SINGAPORE (Feb 13): UOB Kay Hian has downgraded seafood restaurant chain Jumbo Group to “hold” from “buy” previously, and slashed its target price by 27% to 32 cents.

Jumbo’s earnings are expected to be hit hard by the outbreak of the novel coronavirus CoVid-19, due to slowdown in the number of tourists to Singapore, as well as the shutdown of restaurants and retail outlets in China.

Including joint ventures and franchises, Jumbo has nine outlets in mainland China, which contributed to 18% of total revenue for FY2019 ended September 2019.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook