Earnings missed but analysts' appetite for Koufu remains strong

Analysts are generally rather positive on food court operator Koufu following its FY2020 ended December 2020 results, which saw earnings fall by 64.3% y-o-y to $9.9 million as revenue dipped 19.2% y-o-y to $192.4 million.

The company plans to pay a final dividend of 0.7 cents. Together with the interim dividend of 0.5 cents already paid, the total FY2020 payout of 1.2 cents represents a payout ratio of around 70%.

As of end 2020, Koufu runs 48 food courts, 18 coffee shops and a commercial mall under the outlet & mall management segment, while its F&B retail segment constitutes 74 self-operated F&B stalls, 36 F&B kiosks, seven so-called quick-service restaurants, four full-service restaurants and 57 Delisnacks branded F&B stalls.