Japan Foods Likely to Continue Ramping Up Singapore Outlet Count -- Market Talk

Dow Jones02-22

0600 GMT - Japan Foods Holdings is likely to continue ramping up the number of its outlets in Singapore, RHB Research analyst Shekhar Jaiswal says in a research report as RHB maintains the stock's neutral rating. The food and beverage company added nine new restaurants in 3Q FY 2024, of which six were halal-concept restaurants, the analyst notes. Japan Food seeks to capture a larger share of the halal restaurant market, and will continue to explore opportunities to open more restaurants under halal concepts and launch new concepts, the analyst adds. However, RHB trims the stock's target price to S$0.29 from S$0.30 to reflect a 2% discount to Japan Foods' fair value. Shares are 5.1% lower at S$0.28. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 22, 2024 01:00 ET (06:00 GMT)

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