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Better Food. Better People. Better Life.(SGX: VL6)
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Joelton
Supreme |
11-Aug-2021 09:13
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Koufu' s first-half profit nearly quadruples to S$9.9m
INCREASED footfall at its food outlets and a newly acquired business helped Koufu Group' s H1 2021 net profit surge to S$9.9 million, almost quadrupling from S$2.5 million in the year-ago period.
Revenue grew 18.8 per cent to S$105.7 million for the six months ended June 30, from S$89 million in the first half of last year.
Earnings per share stood at 1.79 Singapore cents, up from 0.46 cent in H1 2020, said the operator and manager of food courts and coffee shops in a Tuesday filing.
Its top-line improvement was in line with higher contributions from both the outlet and mall management segment as well as the food and beverage (F& B) retail segment.
These were buoyed by an increase in footfall as compared with H1 2020, when sales were significantly affected during Singapore' s " circuit breaker" .
In the F& B retail segment, the newly acquired traditional snacks and dough products business, Deli Asia, contributed S$5.9 million in revenue.
Koufu' s executive chairman and chief executive officer Pang Lim said: " We are gradually seeing the fruition of our revenue diversification strategy, which has brought on greater resiliency."
Both in-store takeaway and delivery sales also increased due to the dine-in restrictions as part of heightened measures over several periods since April 2021.
Koufu' s board declared an interim ordinary dividend per share of one cent for the first six months of 2021, double the 0.5 cent in the year-ago period.
The dividend will be paid on Sept 8, after the books are closed on Aug 25.
The group highlighted its " deep war chest to capitalise on opportunities and offer financial flexibility" , given its S$81.2 million in cash and cash equivalents as at June 30, 2021, up from S$76.4 million as at Dec 31, 2020.
The construction of Koufu' s integrated facility has been delayed due to the Covid-19 pandemic. Having obtained the temporary occupation permit in April, the group expects to start operations from the facility progressively from Q4 2021. It will combine the production of bakery products, dim sum snacks and dough products.
Koufu said it has achieved full tenancy for 25 per cent of the total area allocated for tenancy in the integrated facility, where tenants can commence operations from as early as this month. The group also opened a food court in the facility last month.
The facility' s remaining space, slated for operational purposes, includes a cloud kitchen and a staff dormitory, which will provide rental income once operational.
Koufu said it is also actively looking to increase the delivery coverage of its " Koufu Eat" app to include more parts of Singapore.
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PhillipTan
Supreme |
11-Aug-2021 02:13
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Koufu' s first-half profit nearly quadruples to S$9.9mIncreased footfall at its food outlets and a newly acquired business helped Koufu Group' s H1 2021 net profit surge to S$9.9 million, almost quadrupling from S$2.5 million in the year-ago period.Revenue grew 18.8 per cent to S$105.7 million for the six months ended June 30, from S$89 million in the first half of last year. Earnings per share stood at 1.79 Singapore cents, up from 0.46 cent in H1 2020, said the operator and manager of food courts and coffee shops in a Tuesday filing. Its top-line improvement was in line with higher contributions from both the outlet and mall management segment as well as the food and beverage (F& B) retail segment. These were buoyed by an increase in footfall as compared with H1 2020, when sales were significantly affected during Singapore' s " circuit breaker" . In the F& B retail segment, the newly acquired traditional snacks and dough products business, Deli Asia, contributed S$5.9 million in revenue. Koufu' s executive chairman and chief executive officer Pang Lim said: " We are gradually seeing the fruition of our revenue diversification strategy, which has brought on greater resiliency." Both in-store takeaway and delivery sales also increased due to the dine-in restrictions as part of heightened measures over several periods since April 2021. Koufu' s board declared an interim ordinary dividend per share of one cent for the first six months of 2021, double the 0.5 cent in the year-ago period. The dividend will be paid on Sept 8, after the books are closed on Aug 25. The group highlighted its " deep war chest to capitalise on opportunities and offer financial flexibility" , given its S$81.2 million in cash and cash equivalents as at June 30, 2021, up from S$76.4 million as at Dec 31, 2020. The construction of Koufu' s integrated facility has been delayed due to the Covid-19 pandemic. Having obtained the temporary occupation permit in April, the group expects to start operations from the facility progressively from Q4 2021. It will combine the production of bakery products, dim sum snacks and dough products. Koufu said it has achieved full tenancy for 25 per cent of the total area allocated for tenancy in the integrated facility, where tenants can commence operations from as early as this month. The group also opened a food court in the facility last month. The facility' s remaining space, slated for operational purposes, includes a cloud kitchen and a staff dormitory, which will provide rental income once operational. Koufu said it is also actively looking to increase the delivery coverage of its " Koufu Eat" app to include more parts of Singapore. Shares in the mainboard-listed company finished at S$0.65 on Tuesday, up 1.6 per cent or S$0.01, before the results were released. |
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vicloo
Supreme |
06-Jul-2021 18:32
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Going 70c! | ||||
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PhillipTan
Supreme |
06-Jul-2021 11:40
