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The Place Holdings on its next leg!
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ozone2002
Supreme |
29-Nov-2023 08:10
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Lovely result
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Everyday
Elite |
28-Nov-2023 22:27
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JUMBO REPORTS RECORD REVENUE OF $178.8 MILLION IN FY2023 Significant increase in the Group&rsquo s revenue of 54.7% to a record of $178.8 million in FY2023. Net profit after tax attributable to owners of the Company of $14.6 million in FY2023 compared to loss attributable to owners of the Company of $0.1 million in FY2022. Dividend declaration of 1.0 cent per share https://links.sgx.com/1.0.0/corporate-announcements/6ZZ0CL6OH45SD0KE/6c05bf46d3930f6c1078c82f657be39dcd7107e68c03c2f66116c4ab8717ddf6 |
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Joelton
Supreme |
06-Jun-2023 09:45
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SAC Capital lifts Jumbo Group' s target price and earnings upon return of Chinese tourists
SAC Capital analyst Yeo Peng Joon has kept his &ldquo buy&rdquo call on Jumbo Group 42R -1.72% with a higher target price of 43 cents from 41 cents previously.
Yeo&rsquo s report on June 1 comes after Jumbo' s financial results for the 1HFY2023 ended March 31.
On May 12, the food and beverage (F& B) group reported earnings of $7.9 million for the six-month period, reversing from its loss of $4.5 million in the corresponding period the year before. The figure surpassed Yeo&rsquo s expectations, forming 116% of his FY2023 forecast. It also came above the consensus estimates at 93% of its full-year forecast.
Likewise, Jumbo&rsquo s 1HFY2023 revenue, which surged by 73.3% y-o-y to $85.9 million, went beyond Yeo&rsquo s expectations at 64% of his FY2023 estimate.
Jumbo&rsquo s stellar performance was thanks to a 134% surge in its sales in Singapore. This was due to the price hikes of specific menu items, higher footfall from the country&rsquo s relaxation of Covid-19 measures and the easing of border restrictions, as well as the return of large-scale bookings, notes Yeo.
With visitor arrivals in Singapore currently at 71% of the levels seen before the onset of the Covid-19 pandemic and a lag in inbound Chinese arrivals, Yeo notes that there is still room for Jumbo to grow.
Other positives in Yeo&rsquo s view include the group&rsquo s moves to improve sales. This includes transforming Sui Yi Gastrobar at The Riverwalk to the more popular Jumbo Seafood establishment to meet the high demand for the latter. Prior to its switch, Sui Yi Gastrobar was said to have had lacklustre sales at The Riverwalk.
The group also made an inaugural foray into halal dining with its first halal seafood restaurant, Mutiara Seafood, located at Wisma Geylang Serai. This establishment spans two floors, with the second floor capable of hosting various functions.
The newly-opened halal restaurant opens Jumbo up to a more diverse customer base, says Yeo.
While Jumbo&rsquo s sales in China remained muted with lacklustre foot traffic on the back of a surge in Covid-19 cases in December 2022, Yeo notes that Jumbo Seafood at China&rsquo s Universal Beijing Resort (UBR) still has &ldquo ample room to expand its sales further and capitalise on the return of tourists&rdquo . Jumbo&rsquo s China sales fell by 21% y-o-y to $13.4 million although it rose by 21% on a h-o-h basis.
The group&rsquo s sales in Taiwan fell by 11% to $2.4 million in the 1HFY2023 due to a week of renovation at Jumbo Seafood in Taipei.
With this, Yeo has also upped his earnings estimates for FY2023 to FY2024 by 16% to 76%. His new target price is pegged to the group&rsquo s FY2023 ev/ebitda and P/E of 3.6x and 15.4x respectively.
&ldquo We remain upbeat on Jumbo&rsquo s prospect fuelled by essential factors that include Mutiara Seafood turning profitable, the return of international and Chinese visitors patronising their restaurants, an upswing in large-scale events and the potential for a dividend payout,&rdquo Yeo writes.
