Analyst Pin-board KDC - M&A plans are underway; subsidiaries saw strong growth t
We recently had a meeting with KDC. From the meeting, we learned that the group will likely have several M&A activities in the coming future to increase its stakes in existing subsidiaries namely TAC and VOC, besides the AGM-approved acquisition of KDF to make this firm become the wholly-owned subsidiary of KDC. While this is expected to decrease the minority interest and boost the bottom line, the group will keep working on improving its overall operation efficiency through premiumization strategy. Notably, KDC will come back to the confectionary business this year by firstly launching mooncake products under the brand ‘Kingdom’. While we are pending a recommendation on KDC in our next report, below are an overview of the group’s structure, key takeaways from the meeting, and a brief update on Q2-FY20 results.
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