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QAF
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Joelton
Supreme |
11-Jul-2026 13:59
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Cashed-up QAF is daily bread for investors to chew on Bakery and food distributor QAF, listed on the Singapore Exchange, has the eye of Eng Tiam Choon of uSmart Research Institute. The company may have maintained a very low corporate profile and its shares are thinly traded. However, its products, led by the flagship Gardenia brand, are literally the daily bread of millions of consumers across the region. With a balance sheet that is lightly geared but heavily laden with cash, QAF is trading at what Eng calls an &ldquo undemanding&rdquo valuation. QAF was recently in the news for shutting down its Singapore-based manufacturing operations to beef up its presence in Malaysia. That still leaves it with more than a dozen facilities across the Philippines, Malaysia, and Australia, plus an extensive distribution network spanning approximately 82,000 retail touchpoints. In FY2025, QAF reported patmi of $39.8 million, up 14.8% y-o-y, equivalent to EPS of 6.9 cents. Excluding the exceptional items and an impairment charge, its underlying profit before tax was $39.1 million, a slight dip from $39.4 million recorded in the preceding FY2024. QAF runs what Eng calls an &ldquo exceptionally strong&rdquo balance sheet with net cash of $190.9 million, equivalent to 33 cents per share. It is lightly geared at just 0.05 times, allowing it to maintain at least 5 cents in annual dividends since 2012. Despite this, Eng notes that QAF has been trading at around 14 times trailing P/E and 6.5 times adjusted EV/Ebitda, representing a discount to comparable regional bakery peers and is undemanding for a company that owns the market-leading Gardenia franchise in Singapore and leading positions in the Philippines and Malaysia. Eng, in his July 7 initiation report, rates this counter a &ldquo hold&rdquo with a target price of $1.02, based on a blended 60% sum-of-the-parts and 40% forward P/E methodology, implying 4.6% capital upside and an estimated total return of 9.7% including a 5.1% forward dividend yield. According to Eng, the investment case for QAF rests on three key pillars. First, the counter is trading at an undemanding valuation below comparable regional bakery peers, despite its leading market positions. The cash hoard, equivalent to a third of the current market cap, is a sign that investors are undervaluing the operating business relative to its franchise strength and regional footprint. Next, QAF is seen to reverse the dip in its margins. Between FY2024 and FY2025, the company&rsquo s ebitda margin from the bakery business went from 12.8% to 10.6%, due to higher staff costs, lease and distribution costs. According to Eng, the consolidation of QAF&rsquo s Singapore production into Johor Bahru from June 30 onwards is seen to help improve efficiency and support structural cost savings. &ldquo While FY2026 remains a transitional year, we expect benefits to emerge progressively, supporting margin recovery from FY2027 onwards,&rdquo he says. Last but not least, QAF holds a 50% stake in a joint venture in Malaysia, Gardenia Bakeries (KL). Eng suggests that GBKL, carried at book value by QAF despite its &ldquo meaningful&rdquo contribution to the earnings, provides the company with &ldquo optionality&rdquo . Eng prefers to stay conservative for now. &ldquo A future listing, stake sale or strategic transaction could provide additional upside but remain unconfirmed and is not reflected in our base-case valuation,&rdquo he says. Operations-wise, QAF, given its established network across the region, has built up several competitive pillars, says Eng. First, the company has a good grasp on its own logistics. Fresh packaged bread has a relatively short shelf life, requiring daily delivery to thousands of outlets and the retrieval of near-expiry stock. &ldquo The ability to control this &lsquo freshness cycle&rsquo at every outlet is what separates incumbents from challengers,&rdquo says Eng, suggesting that new entrants lack the volume to make such frequent, geographically dense distribution economically viable, making the route-to-market network a self-reinforcing competitive barrier that grows stronger with scale. Next, QAF, having invested in Gardenia over the years, has built it into Singapore&rsquo s top-selling bread brand. In addition, the brand commands market-leading positions in the Philippines and Malaysia, too. &ldquo In a daily-consumption category where freshness and consistency drive repeat purchase, established brand equity functions as a genuine switching deterrent &mdash enabling prime shelf positioning, resilience against private-label encroachment, and rapid consumer trial of new product extensions,&rdquo says Eng. In addition, QAF has the scale and the automation. The capital intensity of food manufacturing &mdash combined with food safety licensing, religious certification requirements across multiple jurisdictions, and the fixed