With Singapore's latest implementation of Phase 2 (heightened alert) on May 16, bringing tighter social distancing measures, including the prohibition of dining-in at all F&B outlets, footfall at Koufu's food courts have been negatively impacted.

With that, CGS-CIMB is downgrading its call on Koufu to "hold' from "add" with a lower target price of 71 cents from 94 cents previously.

Lead analyst Cezzane See notes that although the government has mentioned that measures are likely to ease going forward, but she believes that it is highly unlikely for distancing measures to return to what they were in 1Q2021 (up to eight pax allowed for gatherings) so soon.

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