Simons Trading Research
BreadTalk - Too Pricey a Bread
- Downgrade to SELL from Neutral with new SGD1.00 Target Price from SGD1.04, 12% downside.
- BreadTalk’s share price has performed well YTD. Trading at 33x FY19F P/E, we think valuation is steeper compared to peer average of 18x.
- Following a weak 1H18, we believe full-year earnings would decline y-o-y, with higher overhead cost in 2H resulting from the opening of Wu Pao Chun bakery, Nayuki, Tai Gai and UK Din Tai Fung as well as weaker performances from associates and JV.
2Q18 Results Missed
BreadTalk’s 2Q18 PATMI was dragged down by losses from associates and JV as well as higher-than-expected effective tax rate. The weaker performance was attributed by Jumbo China, Carl’s Jr Shanghai and BreadTalk-Minor Thailand.
Source: RHB Invest Research - 03 Aug 2018
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
