While the quarterly earnings only achieved 14% of UOB Kay Hian’s full year estimates, Leow added that the group’s 1Q and 3Q are seasonally weaker quarters.
SINGAPORE (Feb 14): UOB Kay Hian is maintaining a “hold” rating on Jumbo Group even as the restaurant operator posted a 26% earnings growth in 1QFY17.
According to UOB Kay Hian’s analyst Nicholas Leow, the earnings boost arose from the one-off IPO expenses and pre operating expenses for its third Jumbo Seafood restaurant in Shanghai that was incurred in 1QFY16, and did not repeat in the current quarter.
