【BreadTalk 5DA 交流专区】面包物语集团 BREADTALK GROUP LIMITED

exlibris

經營開放式廚房的面包店和某些餐館，未來主攻大陸面包市場。
未來主攻大陸市場，大家覺得potential如何？
最近小麥價格上揚，影響層面不知大不大呢？

icy97

面包物语半年净利增11％
http://www.zaobao.com/cs/cs120811_009.shtml

（2012-08-11）
经营面包店与餐馆的面包物语集团（BreadTalk）半年净利增长11％至442万元。

集团营收增长24.6％至2亿1091万元，税前盈利则上升21％，报713万元。

每股盈利1.57分，净资产值27.7分，将派发每股0.5分的免税中期股息。

集团的餐馆业务因泰国与新加坡的鼎泰丰餐馆表现良好，弥补了面包烘培业务与食阁业务较为疲弱的表现。截至6月底，面包物语集团共拥有530家面包烘焙店面、41家食阁及28家餐馆。

集团首席财务总监杨家耀受访时说：“集团将继续发展烘培、餐馆与食阁这三方面的业务，并专注于拓展大中华地区的市场。”

他指出，大中华地区拥有非常巨大的潜在市场。

集团文告指出，国际经济环境依然充满挑战，而中国的消费需求放缓，尤其可能影响其在当地的业务展望，不过它仍按照规划进行扩张计划。

mapler傻瓜

这次的业绩报告还算不错。。
重点在于大陆市场是否能够成功进入。。。
对他，还是有所保留。。。

继续观察。

icy97

面包物语子公司 与JFB成立合资公司
http://www.zaobao.com/cs/cs120820_002.shtml

（2012-08-20）
面包物语宣布，其全资子公司Together Inc私人有限公司（简称TIP）与Jumbo F&B Services私人有限公司（简称JFB）以30对70的合资协议，在新加坡成立合资公司JBT（中国）私人有限公司（简称JVCO）。

合资公司将在中国上海注册一家全资子公司。

JVCO将作为投资公司，子公司则会以“珍宝海鲜”（Jumbo Seafood）的品牌，在根据子公司将和珍宝餐饮集团（Jumbo Group of Restaurants）建立许可协议下所协同的中国地区经营餐馆。

TIP和JFB将共同投资最高300万元在JVCO。其中210万元将作为股本注入在JVCO的子公司内，另外的90万元则是股东的借款。

投资金额主要来自内部，预料不会对公司和集团截至今年12月底结束的财政年的每股盈利和净有形资值产造成影响。

icy97

鹏瑞利中国商用信托、面包物语及其他伙伴组合资发展北京地皮
http://www.sharesinv.com/zh/articles/34512/

2012年10月01日
鹏瑞利中国商用信托(Perennial China Retail Trust)及面包物语(BreadTalk)宣布，它们与一财团签署了合资协议，以在北京通州区从事一项地标性的综合发展项目。该财团包括Ace Novel Developments公司、Ron Sim先生及Ronald Ooi先生，并将持有合资的70%股权，鹏瑞利中国商用信托及面包物语则将分别持有10%及4%股权。该发展项目将建于面向通州运河的3幅黄金地皮，其总楼面面积约为40万2,000平方米，其中一半将供零售商场用途。后者将定位为区域性购物中心，并将包含迎合中至中高层消费者的概念店。项目的总发展成本估计为每平方米1万5,800人民币，或相等于64亿人民币。

启示：这个项目标志着鹏瑞利中国商用信托及面包物语进军中国一线城市蓬勃发展的产业发展领域。尤其是对面包物语而言，此次投资将让它涉足于零售供应链的上游业务。

icy97

OCBC downgrades Breadtalk to sell
http://www.theedgesingapore.com/the-daily-edge/business/41039-ocbc-downgrades-breadtalk-to-sell.html

Thu, 8 Nov 13:19
OCBC Investment Research downgraded Breadtalk Group to ‘sell’ from ‘hold’ and cut its target price to $0.49 from $0.51, as it expects higher labour costs and rental rates to hurt the bakery and food firm’s earnings.

Breadtalk shares were down 1.67% at $0.59 by 11:40 a.m. They have gained 10.2% since the start of the year, compared to the FTSE ST Consumer Services Index’s 0.1%.

Breadtalk posted a 6% rise in its third-quarter net profit at $3.9 million from a year ago, despite a 21.5% rise in revenue at $116.7 million.

OCBC lowered its 2013 operating and net profit estimates for Breadtalk to $17.6 million and $10.3 million respectively, as regulatory changes for labour have resulted in difficulties in hiring service staff and have had a bigger-than-expected impact.

Breadtalk’s gross profit margin fell to its lowest of 52.3%, compared with an average of mid 54%, OCBC highlighted, adding that “a turning point has potentially emerged given the ultimate limitations on cost savings centralized sourcing and bulk purchasing can bring.”

