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Company Overview
Description of JFH

Established in 1997 and listed on

the Catalist Board of the
Singapore Exchange Securities
Trading Limited in February 2009,
Japan Foods Holding Ltd. (Japan
Foods and together with its
subsidiaries, the Group) is one
of the leading
F&B groups in Singapore
Source: AR16

specialising in quality and

authentic Japanese cuisine
Company Overview
Description of JFH

Source: AR16
Company Overview
Illiquidity

Source: Reuters
Company Overview
JFH Revenue JFH Revenue Breakdown

Revenue (000 SGD)

63,000
62,804
62,758
62,682

62,500

62,000

61,500
61,311

61,000

60,500
FY2013 FY2014 FY2015 FY2016

Source: AR
Company Overview
Share price movement (1Y)

Revenue (000 SGD)

Company Overview
Metrics
90.00%
84.20%
83.40%
81.60%
80.10%
80.00% 78.30%

70.00%

60.00%

50.00%

40.00%

30.00%

20.70%
20.30%
20.00% 16.50%
15.90% 15.30%
13.70% 14.00%
12.90%
12.70% 11.60%
10.50%
10.00% 8.00% 7.30% 8.00% 8.20%
7.40% 7.60%
6.50% 6.60% 6.00%

0.00%
Gross Margin EBITA Margin Operating Margin Pretax Margin Net Margin

Source: AR FY2012 FY2013 FY2014 FY2015 FY2016

Company Overview
RV
ROA
Total
Total Assets
Operati Net Debt to Percent, ROE
Current Relative ng Profit Gross Total Trailing Commo
Company Current Price/Bk, Valuatio Margin, Margin, Margin, Equity, 12 n Equity
Identifie Market Cap Current EV EV/EBIT Tot Eqty, Current n P/E, Percent (%) Percent Percent Months %, TTM
r Company Name (usd) (usd) DA, LFY LFY P/E, LFY TTM (FY0) (FY0) (FY0) (FY0) (FI0) (FI0)
47,539,117.4 34,473,593.5
JPFD.SI Japan Foods Holding Ltd 5 2 4.53 2.06 16.84 16.87 6.5% 6.0% 84.2% 0.0% 9.8% 12.3%
44,575,524.5 37,829,147.2
SRGL.SI Soup Restaurant Group Ltd 3 2 20.80 5.80 58.82 39.45 1.2% 2.4% 77.1% 0.0% 7.9% 11.3%
Tung Lok Restaurants (2000) 19,668,782.2 10,886,759.9
TGLK.SI Ltd 0 4 3.14 1.57 43.05 43.10 0.3% 0.7% 72.2% 23.4% 2.7% 3.7%
106,553,542. 44,500,117.8
ABRH.SI ABR Holdings Ltd 90 2 5.07 1.44 18.68 16.96 9.0% 7.6% 45.9% 0.0% 7.1% 8.2%

38,699,320.5 59,538,316.8
SAKA.SI Sakae Holdings Ltd 4 1 18.81 1.15 -13.01 -1.4% -4.8% 65.6% 96.4%
306,468,393. 265,887,422.
JUMB.SI JUMBO Group Ltd 94 68 21.08 7.21 38.72 23.26 12.3% 8.6% 62.9% 1.5% 18.6% 23.5%
Industry Overview
Limited Success in Expansion
Self- operated Store count
48
Revenue per store ($000) 40 44 46

1600 1533
1500 FY2013 FY2014 FY2015 FY2016
1426
1400 1363 FY201 FY201
1308 3 FY2014 FY2015 6
1300
Sub-franchise store 12 7 9 6
1200 Through associated
1100 company store 5 8 15 13
FY2013 FY2014 FY2015 FY2016
2010-
SGD million 2010 2011 2012 2013 2014 2015
2014 15 2010/1
Asian Full-Service /15 CAGR 5 Total
Restaurants 1,087.7 1,271.4 1,314.0 1,296.0
0 1,151.80 1,212.80 0 0 0
Asian Full-
Chained 468.3 493.9 520 546 552.3 526 Service
Independent 619.4 657.8 692.8 725.4 761.6 770 Restaurants
-1.4 3.6 19.2
Chained Asian Restaurants
Market Share by value Chained -4.8 2.4 12.3

2012 2013 2014 2015 Independent 1.1 4.4 24.3

Ajisen Ramen 4.00% 4.00% 3.90% 3.90%
Crystal Jade 9.50% 9.70% 9.40% 9.70%
Sakae Sushi 7.50% 7.30% 6.90% 6.00%
Soup Restaurant 4.20% 4.30% 4.40% 4.50%
Dian Xiao Er - 3.00% 2.90% 3.00% Source: Euromonitor, A
Others 34.50% 36.50% 38.30% 38.80%
Industry Overview
Unfavorable Market
2015/20 2015-20 2015/20
SGD million 2016F 2017F 2018F 2019F 2020F
Forecast growth 16 CAGR TOTAL
Asian Full-Service Asian Full-Service
Restaurants 1,301. 1,309. 1,309. Restaurants
10 1,305.00 1,307.60 00 20 0.4 0.2 1
Chained 523.4 520.30 516.60 512.50 507.90 Chained 0.5 -0.7 -3.5
Independent 777.7 784.7 791 796.5 801.3 Independent 1 0.8 4.1

Source: Euromonitor
Industry Overview
Cost Drivers
Industry Overview
Rising Wages
Industry Overview
Falling Rental

Between Q2/2016 and end-2020,

approximately 8.2 million sq ft gross
fl oor area (GFA) of new retail space is
expected to be completed. This works
out to an average annual new supply
of 1.7 million sq ft.
Industry Overview
JFH Competitors