infrastructure costs of operating at an industrial scale &mdash creates meaningful barriers to new entrants, says Eng. He cautions that the primary risk to QAF&rsquo s operating model is cost inflation &mdash particularly in labour and distribution costs. &ldquo QAF&rsquo s limited ability to fully pass through cost increases to price-sensitive consumers constrains margin recovery,&rdquo he warns. Eng has also observed that the company is rather tightly held, with two key shareholders, Lin Kejian and Lam Sing Chung, owning more than 70% of the shares between themselves. From Eng&rsquo s perspective, this means liquidity is reduced, and there is even a &ldquo governance risk&rdquo given how minority shareholders have limited influence. Even so, Eng observes that the founding family has maintained a long track record of paying consistent dividends of five cents per share since 2012, including an extra two cents in FY2022 from divestment gains, thereby demonstrating &ldquo alignment of interest with minority shareholders&rdquo on dividend policy. |
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Starcker
Member |
12-Jan-2026 09:59
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Last few days move by insiders. Whats going on? | ||||
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Joelton
Supreme |
09-Aug-2025 13:08
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QAF H1 net profit drops by 69% to S$3.9 million
[SINGAPORE] QAF : Q01 -0.56% posted a drop of 69 per cent in its net profit to S$3.9 million for the half-year of FY2025 ended June, impacted by a marginal dip in revenue and higher costs.
In a regulatory filing published on Friday (Aug 8), the baker and provider of distribution and warehousing services reported a 1 per cent year-on-year reduction in revenue to S$306.1 million and a 3 per cent rise in total expenses and costs to S$297.9 million.
Hence, earnings per share slid, to 0.7 Singapore cent from 2.2 cents for the year-ago period.
Net asset value per share also decreased, to 82.7 Singapore cents as at end-June from 86.9 cents as at end-2024.
QAF said it experienced higher operating expenses, particularly in labour, amid sluggish consumer demand. These cost pressures will continue to weigh on its profitability.
Meanwhile, foreign exchange rate movements remain volatile, and will continue to affect both reported results and business operations in overseas markets, it noted.
It posted foreign currency conversion loss of S$3 million, compared with S$100,000 for the corresponding period of FY2024, mainly due to the conversion effects from Australian dollar to Singapore dollar of its substantial holdings in Australian-dollar-denominated cash.
In spite of the drop in net profit, QAF board has declared an interim dividend of one Singapore cent per share &ndash unchanged from the year-ago period &ndash with the payment date to be announced.
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finjungle
Veteran |
04-Jul-2025 14:21
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QAF is no diiferent from Hong Fok, Hiap Hoe etc
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spore1
Supreme |
04-Jul-2025 13:18
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I think last year The profit was mostly due to insurance claims.
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FATABA
Supreme |
04-Jul-2025 11:40
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Has this management consider serious cost cutting ......pay cut and reduction of their bonus ? QAF share price has NOT performed ....yet they continue to have their bonus ? Time for AGM questioning .
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Joelton
Supreme |
04-Jul-2025 10:43
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QAF expects &lsquo material reduction&rsquo in net profit for H1 2025
Business performance is affected by increased operating costs, unfavourable foreign exchange movements, and a higher non-cash impairment of its investment in its joint venture
[SINGAPORE] Food manufacturer and distributor QAF : Q01 0% expects profit to fall significantly for the half-year ended Jun 30, 2025, due to higher costs, unfavourable foreign exchange rates and increased impairment of its joint venture (JV) investment.
In a bourse filing on Thursday (Jul 3), the group said that it expects a &ldquo material reduction&rdquo in its profit attributable to owners of the company, compared with its performance in the same period last year.
While the group&rsquo s revenue for the first half of 2025 is expected to be comparable to that in H1 2024, business performance has been affected by higher operating costs, disadvantageous foreign exchange movements, and a higher non-cash impairment of its investment in its JV, Gardenia Bakeries (KL), it said.
This announcement comes after QAF lifted its profit guidance for its 2024 financial year in February, before reporting a profit of S$34.7 million for the full year. This marked a 26 per cent jump from S$27.5 million in FY2023.
Its final set of H1 2025 results is set to be released in August.
