The losses recorded are despite higher revenue of $21.2 million logged for the period, up 14.5% y-o-y driven by higher revenues from brands including Afuri Ramen, Ichiro Ramen, Fruit Paradise and Yonehachi, as well as contributions from new halal brand Tokyo Shokudo.
KGI Securities is maintaining its “outperform” rating on F&B group Japan Foods Holding, with a decreased target price of 56 cents from 65 cents previously, as analyst Joel Ng accounts for a weaker FY2022 ending March 2022 due to the delayed reopening plans in Singapore.
This follows Japan Foods’ latest 1HFY2022 results announcement. It has reported a $1.6 million loss, reversing from the $0.3 million earnings recorded the year before.