Meanwhile, he is also cognisant of headwinds such as the tightening of customers&rsquo wallets from the cooling economic climate. Escalating operating costs such as raw materials, manpower, rent and utilities, and the ongoing manpower shortage are other downside factors.
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Joelton
Supreme |
18-May-2023 10:08
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CGS-CIMB raises Jumbo' s target price to 40 cents
CGS-CIMB' s Kenneth Tan and Ong Khang Chuen have raised their target price on Jumbo Group from 35 cents to 40 cents, with expectations that the seafood restaurant chain will enjoy further earnings growth ahead.
" We remain positive on Jumbo&rsquo s recovery trajectory ahead, with 1HFY23 results showing that Jumbo is on track for earnings to recover to pre-Covid levels by end-FY23F, in our view," state the analysts in their May 16 note.
CGS-CIMB is the only brokerage with a formal coverage of this stock.
For its 1HFY2023 ended March, the company reported earnings of $7.9 million, versus a loss of $4.5 million in the year-earlier period, when the effects of the pandemic were still apparent.
Revenue in the same period was up 73% y-o-y to $86 million, along with an improvement in gross margin to 6.1%, up 3 percentage points.
The company' s Singapore operations grew particularly strongly, up 134% y-o-y, driven by the combination of the return of tourists, spending of expense accounts and menu price hikes.
Jumbo, which is diversifying its offerings with mass-market hawker food as well, enjoyed higher contributions from four new outlets under the Kok Kee wanton noodle brand.
In their May 16 note, Tan and Ong raised their FY2023 and FY2024 earnings forecast by 21 and 47% respectively, as they factor in better Singapore sales recovery and stronger-than-expected profitability.
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Joelton
Supreme |
15-May-2023 09:49
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Jumbo swings into the black with S$7.9 million net profit in H1
SEAFOOD restaurant operator Jumbo Group reversed into the black in the fiscal first half from the year before, with the return of events and inbound tourism, the company said on Friday (May 12).
Net profit for the six months ended Mar 31, 2023, stood at S$7.9 million, reversing from a net loss of S$4.5 million posted the same period a year ago.
The results translate to earnings per share of 1.2 Singapore cents, against a loss per share of 0.7 Singapore cent.
Revenue was up 73.3 per cent to S$85.9 million, from S$49.6 million in the previous year.
This comes as the lifting of Covid-19 measures in Singapore brought its Singapore operations revenue to S$70.2 million, an increase of 133.6 per cent from S$30 million seen in the year-ago half year, the group said.
However, it reported a 11.2 per cent drop in revenue from its Taiwan operations to S$2.4 million. The group said this is a result of a one-week shutdown of operations at its Taipei outlet for renovation
Meanwhile, its cost of sales, which comprised raw materials and consumables, rose by 58.8 per cent to $29.1 million. But the group said this was in line with the revenue increase.
Employee benefits expenses also increased by 44.6 per cent to S$26.6 million on increases in headcount, basic pay and bonuses, while operating lease expenses almost quadrupled to S$3.1 million on higher variable rent resulting from higher revenue.
As for its &ldquo other income&rdquo segment, Jumbo noted a 181.8 per cent increase to S$3.7 million in the half year, due to various grants from the Singapore government amounting to S$2.1 million.
In the first half of FY2022, it received grants amounting to just S$700,000, it added.
No interim dividend was declared for the half year. In justifying this, Jumbo said while it achieved profitability, it remains cautious of the rising Covid-19 cases and rising operating costs which may affect its performance in the second half of 2023.
&ldquo We will continue to monitor these developments closely and take necessary measures to maintain sustainable revenue growth and profitability,&rdquo it said.
Barring unforeseen circumstances, the group is &ldquo cautiously optimistic&rdquo on its business performance for the next 12 months, it added.
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Joelton
Supreme |
22-Mar-2023 10:30
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Jumbo Group seen as CGS-CIMB&rsquo s pick in ' overweight' F& B sector
CGS-CIMB analysts Kenneth Tan and Ong Khang Chuen are keeping their &ldquo overweight&rdquo call on Singapore&rsquo s food and beverage (F& B) sector as they see restaurant sales recovering &ldquo meaningfully&rdquo .
