Latest Forum Topics / Jumbo Last:0.255 -- |
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Jumbo
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Joelton
Supreme |
11-Jun-2025 11:24
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Jumbo ventures beyond chilli crab to bring famous Siji Minfu Peking duck chain to Singapore
The restaurant is expected to open at Resorts World Sentosa
 
[SINGAPORE] Home-grown seafood restaurant group Jumbo has inked a joint venture with Chinese roast duck brand Siji Minfu to bring its signature Peking duck to Singapore.
 
While no launch date was provided, the restaurant is expected to open at Resorts World Sentosa, featuring the brand&rsquo s famed traditionally roasted Peking duck and its hallmark northern Chinese flavours. The setting will be one inspired by traditional Beijing courtyards.
 
Jumbo said the venture offers a timely opportunity to &ldquo build a strong partnership&rdquo with Siji Minfu and &ldquo capitalise on the growing global food and beverage sector in Singapore&rdquo through the introduction of the established Chinese brand.
 
The Singapore Exchange-listed company added that the collaboration is part of its &ldquo continuing growth strategy to build a robust roster of food and beverage brands and diversify its operations&rdquo , with a view to enabling future growth, regional expansion and potential spin-offs.
 
The group, which is famous for the chilli crab sold by its Jumbo Seafood brand, has a presence across several cities in China, including Shanghai, Beijing and Fuzhou.
 
In May, the restaurant operator reported a 10.6 per cent decline in profit to S$7.9 million for the six months ended Mar 31, down from S$8.9 million in the year-ago period. 
 
For Siji Minfu, this will mark the brand&rsquo s first overseas outlet, adding to its existing footprint of more than 20 locations in China, including in prominent areas such as Wangfujing and Qianmen Street in Beijing. These China-based outlets are not part of the joint venture.
 
Siji Minfu&rsquo s Singapore arm was incorporated on Aug 7, 2023, while the joint venture company, Sijiminfu-Jumbo, was established on Dec 18, 2024.
 
The joint venture is set to run for an initial term of five years, with the possibility of automatic extension or renewal by mutual agreement between the partners.
 
It has an issued share capital of S$2.6 million, comprising 2.6 million ordinary shares &ndash 90 per cent held by Siji Minfu and the remaining 10 per cent by Jumbo.
 
Jumbo said the investment will be funded by internal resources, and is not expected to have a material impact on its net tangible assets or earnings per share for the financial year ending Sep 30.
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Joelton
Supreme |
17-May-2025 13:03
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Jumbo Group enters JV to operate Peking roast-duck themed restaurant under Chinese Si Ji Min Fu brand
Jumbo Group of Restaurants has entered an agreement to establish a joint venture company with Si Ji Min Fu (SJMF), to operate a Peking roast duck-themed restaurant under the Si Ji Min Fu brand, according to a bourse filing on May 16.
 
The Si Ji Min Fu brand is a culinary name originating from China in 2008, known for its Peking roast duck and northern Chinese cuisine. The brand has 20 outlets in prime locations such as Wangfujing and Qianmen Street. The entity was incorporated in Singapore in 2023 as a private limited company engaged in restaurant operations.
 
With SJMF, Jumbo Group&rsquo s joint venture called SIJIMINFU-JUMBO was incorporated on Dec 18, 2024 with an issued share capital of $2.6 million with 2.6 million ordinary shares.
 
Jumbo Group will acquire 10% of the shares in the JV company, and SJMF will own the remaining 90%.
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Joelton
Supreme |
10-May-2025 10:29
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Jumbo&rsquo s H1 profit down 10.6% at S$7.9 million amid heightened F& B competition
Revenue up 0.3% at $97.3 million due to its South Korea operations
 
[SINGAPORE] Restaurant operator Jumbo Group : 42R +6% reported a 10.6 per cent decline in profit to S$7.9 million for the six months ended March 31, down from S$8.9 million in the year-ago period.
 
Its revenue increased by 0.3 per cent from $97.1 million to $97.3 million in the first half of FY2025. This was mainly contributed by revenue from its South Korea operations, the group said in a bourse filing on Friday (May 9).
 
However, Jumbo noted that heightened competition in the local food and beverage sector, as well as weak consumer confidence and cautious spending in China, continued to affect dining demand. This affected revenue by 1.1 per cent locally and 2.5 per cent in China, respectively.
 
Meanwhile, cost of sales, which comprised raw materials and consumables, increased by 2.8 per cent and was primarily driven by higher prices of key ingredients amid ongoing supply chain volatility.
 
Operating expenses also increased, driven by additional headcount, wage adjustments, and higher depreciation expenses arising from new leases, the opening of new outlets, and the refurbishment of existing ones.
 