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Starcker
Member |
02-Jul-2025 18:33
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Anything on going? Last few days move because of insider? | ||||
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Kandee
Senior |
24-Feb-2025 18:51
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Price dropped today despite improved results and 4 cents dividends.... | ||||
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Joelton
Supreme |
22-Feb-2025 13:09
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Bread manufacturer and distributor QAF Limited posts 26% higher earnings for FY2024 of $34.7 mil
QAF Limited has reported earnings of $34.7 million for the FY2024 ended Dec 31, 2024, up 26% y-o-y. However, for the 2HFY2024 period, the group saw a 2% y-o-y decline to $22.2 million.
The group&rsquo s earnings per share for the FY2024 came in at 6 cents per ordinary share.
Revenue for the FY2024 grew a marginal 1% y-o-y to $636.1 million, while revenue for the 2HFY2024 saw no change at $326.9 million.
The group&rsquo s principal activities include the manufacturing and distribution of bread and confectionery products provision for warehousing logistics for food items trading and distribution of food and beverages.
Cash and cash equivalents for the group decreased to $209.4 million as at end of FY2024.
For FY2024, the group recognised a non-cash impairment of $1.2 million from the recoverable amount of its investment into Gardena Bakeries KL (GBKL). This resulted in other income including interest income increasing by 32% to $9.4 million in FY2024.
The group&rsquo s bakery segment sales are relatively flat at $456 million for FY2024. The group&rsquo s Malaysian bakery factory sales increased by $8.3 million for the FY2024, but was partially offset by challenges faced by the bakery operations in the Philippines amid high food inflation and a record string of typhoons in November 2024 which negatively impacted the demand for bread.
The group&rsquo s non-cash impairment of its investment in GBKL saw an increase due to a moderation of raw materials costs and operating overheads, as well as receipt of insurance claims for consequential loss in relation to the December 2021 flooding in Peninsular Malaysia.
For the group&rsquo s distribution and warehousing segment, it recorded a higher ebitda due to higher sales, partially offset by higher operating costs in logistics and storage.
For the FY2024, QAF is proposing a final dividend of 4 cents per ordinary share.
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Joelton
Supreme |
12-Feb-2025 12:20
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QAF lifts guidance for FY2024
Improvement is attributed to better business performance and lower non-cash impairments of joint venture
FOOD manufacturer and distributor QAF : Q01 -0.59% expects an improvement in profit for the financial year ended Dec 31, 2024.
In a bourse filing on Tuesday (Feb 11), it said that it expects to report improved profit attributable to owners of the company for FY2024 compared to the previous financial year.
This is attributed to better business performance and lower non-cash impairment of its investment in its joint venture.
This also comes despite lower insurance claim receipts due to flooding at the group&rsquo s Malaysian bakery factory and unfavourable foreign exchange movements against the Singapore dollar.
In September 2024, the company said it would book the RM22 million (S$6.7 million) it received as final insurance payment for flooding compensation as an exceptional gain in its financial results for the second half of FY2024.
One of QAF&rsquo s factories was hit by severe flooding in Peninsular Malaysia in December 2021. The total insurance payouts, including the latest payment, amounted to about RM131 million.
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Joelton
Supreme |
09-Aug-2024 11:44
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QAF H1 profit rises 154% to S$12.5 million
This is mainly due to a lower income tax expense, on top of a higher revenue
QAF posted a 154 per cent rise in net profit to S$12.5 million for its first half year ended June, from S$4.9 million in the previous corresponding period.
This was mainly due to a lower income tax expense, on top of a higher revenue, based on QAF&rsquo s financials released on Thursday (Aug 8).
Earnings per share stood at S$0.022 for the half year, up from S$0.009 the previous year.
Revenue increased 3 per cent to S$309.2 million from S$301.6 million.
&ldquo With the successful reinstatement of the production lines at our Malaysian bakery factory that were damaged by floods in December 2021, the group&rsquo s Malaysian bakery sales increased by S$9.1 million in H1 2024 compared to H1 2023,&rdquo highlighted the group.
It added that the revenue growth by Malaysian bakery sales is, however, partly offset by challenges faced by the bakery operations in the Philippines, as high food inflation negatively impacted the demand for bread in the market.
Other income including interest income increased by 20 per cent to S$4.2 million in the first half year from S$3.5 million in the corresponding period last year, due to higher interest income earned in the higher interest rate environment.
Group earnings before interest, tax, depreciation and amortisation before exceptional items increased by 113 per cent S$27.9 million for H1 2024, from S$13.1 million for H1 2023.
An interim dividend of S$0.01 per share was declared for the half year, unchanged from the year before. The date payable will be announced later.