The analysts see a continued recovery in restaurants based on January&rsquo s data from the Singapore Department of Statistics (Singstat) that showed total F& B sales rising 20% y-o-y during the month. Both sales in restaurants and cafes and food courts rose by 19% y-o-y and 13% y-o-y respectively.
The analysts&rsquo positive outlook also comes as food inflation continued to climb in January. Food prices in Singapore rose by 8.1% y-o-y during the month, which is the highest level recorded since August 2008. The higher prices were driven by rising food ingredient prices and wage increases, the analysts note.
Within the sector, Tan and Ong have named Jumbo 42R 0.00% as their top sector pick as they see the group reporting a strong rebound in its profitability for the FY2023.
&ldquo We expect Jumbo to benefit from healthy restaurant spend as corporate meals continue to ramp up and higher tourist footfall (particularly from North Asia). Coupled with eased Covid-19 measures in China (24% revenue contribution in FY2022), we believe that Jumbo is set for a turnaround to profitability in FY2023,&rdquo the analysts write.
&ldquo In its annual general meeting (AGM) [in end-January], Jumbo highlighted that monthly revenue for some of its Singapore and overseas outlets have already returned to pre-Covid levels,&rdquo they add.
Meanwhile, Kimly 1D0 -1.49% is also expected to benefit from the increased downtrading behaviour due to its mass-market positioning, but its cost pass-throughs could be limited as its customers become more cautious on spending. The analysts also see Kimly&rsquo s FY2023 results weighed down by slower outlet expansion.
The analysts have rated Jumbo &ldquo add&rdquo with a target price of 35 cents, which is based on 20.0x its P/E for the calendar year (CY) 2024 (or 1.5 standard deviations or s.d.) below its three-year historical mean.
Kimly has been rated &ldquo hold&rdquo with a target price of 39 cents. The target price is based on 15.4x Kimly&rsquo s CY2024 P/E or 0.5 s.d. below its five-year historical mean.
Re-rating or downside risks include better or worse cost pass-throughs, as well as the positive or negative impact on the sector&rsquo s earnings.
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SmallSmall
Supreme |
15-Dec-2022 12:57
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Jumbo has clawed out of the red, &lsquo significant return to profitability' ahead: CGS-CIMB  Jovi HoThu, Dec 15, 2022 &bull 10:31 AM GMT+08 &bull 8 minutes ago &bull 3 min read
        Jumbo returned to profitability in 2HFY2022 with net profit of $4.4 million, ending FY2022 with a loss of $0.1 million. Photo: Samuel Isaac ChuaRestaurant operator Jumbo Group has clawed out of the red, say CGS-CIMB Research analysts Kenneth Tan and Ong Khang Chuen. The company can expect a &ldquo significant return to profitability&rdquo in the coming year, with an earnings rebound set for FY2023, they add. In a Dec 13 note, Tan and Ong upgraded Jumbo to &ldquo add&rdquo from &ldquo hold&rdquo with a higher target price of 35 cents, up from 30 cents previously. The new target price represents an upside of 20.7% against a traded price of 29 cents. Following Jumbo&rsquo s return to profitability in 2HFY2022 ended September with net profit of $4.4 million, the analysts expect FY2023 net profit to record a significant rebound to $8.6 million, up from a net loss of $0.1 million for FY2022. Key positives from 2HFY2022 financials include a strong rebound in Singapore revenue as outlet footfall gained traction, and an exceptionally strong gross profit margin (GPM) of 66.3%, compared to 2HFY2021 GPM of 61.9%. Meanwhile, FY2022 revenue from China fell 12% y-o-y to $28 million on the back of stringent Covid-19 measures imposed in the region, write Tan and Ong. No dividends were proposed for the financial year. Jumbo has a portfolio of 10 food and beverage (F& B) brands and has 46 F& B outlets (including those of its associated companies and those under licensing arrangements) in 13 cities in Asia: Singapore, Shanghai, Beijing, Xi&rsquo an, Fuzhou, Xiamen, Seoul, Taipei, Ho Chi Minh City, Hanoi, Bangkok, Tokyo and Osaka. See also: Jumbo back in the black for 2HFY2022 Singapore operations set for a stronger recovery According to Tan and Ong, Jumbo&rsquo s management shared that revenue and footfall of some of its Singapore outlets were close to pre-Covid-19 levels in 4QFY2022. &ldquo We expect FY2023 Singapore revenue to ramp-up further from a gradual return of North Asian tourists as the region reopens further, easing Covid-19 restrictions and higher contribution from new outlets opened in FY2022.