SINGAPORE (Jul 2): CGS-CIMB analysts are maintaining an “add” call on food court operator Koufu Group Ltd with an unchanged target price of $0.86, buoyed by news of its “attractive acquisition” of four F&B companies for $22.04 million on Wednesday.
“We think this is an attractive acquisition as it complements Koufu’s product offering and strengthens its supply chain,” noted analysts Ngoh Yi Sin and Caleb Pang in a Wednesday report.
Trading at an implied 9.2 times price-to-earnings (P/E) ratio, the report comes on the back of subsidiary Koufu Pte Ltd’s acquisition of Deli Asia, Delisnacks, Dough Culture and Dough Heritage from individuals Alex Ong, Irene Lee and Doreen Ong.
