KGI Securities is maintaining its “outperform” rating on F&B group Japan Foods Holding, with a decreased target price of 56 cents from 65 cents previously, as analyst Joel Ng accounts for a weaker FY2022 ending March 2022 due to the delayed reopening plans in Singapore.

This follows Japan Foods’ latest 1HFY2022 results announcement. It has reported a $1.6 million loss, reversing from the $0.3 million earnings recorded the year before.

The losses recorded are despite higher revenue of $21.2 million logged for the period, up 14.5% y-o-y driven by higher revenues from brands including Afuri Ramen, Ichiro Ramen, Fruit Paradise and Yonehachi, as well as contributions from new halal brand Tokyo Shokudo. 

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