to drive long-term value creation for all our stakeholders."
CONTINUAL FOCUS ON NEW GROWTH INITIATIVES
As highlighted previously, the Group&rsquo s in-house research and development team has been developing plant-based food products, such as plant-based canned luncheon meat, to cater to a growing demand for plant-based food products. Barring unforeseen circumstances, the Group intends to launch its new plant-based food products by the first half of 2022.
Domestically, the Group continues to market different brands to target different consumer price points across various sale channels and strengthen its presence in Singapore.
For Malaysia, the Group is continuing its efforts in brand building and expanding its market presence. At the same time, the Group aims to increase the sales of non-house brand products to expand its revenue base via its established distribution network across Malaysia.
For other overseas markets, the Group will continue to focus on building its brand presence and expand its products offerings in targeted regional markets.
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Kandee
Senior |
17-Jan-2022 01:38
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Does OTS sell in China? |
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tedlim
Veteran |
15-Jan-2022 10:57
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Shares of Chinese frozen food firms jump as Covid derails Chinese New Year [BEIJING] Frozen food is all the rage in China as home-cooked meals during the coming Lunar New Year holiday seems to be a safer bet than heading out to celebrate as Covid-19 cases increase. Frozen seafood processor Zhanjiang Guolian Aquatic Products climbed by the 20 per cent limit in Shenzhen for a third-straight day Friday (Jan 14), while hot-pot ingredient and frozen meat suppliers Haixin Foods and Shandong Delisi Food each jumped 10 per cent for a third day. Another maker of pre-prepared meals, Jinling Hotel, has surged 36 per cent this week. The group' s performance is an outlier in an otherwise bearish market. The benchmark CSI 300 Index is set to close at its lowest level since November 2020, and all sub gauges except energy are in the red so far this year. This rare bright corner comes as China reported finding 143 new local Covid-19 cases across 5 provinces on Thursday, with local governments including Shanghai and Beijing advising against traveling outside the cities during the 7-day festival that starts on Jan 31. Still, the appetite for the niche group of food firms hasn' t been sufficient to lift sentiment for other consumer shares, like those making the liquor baijiu. The CSI consumer staples index is down 3.8 per cent this week, poised for its lowest close in 2 months, with Kweichow Moutai and Wuliangye Yibin each sliding by at least 3.5 per cent. |
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