5 stories mentioning PSE:JFCUpdated 4d ago
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Jollibee Foods (PSE:JFC) has an average rating of overweight and mean price target of 223 Philippine pesos, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Jollibee Foods (PSE:JFC) said it was evaluating "various strategic options" for its international business following media reports that it could list the arm in Hong Kong instead of the U.S., according to a Monday filing with the Philippine Stock Exchange.The Filipino fast-food giant in January announced plans to separate and list its international business under the Jollibee Foods Corporation International name on a U.S. securities exchange.However, a recent report from Singapore's Business Times said the firm was working with advisers on a potential Hong Kong listing instead, with plans to execute the transaction by the end of next year."The company continues to evaluate various strategic options for the intended listing of its international business with a view to determining what would best serve the best interests of the company and its shareholders, and these evaluations remain ongoing," Jollibee Foods said in response to the report.
Jollibee Foods (PSE:JFC) affiliate Hyper Dynamic acquired 165,000 shares in the company, according to a Monday regulatory filing.After the latest transactions, the affiliate's total stake in Jollibee Foods rose to 487.2 million shares, or 43.47% of outstanding capital.The shares were purchased at prices ranging from 126.90 Philippine pesos to 130.30 pesos per share.
Jollibee (PSE:JFC) logged a lower profit in the first quarter following a decline in operating profit and below-the-line items, as well as higher direct costs.The Philippine fast food giant's attributable profit slid 39% year over year to 1.47 billion pesos from 2.50 billion pesos.Diluted earnings per share fell 40% to 1.232 pesos from 2.062 pesos in the year-ago period.Despite the decline, the first quarter results "reflect the resilience of our diversified portfolio," CEO Ernesto Tamantiong said in a press statement.Revenue jumped 9% to 76.5 billion pesos from 70.2 billion pesos.System-wide sales widened 10% to 113.9 billion pesos from 103.2 billion pesos. The indicator grew 8% in its Philippine businesses, led by grilled chicken fast-food chain Mang Inasal, up 16%, and the main Jollibee brand, up 7.6%.Same-store sales growth increased 3.5%, with the Philippines segment rising 3.2% amid higher demand in March due to graduation-related spending and reflecting a higher base in the previous year due to election-related spending.International same-store sales growth jumped 4%, led by its Vietnam business surging 26% and the North American market 4.6%.Jollibee grew its footprint by 4.9% to 10,421 stores, with 3,499 in the Philippines and 6,922 abroad. The chain opened 181 gross new stores, with 149 international openings.Direct costs jumped nearly 12% as inflation impacted certain commodities and supply chain items, the fast food chain said.General and administrative expenses jumped 9.4% but advertising costs fell nearly 18%.The fast-food giant plans to implement "measured" price increases starting in the second quarter while carrying out cost-management measures, Tamantiong said."We are managing today's cost volatility prudently, and we remain confident in our long-term growth outlook. As costs normalize over time, we remain focused on prudent capital allocation and sustaining profitable, long-term growth," Chief Financial and Risk Officer Richard Shin said.Shares slid by as much as 8.8% to 147 pesos on Tuesday before closing 11% lower at 144 pesos.
Philippine fast food giant Jollibee Foods (PSE:JFC) completed the 100% acquisition of South Korean hot pot chain operator All Day Fresh in a deal worth 130 billion won after the Korea Fair Trade Commission approved the transaction.Following the buyout, All Day Fresh separated from its former parent, Myungryundang, and was fully incorporated into Jollibee Foods, Yonhap News reported Monday.The KFTC gave clearance to the Philippine restaurant chain operator last week to carry out the acquisition through Jolli-K, Jollibee Foods' 70%-owned subsidiary, according to a report by Philippine news outlet Inquirer.net on Thursday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