Jumbo&rsquo s board of directors has recommended an interim cash dividend of S$0.005 per share.
 
In Singapore, the group&rsquo s performance continued to reflect intense competition in the F& B sector, although this was partially offset by a recovery in tourism. While it has rebounded significantly from pandemic lows, the group noted that recent trends indicate a moderation in visitor arrivals and tourist spending.
 
Despite these headwinds, Jumbo stated that it &ldquo continues to strengthen its market position by aligning with evolving consumer preferences and enhancing its value proposition within Singapore&rsquo s competitive dining landscape&rdquo .
 
Internationally, the group said it remains &ldquo focused on optimising operations and pursuing growth opportunities in markets supported by favourable long-term demographic trends and an expanding demand for quality dining experiences&rdquo .
Therefore, Jumbo remains &ldquo cautiously optimistic&rdquo for the next 12 months, barring unforeseen circumstances.
 
Group CEO Ang Kiam Meng said: &ldquo While global economic uncertainties and trade-related challenges may impact the business environment, Jumbo remains focused on adapting to these headwinds. We are committed to navigating these times with resilience and continuing to strengthen our operations for the long term
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SmallSmall
Supreme |
10-Jan-2025 09:53
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For those interested Kuang Ming Investments, the family office of Far East Organization&rsquo s CEO Philip Ng, has bought 253,000 shares in Jumbo on the open market for $68,310 or 27 cents per share. According to Jumbo&rsquo s filing, both Tan Kim Choo, wife of Far East Organization&rsquo s late founder Ng Teng Fong, and their son Philip Ng Chee Tat, have more than a 20% stake in Kuang Ming. The transaction, which took place on Dec 23, 2024, now brings Kuang Ming Investments&rsquo stake in the food and beverage (F& B) group to 9% from 8.96% previously. For the FY2024 ended Sept 30, 2024, Jumbo reported earnings of $13.7 million, 6.5% lower y-o-y. Shares in Jumbo closed at 27.5 cents on Jan 9. |
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Joelton
Supreme |
02-Dec-2024 10:04
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Jumbo Group reports FY2024 earnings of $13.7 mil, 1.0% lower y-o-y proposes final dividend of 0.5 cent per share
 
Jumbo Group has reported earnings of $13.7 million for the FY2024 ended Sept 30, 1% lower y-o-y. The food and beverage (F& B) group reported 2HFY2024 earnings of $4.75 million, 32.6% lower y-o-y.
 
Revenue for the FY2024, however, stood at a record of $190.4 million, 6.5% higher y-o-y, mainly due to the recovery of businesses, social events and tourism in Singapore and offset by weaker revenue from China.
 
Revenue for Jumbo&rsquo s Singapore operations grew by 12.6% y-o-y to $167.1 million while revenue from Jumbo&rsquo s Chinese operations fell by 27.6% y-o-y to $18.9 million during the year.
 
In line with the higher revenue, gross profit was up by 6.8% y-o-y to $125 million. Gross profit margin improved by 0.2 percentage points y-o-y to 65.7%.
 
Despite the higher revenue, Jumbo&rsquo s bottom line dipped due to higher overall operating expenses, which includes higher employee benefits expenses from higher headcount, salary adjustments and other operating expenses such as cleaning services, repairs and maintenance, and credit card and delivery service commissions.
 
A final dividend of 0.5 cents per share was declared, down from the 1 cent dividend declared during the same period last year.
 
Looking ahead, Jumbo says it remains optimistic over the resurgence of consumer demand and evolving preferences in the F& B industry. It adds that it will fortify its focus in Singapore, especially within the local F& B scene and with broader demand driven by tourism.
 
In addition, the group says it plans to expand into new markets across Southeast Asia.
 
&ldquo We are thrilled to achieve record revenue for the second consecutive year, a milestone that highlights the dedication of our team and the continued trust of our customers, for which we are deeply grateful,&rdquo says Ang Kiam Meng, executive director and group CEO of Jumbo.
 
&ldquo This achievement reflects the strength of the foundation we have built, enabling us to navigate rising operational costs and ongoing global economic uncertainties,&rdquo he adds. &ldquo As we look ahead, we remain focused on adaptability, prudent resource management, and vigilance in addressing challenges, ensuring we are well-positioned for sustained growth and success in the year to come.&rdquo
 
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n3wbie
Elite |
23-Sep-2024 23:32
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Seems like the stock broke out from a tightly traded range on volume - beneficiary from the inbound tourism | ||
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n3wbie
Elite |
18-Sep-2024 15:24
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Out of curosity, do people still follow this stock given how illiquid it is? Also particularly after they reduced the float further with equal access offer | ||
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Joelton
Supreme |
16-Aug-2024 11:21
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Jumbo Group goes beyond the sea
Starting as a single outlet at East Coast Seafood Centre in 1987, Jumbo Group 42R 0.00% , originally known as Jumbo Seafood, gained fame for its signature chilli crab.
 
