Breadtalk Research Essay


Local manufacturer; regional success. BreadTalk Group Limited began in 2150 as a local bakery sequence best known for its signature floss buns, prior to firmly building its brand and innovating into a main food store in less than 10 years. It at the moment operates in three main sectors: bakery, foodstuff court and restaurants. This entered the restaurant section in 2003 after acquiring the Singapore business rights towards the renowned Noise Tai Fung restaurant manufacturer. The food courtroom business quickly followed in 2005. The group was listed upon SGX in 2003. China - to spearhead the next growth phase. From Singapore, it moved to the rest of the area and China is currently the key marketplaces outside of Singapore. Given the sheer scale the consumer industry in Chinese suppliers, we believe it can easily be the near future catalyst to get BreadTalk's development. While Singapore currently continues to be the largest revenue contributor for the Group, BreadTalk's diverse styles of various meals offerings and established footing in Beijing and Shanghai should give it time to take advantage of increasing disposable incomes as well as behave quickly to new consumer trends in China. With regards to number of stores, China previously outnumbers Singapore with twenty food courts, 3 Carl's Junior fast food restaurants, 3 RamenPlay restaurants and 184 bakery outlets. Rising costs, an issue, but feasible. We believe that BreadTalk will be able to maintain a gross profit margin of about 55%, which can be in line with the margins in the last five years despite potential hike in food costs. Previous variances in natural material rates had not triggered any significant impact on gross profit margins, plus the group as well plans to enhance its margins by shortening its source chain and bulk sourcing globally because of its supplies. Initiate with ACQUIRE and reasonable value estimate of S$0. 74. We project revenue growth of 26% YoY intended for FY2011F for the back of wall socket expansions and stronger sales from existing stores. Supported by strong revenue projections, their...

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