Koufu Group | Hold (Downgraded) May 7 close: S$0.765 Target price: S$0.80 DBS Equity Research, May 7

Koufu's first quarter revenue increased 4.9 per cent year-on-year (yoy) to S$57.8 million and core earnings increased by 17 per cent yoy to S$7.2 million. Both were in line with our estimates.

Our earnings forecasts remain unchanged as Koufu remains on track to meet our estimates, supported by Marina Bay Sands Foodcourt's full 12 months of operation this year.