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DBS - Market View Update Setting up for an endemic COVID-19 * Support measures revealed in yesterday' s ministerial statement came as no surprise: - Wage subsidy of between 10&ndash 50% under the Jobs Support Scheme from 16 May &ndash 25 July which coincides with Singapore' s shift to heightened alert - Rental waivers for market stallholders and cash aid for private-hire car and cab drivers - New bridging loan programme for an additional 6 months from 1 Oct 2021 &ndash 31 Mar 2022 * The extra aid will cost S$1.2bn while smaller relative to past measures, signifies that the economy is adapting with only targeted support needed * As Singapore shifts towards an endemic COVID-19, the focus will be on vaccinations and new hospitalisations caused by COVID-19 rather than the number of new cases * Maintain our view that domestic reopening names (ComfortDelGro, FCT, MCT, Koufu) should lead * Travel and leisure stocks (SATS, Genting, CDL HT, FEHT) to lag as the reopening of borders for SHN-free leisure travel to Singapore from top 5 countries by tourism receipts (pre-COVID: China, Indonesia, India, Australia, Japan) may not occur any time soon |
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moron101
Supreme |
18-Jun-2021 15:21
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Wow, dining-in is allowed from Monday onwards for group size of 2.. better than nothing ah. 🤗 | ||||
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shk363
Elite |
10-Jun-2021 16:23
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dine in allowed from 21 jun... chiong ah | ||||
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SmallSmall
Supreme |
10-Jun-2021 15:53
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Chiong ah ! Dining-in only from June 21 Dining-in at food and beverage (F& B) outlets will only be allowed from June 21. These are considered high-risk settings, the MOH said. It reminded F& B establishments to strictly observe 1m safe distancing between groups of diners. Groups must also be limited to five people or fewer, and patrons must wear their masks at all times except while eating and drinking. |
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SamWong
Senior |
21-May-2021 13:03
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Food delivery ?
1. "Not as nice" 2. "Not as fresh" 3. More expensive Kimly just "abosrbed" tenderfresh outlets. Cafes, restaurants etc. These have higher overh costs than coffeeshops. No need spend $54 mil on tenderfresh for "halal certs" as supplier. Just give me $5 mil. I can get "halal certs " certified supplier in Spore, Msia, Indonesia, Brunei, Thailand within a month. As easy as ABC.
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crystalbee
Veteran |
21-May-2021 12:50
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So frank. Someone in Kimly forum said WFM means more food delivery. I replied " more home cooking?" .
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SamWong
Senior |
21-May-2021 11:00
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IMHO, Koufu is "better than" kimly.
I avoid kimly ever since the "Asian Story C controversy" . DYODD |
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Joelton
Supreme |
21-May-2021 09:38
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Koufu expects dining-in ban to hit revenue and operating profits for FY2021
KOUFU Group is expecting both revenue and operating profits for FY2021 to be hit by the latest one-month ban on dining-in, and said it will not recover to pre-Covid levels.
This comes as the Covid-19 situation continues to evolve amid uncertainty about whether further tightening measures - including another circuit breaker - will be imposed, it said in a business update. The full extent of the financial impact on the group for FY 2021 is thus difficult to ascertain at present, it said.
The food court-operator said the group' s total revenue on a same-stores basis, excluding new outlets, fell by 10 per cent for the Jan 1 to April 30 period, from the corresponding period in 2019, pre-Covid.
The group said that although its revenue for the first four months of 2021 showed further improvement over that of the last few months of 2020, it expects revenue and operating profits for the period starting this month to be hit again because of the bar on dining in.
Koufu has implemented the Covid-19 mitigation measures required by the governments and regulators in the markets in which it operates, mainly Macau and Singapore. It has also activated its business-continuity plans.
In Singapore, the group' s business operations in food courts, coffee shops and restaurants have been hit by lower footfall in the malls and tertiary institutions. Even though these outlets remain open for takeaways and deliveries, food court operations have nonetheless been affected by there being fewer people in food courts near offices, down town, tourist hotspots and in tertiary institutions, where staff and students have switched to home-based learning.
However, the group reports a rise in in-store takeaways and delivery orders among its takeaway kiosks, such as Dough Culture and R& B Tea.
The group said it is more prepared this time around to provide delivery services using the various delivery platforms, as well as through its Koufu Eat application. It expects business operations to improve once the restrictions are lifted and dining-in allowed again.
It reports a strong and healthy cash flow and is confident of meeting its operating requirements during this period.
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vicloo
Supreme |
02-May-2021 20:34
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coming soon special div?
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vicloo
Supreme |
31-Mar-2021 09:49
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Anyone buying in? | ||||
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vicloo
Supreme |
19-Mar-2021 14:25
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flat flat flat 66-67c last 2 mths.... | ||||
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Joelton
Supreme |
16-Mar-2021 09:34
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UOBKH, Phillip Securities see potential special dividend from Koufu
UOB Kay Hian (UOBKH) and Phillip Securities have highlighted the possibility of food court operator Koufu Group issuing a special dividend from its proposed disposal of its property assets.