&rdquo While Tan and Ong see the possibility of further downtrading as consumers exercise financial prudence, they believe the impact should be cushioned by the return of tourists and resilient restaurant spend from upper-middle-income consumers. See also: Hotel rates hitting the roof in Singapore, further upside to be seen in Japan and China: DBS China operations likely to improve With China announcing nationwide relaxation of Covid -19 restrictions on Dec 7, Tan and Ong believe Jumbo&rsquo s China operations are set for a steady recovery in FY2023, as restaurant footfall improves. Easing domestic restrictions and potential resumption of domestic travel could further drive up revenue contribution from the Universal Beijing Resort outlet, as the outlet only commenced operations in September 2021 and was thereafter adversely impacted by sporadic lockdowns throughout FY2022, they add. That said, Tan and Ong have lowered their earnings per share (EPS) estimates by 3%-5% as they &ldquo fine-tune estimates post-2HFY2022 results&rdquo . &ldquo We believe Jumbo appears set for a steady recovery in FY2023. At current levels, Jumbo trades at 16.2x 2024 P/E, approximately 2.2 standard deviations below its three-year historical mean.&rdquo Re-rating catalysts include a quicker reopening of North Asia and easing of domestic restrictions in China, while downside risks include prolonged Covid-19 restrictions in China and rising cost pressures that could erode margins. As at 10.13am, shares in Jumbo are trading flat at 29.5 cents. |
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Joelton
Supreme |
15-Dec-2022 09:05
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CGS-CIMB upgrades Jumbo to &lsquo add&rsquo on expected near-term profits
CGS-CIMB upgraded its call on Jumbo Group : 42R +1.72% to &ldquo add&rdquo from &ldquo hold&rdquo as the research house expects a &ldquo much stronger&rdquo FY2023 performance for the restaurant operator in both Singapore and China.
This came after Jumbo&rsquo s latest set of FY2022 results exceeded expectations, with a significantly narrower-than-forecast full-year net loss due to profitability booked in H2.
CGS-CIMB also raised its target price to S$0.35 from S$0.30, after factoring in valuations for 2024 with a price-to-earnings ratio of 20 times, three standard deviation points below Jumbo&rsquo s three-year historical mean.
On Tuesday (Dec 13), analysts said they foresee a further ramp-up in FY2023 Singapore revenue, due to a gradual resumption of tourism from North Asia to Singapore, coupled with higher contributions from new outlets opened in FY2022.
Jumbo&rsquo s Singapore revenue constituted the bulk of its topline, and was notably close to pre-Covid levels in FY2022.
The research house also said the group&rsquo s restaurant footfalls in China are set for a steady recovery in 2023 amid easing Covid-19 restrictions &ndash particularly Jumbo&rsquo s restaurant in Universal Studios Beijing, which commenced operations in September 2021.
CGS-CIMB forecast a &ldquo significant rebound&rdquo in Jumbo&rsquo s FY2023 net profit to some S$8.6 million.
Its analysts cautioned of potential headwinds arising from additional Covid-19 restrictions in China, along with rising cost pressures that could erode Jumbo&rsquo s margins.
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ruanlai
Elite |
09-Dec-2022 08:44
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https://www.theedgesingapore.com/capital/brokers-calls/jumbo-beneficiary-reopening On Dec 7, SAC Capital has initiated its coverage on Jumbo with a &ldquo buy&rdquo and a target price of 38 cents. |
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SmallSmall
Supreme |
08-Dec-2022 15:26
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Look out for the rebound in this one with the easing of Covid measures in China as they have operations in Beijing and Xiamen I believe. SAC Capital has a target price of $0.38 in August 2022
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Joelton
Supreme |
30-Nov-2022 08:47
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Jumbo back in the black for 2HFY2022
Jumbo Group, which was hard hit during the pandemic, has reported earnings of $4.4 million for 2HFY2022 ended Sept, versus a loss of $7.5 million from a year earlier.
