Koufu Group Ltd

  • TickerKOUFU
John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - Well-positioned for recovery from further reo...

Business in Singapore is expected to improve with easing restrictions and further reopening of its borders. This comes as a higher percentage of its population is vaccinated. Visitors to malls and casinos should increase gradually, while those to heartland areas should remain resilient. Koufu is in a good position to emerge stronger against its competitors post-pandemic, given its good expansion strategy and strong balance sheet. Maintain BUY and target price of S$0.77 (17x 2022F PE).

John Cheong Ming Chern ... (+5)
  • John Cheong Ming Chern
  • Clement Ho Jia Xing
  • Jonathan Koh
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen

Singapore Daily - Thursday, October 14, 2021

KEY HIGHLIGHTS Sector Regional Plantation: Another import duty cut by India sent CPO prices to a record high. Stocks with higher beta to CPO are KIML MK, SOP MK, HAPL MK and TBLA IJ. Update CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.11/Target: S$2.40): Bumpy recovery but reopening likely to resume. Asian Gems Corporate Highlights Frencken Group (FRKN SP/BUY/S$2.09/Target: S$2.62): Structural growth story intact: Maintain BUY. Koufu Group (KOUFU SP/BUY/S$0.66/Target: S$0.77): Well-positioned for recovery from further reopening. TRADERS’ CORNER Singapore Telecommunications (ST...

John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - 1H21: Earnings beat expectations, Better outl...

1H21 earnings of S$9.9m (+291% yoy/+35% hoh) was above expectations, meeting 67% of our full-year estimate. Revenue increased 19% yoy due to an increase in footfall and the newly-acquired snack business. We expect Singapore’s business to improve as restrictions have eased, and a higher percentage of the population has been vaccinated. Macau should also see more Mainland Chinese visitors. We raise our 2021 earnings forecast by 15%. Maintain BUY with a target price of S$0.77.

John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - Disposal of central kitchens could lead to a ...

Koufu announced that it has granted an independent third-party purchaser an option to buy its properties at Woodlands Terrace for a consideration of S$11.8m. The sale of the central kitchens are in the light of the upcoming commencement of operations of its integrated facility by 2Q21. The properties’ valuation is within expectations and we estimate this could unlock gains of S$9m, which could bump up dividend. Maintain BUY with an unchanged target price of S$0.77.

John Cheong Ming Chern
  • John Cheong Ming Chern

Singapore Daily - Monday, March 15, 2021

KEY HIGHLIGHTS Update Koufu Group (KOUFU SP/BUY/S$0.665/Target: S$0.77): Disposal of central kitchens could lead to a special dividend. TRADERS’ CORNER Wilmar International (WIL SP): Trading Buy Sarine Technologies (SARINE SP): Trading Buy

John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - Well-positioned for recovery from further reo...

Business in Singapore is expected to improve with easing restrictions and further reopening of its borders. This comes as a higher percentage of its population is vaccinated. Visitors to malls and casinos should increase gradually, while those to heartland areas should remain resilient. Koufu is in a good position to emerge stronger against its competitors post-pandemic, given its good expansion strategy and strong balance sheet. Maintain BUY and target price of S$0.77 (17x 2022F PE).

John Cheong Ming Chern ... (+5)
  • John Cheong Ming Chern
  • Clement Ho Jia Xing
  • Jonathan Koh
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen

Singapore Daily - Thursday, October 14, 2021

KEY HIGHLIGHTS Sector Regional Plantation: Another import duty cut by India sent CPO prices to a record high. Stocks with higher beta to CPO are KIML MK, SOP MK, HAPL MK and TBLA IJ. Update CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.11/Target: S$2.40): Bumpy recovery but reopening likely to resume. Asian Gems Corporate Highlights Frencken Group (FRKN SP/BUY/S$2.09/Target: S$2.62): Structural growth story intact: Maintain BUY. Koufu Group (KOUFU SP/BUY/S$0.66/Target: S$0.77): Well-positioned for recovery from further reopening. TRADERS’ CORNER Singapore Telecommunications (ST...

John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - 1H21: Earnings beat expectations, Better outl...

1H21 earnings of S$9.9m (+291% yoy/+35% hoh) was above expectations, meeting 67% of our full-year estimate. Revenue increased 19% yoy due to an increase in footfall and the newly-acquired snack business. We expect Singapore’s business to improve as restrictions have eased, and a higher percentage of the population has been vaccinated. Macau should also see more Mainland Chinese visitors. We raise our 2021 earnings forecast by 15%. Maintain BUY with a target price of S$0.77.

John Cheong Ming Chern
  • John Cheong Ming Chern

Koufu Group (KOUFU SP) - Disposal of central kitchens could lead to a ...

Koufu announced that it has granted an independent third-party purchaser an option to buy its properties at Woodlands Terrace for a consideration of S$11.8m. The sale of the central kitchens are in the light of the upcoming commencement of operations of its integrated facility by 2Q21. The properties’ valuation is within expectations and we estimate this could unlock gains of S$9m, which could bump up dividend. Maintain BUY with an unchanged target price of S$0.77.

John Cheong Ming Chern
  • John Cheong Ming Chern

Singapore Daily - Monday, March 15, 2021

KEY HIGHLIGHTS Update Koufu Group (KOUFU SP/BUY/S$0.665/Target: S$0.77): Disposal of central kitchens could lead to a special dividend. TRADERS’ CORNER Wilmar International (WIL SP): Trading Buy Sarine Technologies (SARINE SP): Trading Buy

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