To recap, the group on March 11 announced its intention to sell 18 and 20 Woodlands Terrace - where the group' s existing central kitchens and corporate headquarters are located - for a consideration of S$11.8 million.
UOBKH analyst John Cheong estimates that the sale could generate gains of S$9 million, which forms 60 per cent of his FY2021 earnings forecast for Koufu. Such gains would translate to a higher dividend of 1.8 Singapore cents per share or a dividend yield of 2.7 per cent, he said in a Monday report.
This is however yet to be factored into UOBKH' s earnings forecasts as the transaction is subject to approval from Jurong Town Corporation.
As such, the brokerage maintains its " buy" call on the stock with an unchanged target price of S$0.77.
" The proposed disposal is in line with the group' s intentions to sell the properties within two years of obtaining the Temporary Occupation Permit for the property located at Woodlands Avenue 12, on which its integrated facility is being constructed," noted Mr Cheong.
He said the consideration value is also within UOBKH' s expectations that the properties could fetch S$10 million based on the average market price in similar transactions.
" Management highlighted that the purchase consideration took into account the valuation of the properties of S$10.1 million, based on the independent valuation report of PREMAS Valuers & Property Consultants dated Feb 22, 2021 as commissioned by the company," Mr Cheong added.
On the other hand, Phillip Securities expects the group to realise a higher S$10 million gain from the proceeds of the disposal.
While this could result in a special dividend of 1.8 Singapore cents per share, Koufu may opt to retain some of the proceeds in the near term for working capital requirements considering the current climate, said the research house in a separate note on Monday.
It has maintained its " accumulate" rating on the stock with an unchanged target price of S$0.68.
" We believe Koufu may distribute the gains from the disposal over a two-year period rather than as a one-off special dividend," noted Phillip Securities analyst Terence Chua.
Looking ahead, Mr Chua remains positive on the group' s outlook as he foresees recovering footfalls and revenue from its food courts and coffee shops.
He also expects the completion of Koufu' s new integrated facility to yield cost savings while providing an additional revenue source from the rental of about 25 per cent of the space.
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Joelton
Supreme |
12-Mar-2021 09:37
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Koufu to dispose properties at Woodlands Terrace for $11.8 mil
Coffeeshop operator Koufu Group has granted an independent third party purchaser an option to purchase its properties located at 18 and 20 Woodlands Terrace for a consideration of $11.8 million.
The agreement was entered into by the group&rsquo s wholly-owned subsidiary, Koufu Pte. Ltd. on March 1.
The proposed disposal is subject to and conditional upon the written in-principal approval from the Jurong Town Corporation.
The purchaser has exercised the option on March 11.
The consideration will be paid fully in cash.
The group stated in its prospectus on July 11, 2018, that it intended to sell the properties within two years of obtaining its temporary occupation permit (TOP), where the proposed integrated facility of the group is being constructed.
The TOP is expected to be obtained in 1Q2021, as mentioned in an announcement on Feb 23. Operations are expected to be commenced at the facility by 2Q2021.
The consideration was arrived at on a willing-buyer and willing-seller basis after arm' s length negotiations, taking into account the valuation of the properties of $10.1 million.
The figure was based on the independent valuation report of PREMAS Valuers & Property Consultants Pte Ltd dated Feb 22.
The valuation was made based on the direct comparison and investment (income) methods.
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vicloo
Supreme |
11-Mar-2021 19:53
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Still flat? | ||||
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Joelton
Supreme |
24-Feb-2021 09:51
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Koufu Group reports 64.3% drop in FY2020 earnings
Foodcourt operator Koufu Group has reported revenue of $192.4 million for FY2020 ended Dec 2020, down 19% from the preceding year, as circuit breaker measures earlier in the year hurt overall sales. However, coupled with writedowns and other one-off items, the company&rsquo s earnings dropped by 64.3% y-o-y to $9.9 million.
Pang Lim, Koufu&rsquo s executive chairman and CEO believes that despite the woes this past year, the company is better positioned to capture growth ahead. &ldquo We have emerged stronger as a business by working with strategic and complementary partners to reinforce our business and revenue streams,&rdquo says Pang.
For example, during the year, Koufu acquired other food businesses such as Deli Asia. It is also steadily expanding in overseas markets such as the Philippines and Macau.
With the recovery in footfall and resumption of dine-in services locally in the third and fourth quarters of 2020, Koufu continues to generate healthy profits in FY 2020.
The company plans to pay a final dividend of 0.7 cents. Together with the interim dividend of 0.5 cents already paid, the total FY2020 payout of 1.2 cents represents a payout ratio of around 70%.
As of end 2020, Koufu runs 48 food courts, 18 coffee shops and a commercial mall under the outlet & mall management segment, while its F& B retail segment constitutes 74 self-operated F& B stalls, 36 F& B kiosks, seven so-called quick-service restaurants, four full-service restaurants and 57 Delisnacks branded F& B stalls.
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kandinsky
Master |
08-Feb-2021 09:50
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What's wrong with this counter, not moving at all | ||||
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vicloo
Supreme |
29-Jan-2021 06:45
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Any taker buying recently? | ||||
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