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Joelton
Supreme |
24-Feb-2024 14:50
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QAF profit rises 101% to S$22.6m in H2
MAINBOARD-LISTED QAF : Q01 +1.18% posted a 101 per cent rise in net profit to S$22.6 million for the second half of the year ended Dec 31, 2023, from S$11.2 million in the previous corresponding period.
This comes as the group increased sales from its bakery segment, driven by underlying growth across all its core markets, the multi-industry food company said in a regulatory filing on Friday (Feb 23).
It also recorded a profit of S$1.6 million from its joint venture (JV), Gardenia Bakeries, in H2 FY2023, reversing from losses of S$1.1 million in H2 FY2022.
Revenue for the second half of FY2023 rose 6 per cent to S$327 million, from S$307.1 million in the year-ago period.
This was partly due to higher revenue from its distribution and warehousing segment, and higher interest income from high interest rates.
Earnings per share stood at 4.8 Singapore cents for FY2023, up from 4.5 Singapore cents the previous year.
A final dividend of four Singapore cents per share was proposed for the full year in FY2023, unchanged from the year before. The date payable will be announced later.
For the full year ended Dec 31, 2023, net profit was up 7 per cent to S$27.5 million. Revenue was up 9 per cent to S$628.6 million. The group said that it was impacted by higher costs of labour, key raw material and electricity in the past year.
However, it will continue to improve efficiency, optimise manufacturing capacity and improve cost management.
&ldquo Our focus remains on stable revenue growth by increasing our distribution routes and channels, developing new products, and making strategic pricing and product mix adjustments to strengthen our competitive position,&rdquo said QAF.
It added it will continue to grow trading activities, with a focus on long-shelf-life products, and seek opportunities to expand into new regions.
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cmengchan
Senior |
23-Feb-2024 19:39
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4cents dividend declared. 
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FATABA
Supreme |
16-Feb-2024 11:10
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Yes expecting something good from QAF this round . Love their Gardenia bread haha
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Starcker
Member |
15-Feb-2024 23:03
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Is this a dragon to be awaken soon?
The yearly final 4c or more coming soon 👍 🏼 |
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Joelton
Supreme |
06-Feb-2024 10:29
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QAF expects &lsquo significant improvement&rsquo in net profit for H2 2023
MULTI-INDUSTRY food company QAF : Q01 -1.83% said that it expects a &ldquo significant improvement&rdquo in its net profit for the second half of its 2023 financial year ending on Dec 31, compared to the same period the previous year.
Its full-year result is also expected to see the same improvement, based on a review of its latest financial performance.
In a profit guidance update released on the Singapore Exchange on Monday (Feb 5), QAF said that this was mainly due to better business performance and improved foreign exchange movements.
This is despite the company&rsquo s non-cash impairment of S$9.2 million on the group&rsquo s investment in joint venture Gardenia Bakeries (KL), as well as exceptional items relating to insurance claims arising from flooding at its Malaysian bakery factory.
It had previously stated after the release of its results for H1 FY2023 that the operating performance for the rest of the financial year would be satisfactory.
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FATABA
Supreme |
21-Nov-2023 14:41
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looking forward to a good full yr divideend and possible got privatise next year ? LOL dyodd
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Joelton
Supreme |
21-Nov-2023 13:25
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QAF receives final insurance payment of RM21 mil for factory flooding
Including this latest payment, the total amount received to-date under the group&rsquo s applicable insurance policies is approximately RM109 million, with estimated tax liabilities of RM24 million.
QAF Limited Q01 0.00% has announced its final receipt of RM21 million ($6.3 million) in insurance claims relating to flooding at the group&rsquo s Malaysian bakery factory in December 2021.
This payment will be recognised as an exceptional gain in the group&rsquo s financial results for 2HFY2023 and FY2023, with an estimated tax liability arising from this payment will be RM5 million.
Including the interim payment of RM12 million received by the group in October 2022, QAF and its insurer have reached a final settlement sum of approximately RM33 million for its consequential loss claims.
Including this latest payment, the total amount received to-date under the group&rsquo s applicable insurance policies &mdash for consequential loss as well as damage to stock, property, plant and equipment &mdash is approximately RM109 million, with estimated tax liabilities of RM24 million.
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FATABA
Supreme |
25-Sep-2023 15:38
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Really getting closer to the 50% mark soon. Anyone any news?
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