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UOB will turn positive on Jumbo once new outlets start to show profitability

Samantha Chiew
Samantha Chiew2/18/2019 11:53 AM GMT+08  • 2 min read
UOB will turn positive on Jumbo once new outlets start to show profitability
SINGAPORE (Feb 18): UOB Kay Hian is maintaining its “hold” call on Jumbo Group with a target price of 41 cents, following the group’s 1Q19 results announcement.
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SINGAPORE (Feb 18): UOB Kay Hian is maintaining its “hold” call on Jumbo Group with a target price of 41 cents, following the group’s 1Q19 results announcement.

For 1Q19, the group reported a 15.7% rise y-o-y in its earnings to $2.4 million, while revenue dropped 1.5% to $35.5 million, due to the closure of its underperforming outlets.

During the quarter, gross margin increased slightly y-o-y to 6.37%, attributable to higher franchise income. The group also reported higher cost base to support its regional expansion.

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