“This was ahead of our expectation and is the highest revenue Japan Foods has ever reported since its inception in 1997. However, thanks to higher selling, operations and lease interest expenses, the reported profit of $4.1 million came in line with our expectations,” Jaiswal says.
RHB Bank Singapore analyst Shekhar Jaiswal is keeping “buy” on Japan Foods (SGX:5OI
) , lifting his target price to 65 cents from 60 cents previously.
In his May 29 note, Jaiswal highlights that Japan Foods had reported a strong end to its FY2023 ended March with a record revenue of $78.5 million, up 44% y-o-y. This is on the back of strong momentum of its halal segment, the addition of new brands to its portfolio, as well as positive same-store sales growth for most of its brands.
