Singapore transitioned into Phase 2 reopening from June 19 and since then, same-store-sales growth (SSSG) at Koufu’s food courts and coffee shops has recovered to -20%, as compared to the 30- 40% y-o-y decline during the months of circuit breaker, while its restaurants reported slower traction.
SINGAPORE (June 25): CGS-CIMB continues to rate Koufu an “add” with an unchanged target price of 86 cents.
In a Wednesday report, analyst Ngoh Yi Sin says, “We recently hosted Koufu on a conference call with a group of institutional clients. We remain positive on the stock as it is likely to benefit from pent-up F&B demand after phase 2 reopening, and possible consumer down trading during the economic downturn.”