Revenue for 2HFY2022 was $66 million, up 81.3% y-o-y, bringing full year revenue to $115.6 million, up 41.3% over FY2021, as the easing of the pandemic brought back dining demand from both tourists and locals alike.
The company ended FY2022 with a loss of $0.1 million, a big improvement from red ink of $11.8 million in the preceding FY2021.
Despite the strong recovery, the company plans to withhold any dividend payment as it prefers to conserve the resources for working capital and &ldquo carefully assessed&rdquo growth investments and developments.
Group CEO Ang Kiam Meng says that sales are going back to pre-Covid levels, especially for the company&rsquo s &ldquo anchor concepts&rdquo JUMBO Seafood and Zui Teochew Cuisine.
He adds that while there has been significant relaxation of COVID-19 measures in most of the company&rsquo s overseas market, Jumbo continues to remain cautious especially of its operations in China.
&ldquo Looking forward, we are optimistic that business performance will continue to improve, especially in our Singapore market.
&ldquo In addition, we are creating new F& B concepts that we hope to introduce to the market in the near future,&rdquo says Ang.
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Joelton
Supreme |
02-Aug-2022 10:39
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SAC Capital sees several growth drivers in initiation report for Jumbo Group
SAC Capital analyst Yeo Peng Joon has initiated coverage on Catalist-listed Jumbo Group with a &ldquo buy&rdquo call as he sees several growth drivers to the counter.
Yeo has also given the group a target price of 38 cents.
&ldquo The stock is currently trading at a forward P/E of 30.8x, and EV/EBITDA of 4.5x for FY2023 respectively,&rdquo he writes.
In his report dated Aug 1, Yeo is buoyant on the group&rsquo s prospects, seeing several growth drivers that include the sales rebound from pent-up domestic demand and tourist arrivals.
Other growth drivers include the rejuvenation of consumption demand at restaurants after two months of strict lockdowns in Beijing and Shanghai, the enlargement of the footprints of Jumbo Seafood and other brands in Asia through the group&rsquo s franchise model, as well as the potential for the group to raise its prices in an inflationary environment.
On the back of this, Yeo sees the group&rsquo s earnings to improve ahead to a smaller net loss of $5.7 million in the FY2022 and a net profit of $5.3 million in the FY2023 compared to the $11.8 million net loss reported in the FY2021.
That said, Yeo warns that the group may also face headwinds such as a shortage in manpower due to the low unemployment rate and stringent cap on foreign dependency ratio in Singapore, China&rsquo s zero-Covid-19 policy, as well as rising input costs due to the higher commodity prices.
&ldquo Thus far, Jumbo has been able to pass this on and maintain gross margin, but it could face resistance if the macro environment weakens,&rdquo the analyst notes.
In addition, the pressures of an economic recession may lead to consumers cutting back in their discretionary spendings, especially on high-ticket meals, which could also dampen Jumbo&rsquo s sales.
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erhaier
Senior |
01-Aug-2022 15:17
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what happening today? reaching TP soon... haha | ||
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Joelton
Supreme |
19-May-2022 11:50
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CGS-CIMB cuts Jumbo target price to S$0.30 on bumpy recovery journey
RESTAURANT operator Jumbo Group : 42R -1.72% will likely face a bumpy road to recovery given the ongoing uncertainties in China, CGS-CIMB said.
In a report on Tuesday (May 17), the research team trimmed its target price on the counter to S$0.30 from S$0.31, after it cut its estimates for Jumbo&rsquo s earnings per share in FY2023 and FY2024.
CGS-CIMB maintained its &ldquo hold&rdquo call on the stock, noting that Jumbo will likely face a slower recovery journey.
Shares of Jumbo Group closed at 28.5 Singapore cents on Wednesday, down 0.5 cent or 1.7 per cent.