It soon became a popular dining destination for both locals and tourists in Singapore.
 
Listed on the Singapore Exchange S68 -0.2% (SGX) since November 2015, the group has expanded into 10 different brands through M& A, joint ventures (JV) and organic growth through the launch of creative dining concepts.
 
Jumbo Seafood is the group&rsquo s flagship brand, operating across six restaurants in Singapore and beyond, including China, South Korea, Taiwan, Thailand, Vietnam and Cambodia. In 2010, the group made its first M& A, acquiring Ng Ah Sio Bak Kut Teh, before launching Chui Huay Lim Teochew Cuisine the next year.
 
In 2018, Jumbo Group formed a JV with Hong Kong-based Tsui Wah Group to become a franchisee, bringing the Tsui Wah chain of restaurants to Singapore.
 
This was followed by the launch of a quick-service eatery, Chao Ting Teochew Pao Fan, in 2019 and the group&rsquo s first acquisition after its listing in 2020, Kok Kee Wanton Noodle.
 
Another significant milestone came in 2022 when the group launched its premium dining concept, Jumbo Signatures, at The Shoppes in Marina Bay Sands.
 
The following year, the group opened its first halal-certified restaurant, Mutiara Seafood.
 
Jumbo Group has also ventured into retail, packaging its chilli paste and other familiar flavours under the Love, Afare brand.
 
Today, Jumbo Group operates 46 outlets globally, a far cry from its humble beginnings.
 
In its latest 1HFY2024 ended March results, the group reported earnings of $8.9 million, 11.9% higher y-o-y.
 
This was largely due to a 13% y-o-y surge in overall revenue to $97.1 million, as revenue from the group&rsquo s Singapore operations grew by 21.5% y-o-y to $85.3 million, thanks to the rebound of business and social dining along with tourism.
 
A full half-year of operations from Jumbo Seafood&rsquo s Riverwalk outlet and extended operational hours at most Jumbo Seafood outlets also contributed to the healthy revenue.
 
Meanwhile, revenue from the group&rsquo s Chinese operations weakened 26.2% y-o-y to $9.9 million in 1HFY2024, which the group attributes to ongoing challenges with the country&rsquo s weak economy, largely due to struggles within its real estate industry.
 
Furthermore, the group&rsquo s Jumbo Seafood outlet in Xi&rsquo an ceased operations in November 2023.
 
&ldquo Despite healthy revenue growth in Singapore, we remain cautious about challenges such as increasing raw material costs and ongoing manpower shortages,&rdquo notes Jumbo Group in its 1HFY2024 report.
 
&ldquo Barring any unforeseen circumstances, the group is cautiously optimistic about its business performance for the next 12 months.&rdquo
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chubbybastard
Member |
12-May-2024 05:58
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I wonder if landlord see this kind of stellar result will they rise rent 1000000%. If i am landlord upon renewal of least confirm i going to ask for at least 4x-5x more in rent.
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MrBear12
Supreme |
11-May-2024 13:26
![]() Yells: "DBS Singtel OCBC Keppel STEng CICT KIT UOB JMH CDL SGX SIA " |
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Looks good stock. Jumbo seafood | ||
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Joelton
Supreme |
11-May-2024 13:07
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Jumbo Group 1HFY2024 earnings up 11.9% y-o-y
 
Jumbo Group has reported earnings of $8.9 million for its 1HFY2024, up 11.9% y-o-y. Revenue in the same period ended March was up 13% to $97.1 million.
 
The company, which operates a chain of restaurants under different brands, enjoyed a pick up in dining, including from tourists.
 
Its Singapore business enjoyed a 21.5% y-o-y jump in revenue to $85.3 million.
 
Its two key brands, Jumbo Seafood and Zui Teochew Cuisine have returned to pre-pandemic business operations and performances, with a lift from festive season dining out.
 
The company' s Riverwalk outlet, a popular spot for tourists, enjoyed growth too. 
 
However, its business in China did not do as well. Revenue was down 26.2% y-oy to just $9.9 million. It shut down an outlet last November.
 
According to Jumbo, the weak economy in China, largely " influenced" by the " struggles" of the real estate industry, is posing a challenge to its business there.
 
" To address these economic challenges, our group has
undertaken strategic measures to optimise operations and enhance efficiency in line with the prevailing market conditions," the company says.
 
Jumbo plans to pay an interim dividend of 0.5 cent per share. It did not pay a dividend in the year-earlier period.
 
Going forward, despite healthy revenue growth here, the company is mindful of challenges including higher materials and manpower costs.
 
