Brokers' take

Japan Foods Holding | BUY Aug 16 close: S$0.495 Target price: S$0.64 KGI Securities, Aug 16

We expect an improvement in the next few quarters as the weakness in Q1 2019 was also partly due to lower performance in June, which coincided with the Fifa World Cup 2018.

Upside from Singapore operations is expected to be limited and we reiterate our view that growth will have to come from overseas expansion . . . We are optimistic on its entry into Indonesia but will not factor it into our forecasts until we obtain more clarity on the performance of its first restaurant in the country.