Food is All Around

We see their food courts all over the island at Bugis Junction, Bishan Junction 8 and even in hospitals. Is Food SP a candidate?

FOOD SP - Operator and manager of food courts; sells food and beverages. Has present in Singapore, Malaysia and China (soon) under the brand name of Food Junction and FJ Square.

Summary of 3Q results [End 30 Sept 03]

• Price: S$0.60;
  
• P/E: 11;
  
• EPS Change: 7.3%;
  
• PEG: 1.5;
  
• Cash per share: $0.19;
  
• ROE: 40%;
  
• Pre tax margin: 18%;
  
• Net profit margin: 14%;
  
• Current assets [S$30 mil] outstrips Total liabilities [S$16.3 mil];Current ratio: 1.95;
  
• Quick ratio: 1.48
  

Minuses:

• EPS [70% -> 49% -> 7.3%] and revenue [36% -> 13% -> 6.2%] growth appear to be slowing;
  
• Saturation in Singapore market?;
  
• Need to be able to execute business plan in Malaysia and China;
  
• Cash flow from Ops declined in 3Q03 [due largely to non cash adj]