Barring any unforeseen circumstances, Jumbo is " cautiously optimistic" about its business performance for the coming financial year.
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ozone2002
Supreme |
26-Jan-2024 13:00
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Always bustling with tourist, a sign for assured profitability KGI Research  Jumbo Group Ltd (JUMBO SP): Welcome more Chinese BUY Entry &ndash 0.265 Target&ndash 0.285 Stop Loss &ndash 0.255 ![]()   |
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Joelton
Supreme |
22-Jan-2024 10:56
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Jumbo Group to buy back 10% of shares at S$0.26 each
 
AT the company&rsquo s annual general meeting held last Friday (Jan 19), Jumbo Group&rsquo s shareholders approved the renewal of its share buyback mandate.
 
In a bourse filing, the food and beverage player said that it will offer S$0.26 in cash per share to buy back up to 10 per cent of the company&rsquo s 643,658,465 shares in issue.
 
The offer represents a 6.1 per cent discount to the average market price of the company&rsquo s shares over the last five market days before the offer was announced.
 
Under the equal access offer, each shareholder can accept to sell to the company up to 10 per cent of their shares.
 
Jumbo Group : 42R +1.82% added that up to 7.5 million of the shares bought back will be held or dealt with as treasury shares, while the remainder will be cancelled.
 
Internal resources will be used to finance the S$16.7 million required to purchase shares under the equal access offer, the company said.
 
For the year ended Sep 30, 2023, the company posted a net profit of S$14.6 million, reversing a net loss of S$91,000 over the same period a year earlier.
 
&ldquo The equal access offer provides shareholders who find it difficult to sell down a substantial portion of the shareholdings in the company as a result of the low trading volume in the shares with an opportunity to liquidate and realise their investment in the shares,&rdquo said Jumbo.
 
&ldquo This is an option which may not otherwise be readily available due to the low trading liquidity of the shares.&rdquo
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huattuatua
Master |
29-Nov-2023 16:46
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too illiquid difficult to trade, unless keep for long term |
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Joelton
Supreme |
29-Nov-2023 10:15
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Jumbo&rsquo s H2 profit up 52% to S$6.7 million, recommends final dividend of S$0.01 per share
 
RESTAURANT operator Jumbo Group : 42R -3.57% on Tuesday (Nov 28) reported earnings of S$6.7 million for the second half of the fiscal year ended September, up 52 per cent from its net profit of S$4.4 million in the year-ago period.
 
The stronger showing in H2 pushed the group&rsquo s full-year earnings to S$14.6 million, a turnaround from its net loss of S$91,000 in the previous year. 
 
The board of directors has recommended a final dividend of S$0.01 per share, subject to shareholder approval at the upcoming annual general meeting. No final dividend was paid out in FY2022. The pay-out date for the dividend will be announced later.
 
Revenue for H2 was up 40.7 per cent to S$92.8 million, from S$66 million. The group attributed its stronger top line figures for the six-month and full-year periods chiefly to the increase in revenue from its local operations on the back of the easing of pandemic-related measures. 
 
While Jumbo&rsquo s revenue from the sale of food and beverages increased, revenue from franchise income fell because there was no new franchise outlet in FY2023, the company said. 
 
The sustained recovery, coupled with the strategic conversion of the group&rsquo s SuiYi Gastrobar at The Riverwalk into a Jumbo Seafood outlet in January, pushed up the group&rsquo s revenue from Singapore operations by 46.7 per cent to S$$78.2 million in H2. 
In China, H2 revenue rose 15.3 per cent to S$12.7 million due to the end of the country&rsquo s zero-Covid policy in December last year. In Taiwan, Jumbo&rsquo s topline contributions rose 17.5 per cent to S$1.9 million. 
 
Cost of sales from raw materials and consumables was up 46.5 per cent to S$32.6 million in H2. This was in tandem with the increase in revenue, the company said. 
 
Jumbo said it remains &ldquo cautiously optimistic&rdquo for the next 12 months, barring unforeseen circumstances. Despite the revenue growth, the group said it remains mindful of challenges arising from increased operational costs from items such as raw materials, labour and utilities. 
 
Jumbo&rsquo s chief executive Ang Kiam Meng said: &ldquo In these uncertain times, Singapore is resilient despite global turbulence. However, caution is needed due to the volatile global economy, especially recent issues in China,&rdquo he said. 
 
&ldquo As we navigate this uncertain landscape, we stay vigilant and prepared for potential challenges.&rdquo  
 
In a separate announcement on Tuesday, Jumbo said its chief financial officer Tay Peng Huat has resigned to &ldquo pursue personal interests and other opportunities&rdquo . He has held the post since 2014.
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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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