On May 12, Jumbo posted a net loss of S$4.5 million for its first half ended March, widening from S$4.3 million in the same period a year earlier. Revenue from Singapore recovered to S$30 million mainly due to Jumbo&rsquo s diversification into the mass market and new brand initiatives, while revenue from China grew to S$17 million due to contribution from a newly-opened outlet.
The research team said the results were below expectations due to slower recovery in Singapore amid the Omicron variant.
It now projects Jumbo will post a net loss of S$5 million in FY2022, from previous forecasts of a net profit of S$1.9 million, as ongoing Covid-19 restrictions in Shanghai and Beijing will likely weigh on Jumbo&rsquo s H2 revenue in China. Jumbo operates 7 outlets across the 2 cities.
But in Singapore, CGS-CIMB expects sales recovery will be supported by the significant relaxing of Covid-19 restrictions from April, particularly for Jumbo Seafood restaurants and Zui Teochew Cuisine located in the Central Business District.
The relaxed restrictions should boost customer flows in Jumbo&rsquo s key market segments, which include tourists, business crowds and locals, the research team said.
In the near term, CGS-CIMB expects recovery in Singapore will be driven mainly by business crowds and locals, while recovery in tourist arrivals could be more gradual given that most North Asian countries have yet to announce broad-based relaxation of border restrictions.
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luckyfa
Elite |
24-Mar-2022 15:33
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Yup, loaded some small small lots.... Hope to earn some dinner $$
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SmallSmall
Supreme |
24-Mar-2022 14:43
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Time to buy this food and beverage stock. 10 pax dining plus quarantine free tourists (fully vaccinated) will certainly have a positive impact on their business | ||
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LowLow12
Elite |
04-Feb-2022 14:28
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tonight going jumbo dempsey celebrate lou hei celebrate cny |
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erhaier
Senior |
04-Feb-2022 14:23
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keep opening so many new stores, ownself fight ownself over local customers... when no tourists coming over... will become like No Signboard anot? | ||
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MakeChanges
Elite |
20-Jan-2022 08:04
Yells: "No price is too low for a bear or too high for a bull" |
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JUMBO SIGNATURES OPENS AT MARINA BAY SANDS SINGAPORE &bull JUMBO&rsquo s premium dining concept &ndash paying homage to uniquely Singaporean flavours executed with finesse for an elevated dining experience &bull Tapping into the market of gourmets who enjoy finer things in life &ndash a d emonstration of the Group&rsquo s strategy to serve customers across the entire spectrum, complementing our portfolio of day-to-day hawker concepts and full-service premium concepts |
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Joelton
Supreme |
22-Dec-2021 09:55
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Jumbo introduces new concept and expands Kok Kee Wonton Noodle stalls
F& B group Jumbo Group announced that it has introduces a new F& B concept, Slake, to its portfolio of restaurants and has opened two additional Kok Kee Wanton Noodle stalls in Singapore, bringing the brand&rsquo s network to six outlets across Singapore.
Slake is a homegrown modern Southeast Asian restaurant by self-professed food enthusiast, Jeremy Cheok. From the Opera Estate neighbourhood, Slake is now open at the city-centre at The Riverwalk. The new concept opened its door to customers on Dec 8, presenting a menu peppered with culinary creativity for an epic Southeast Asian feast. Originally a Jumbo Seafood outlet, the group converted the space into a venue for gatherings and celebrations, offering a relaxed and fun ambience to dine and wine. The outlet has a seating capacity of 93, with an option of indoor and outdoor dine-in.
Separately, the group is also on track with its plans to open more Kok Kee stalls in Singapore. The new stall located at 301 Punggol Central, #01-06, Stall 5, Singapore 820301 started operations on Dec 13, while another, housed within the newly revamped Kopitiam in Jurong Point, 1 Jurong West Central 2, #03-42, Singapore 648886, officially opened on Dec 21.
Kok Kee was acquired by the Group in December 2020, with its flagship store at Foch Road. Standardisation of processes and centralised production of certain products at the central kitchen have facilitated the group in extending the operating hours at the flagship store, and the opening of five new outlets within a year, with consistent food quality maintained across all outlets.
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