Singapore Stock Market News

BreadTalk - Too Pricey a Bread

StockFanatic
Publish date: Fri, 03 Aug 2018, 11:15 AM
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Downgrade to SELL from Neutral with new SGD1.00 TP 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 YoY, 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. Read More
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