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Franchise Highlight

Berjaya Food core franchise profit growth likely sustainale

22nd June 2018,

Maintain hold with a lower target price of RM1.74: Berjaya Food Bhd (BFood) reported a turnover of RM160 million, up 5.7% year-on-year (y-o-y), while core net profit surged 50% y-o-y to RM2.4 million for its fourth quarter of financial year 2018 (4QFY18). This brought its full-year FY18 core net profit to RM19.3 million — after stripping out one-off RM15.3 million loss from the disposal of Kenny Rogers Roasters (KRR) Indonesia — which disappointed both our and Bloomberg consensus expectations, at 93% and 87% of the respective forecasts. The earnings shortfall was mainly due to weaker-than-expected profit from KRR Malaysia.

All in, BFood’s FY18 sales rose 5.6% to RM639.6 million and core net profit rose 9.4% y-o-y to RM18.6 million. The group’s turnover growth was mainly driven by an improved performance from Starbucks Malaysia (+19 net new stores in FY18). Accordingly, the group’s higher profitability was lifted by a narrower loss from KRR Indonesia (FY18 pre-tax loss of RM2 million versus FY17 pre-tax loss of RM9.3 million) due to the latter’s disposal, and higher reported profit from Starbucks. FY18 pre-tax profit margin expanded 0.8 percentage points y-o-y to 5.8%.

Source: The Edge Market

Read more: http://www.theedgemarkets.com/article/berjaya-food-core-franchise-profit-growth-likely-sustainale