SINGAPORE (Oct 17): Since its founding in 1984, Tung Lok Restaurants (2000) has made a name for itself in the local F&B scene.
From serving gourmet Chinese cuisine in its flagship Tung Lok Restaurant, it is now engaging the tastebuds of a younger generation and licensing its brands overseas.
As at end March, Tung Lok operates as 43 F&B outlets with 24 directly owned, eight held by associates and 11 others under management. These are located in Indonesia, Japan, China, Vietnam and, of course, Singapore. The group’s operations can be segmented into three categories: restaurateur, catering and manufacturing.
According to an unrated report by SAC Advisors, promising brands taken overseas by the group have been thriving in “difficult economic environments, with potential for overseas success”.
And if demand and results are encouraging, the group will explore launching more outlets under Singapore Seafood by Tung Lok, in Beijing as well as other cities in China, says
Tung Lok has also been active in moulding its business concepts to cater to the changing palettes and dining preferences of modern consumers.
Noteworthy moves include the adoption of quick-service restaurants (QSRS) which is a highly scalable model with a lean workforce through automation.
According to SAC, many startups have tried to replicate the success of Tung Lok, but few have achieved its success which is dependent on running a business which meets the “demands of taste, quality, dining experience, manpower and effective operational solutions”.
Year to date, shares of Tung Lok have are down 2 cents to 19 cents, giving it a market cap of $51.6 million.