OCBC advised investors to take profits in Breadtalk at current levels as its valuations are rich given likelihood of depressed margins and the absence of a large dividend payout.

icy97

面包物语拟在2014年把其全球面包店翻倍，并尤其着眼于中国
http://www.sharesinv.com/zh/articles/36218/

2012年12月17日
面包物语(BreadTalk)的主席兼创办人郭明忠表示，倘若公司能在高度饱和及竞争激烈的新加坡及香港市场应对成本所带来的挑战，相信它也能在中国市场解决类似的问题。他是在被问及公司于今年9月宣布将在2014年把其全球面包店数量增至1,000家(超过一半将位于中国)的计划时发表上述看法。单单在今年，公司的三大部门-核心的面包店、食阁及餐厅-合共增设了接近100家分店，从而把分店总数(包括特许经营)增至约630家。在中国，公司的面包店大部份是以特许经营的形式经营，并料将在2014年增至500家以上。估计公司会有120家新店在明年开业。

启示：成本攀升导致公司的盈利受打击，因在食品、劳工和租金成本均提高下，其面包店业务所带来的贡献比去年少。因此，3Q12的毛利率从54.4%下降至52.3%，使到净利年比下跌7.7%至340万元。

icy97

BreadTalk soars to record high after Thai firm raises stake
http://www.theedgesingapore.com/the-daily-edge/business/43317-breadtalk-soars-to-record-high-after-thai-firm-raises-stake.html

Tue, 2 Apr 22:27
Shares in BreadTalk Group (BRET.SI) extended gains for the fifth day in a row and jumped to a record high after a unit of Thailand's hospitality and leisure group Minor International PCL (MINT.BK) (MINT) raised its stake in the company.

BreadTalk shares rose as much as 8% to $1.085, with 1.4 million shares traded, 1.4 times the average full-day volume over the past 30 days. They have gained 27.6% since Primacy Investment, a wholly-owned subsidiary of MINT, bought 7.25 million shares at an average of $0.83 each, raising its stake to 8.85% on March 22.

"BreadTalk offers MINT an excellent portal to extend its cross-selling channels, as well as an opportunity to strengthen and add prominent brands to its growing overseas portfolio," Maybank Kim Eng said in a report last week. Maybank added that BreadTalk's current valuations are below its peers with a forward consensus price/earnings ratio of 15.6 times against 16.5 times.

"One reason may be MINT believed that BreadTalk’s profits are understated by its expansion costs and the stock will look cheap once the expansion phase slows," Maybank said.

icy97

泰国饮食集团增持股权，面包物语再攀高
http://www.sharesinv.com/zh/articles/38116/

2013年04月03日
面包物语(BreadTalk)的股价在昨天连续一周走高，由于泰国餐馆集团Minor International(Mint)增持公司股票。在今年1月9日至3月21日之间，Mint已经以约850万元收购了公司的8.9%股权。值得留意的是，Mint在面包物语的一些市场内设有餐馆，例如在新加坡的泰国餐厅连锁店ThaiExpress。Mint将在今天举行常年大会，因此市场谣传将会出现更多利好因素。公司股票昨天的买卖大部份是由本地经纪行经手，由于散户投资者预期Mint将进一步增持面包物语的股票。

启示：华侨银行(OCBC)表示，Mint增持面包物语股权更像是业务策略，而非收购面包物语的前奏。华侨银行给予面包物语的目标价为0.77元，在与其昨天的1.07元闭市价相比下，华侨银行提醒投资者道，以面包物语的基本面而言，它可能已被高估了。

icy97

Breadtalk to invest $14.5mil in JV to develop Beijing property
http://www.theedgesingapore.com/the-daily-edge/business/43491-breadtalk-to-invest-145mil-in-jv-to-develop-beijing-property.html

Tue, 16 Apr 18:41
Breadtalk said wholly-owned subsidiary Imagine Properties has entered into a joint venture with a consortium of investors to invest $14.5 million to develop three plots of land in Tongzhou District of Beijing, China.

Imagine Properties will subscribe for 14,520 shares in Perennial Tongzhou Holdings Pte Ltd (PTHD) at $1,000 per share. The investment from Breadtalk will represent a 5.86% equity interest in PTHD, which translates into a 2.93% stake of the Beijing Tongzhou Integrated Development.

The consortium of investors includes Perennial Real Estate Holdings, Boustead chairman Wong Fong Fui's Bright Assets Enterprises, Ace Novel Developments which is a wholly-owned subsidiary of Shun Tak Holdings, Ron Sim, founder of Osim International, and Ronald Ooi, former CEO of Kim Eng Holdings.

icy97

BreadTalk posts 15% rise Q1 earnings to $1.6mil
http://www.theedgesingapore.com/the-daily-edge/business/43802-breadtalk-posts-15-rise-q1-earnings-to-16mil.html

Wed, 8 May 23:53
SGX-listed BreadTalk Group, the F&B group, said group net profit attributable to shareholders rose 14.9% to $1.6 million in the first quarter ended 31 March 2013 (1Q 2013) from $1.4 million in 1Q 2012 in spite of cost pressure on food, labor and rental expenses.

Group revenue grew 13.4% to $120.3 million in 1Q 2013 from $106.1 million in 1Q 2012.

Bakery Division revenue and bottom-line improved by 10.7% and 4.7% respectively. Revenue grew across all markets while the improvement in PATMI in Singapore, Hong Kong and Thailand helped to defray lower earnings in other markets.

Food Atrium Division turned profitable during the quarter on the back of revenue growth experienced in all markets except Taiwan, stronger profit contributions from Mainland China, Hong Kong and also the turnaround in Singapore following the normalization of business after the completion of renovation and upgrading works at two major malls carried out by the landlords.

Restaurant Division PATMI dipped 8.8% despite a 10.1% growth in revenue. Din Tai Fung Singapore and Thailand continued to show positive growth while Ramen Play and Carl’s Junior are being repositioned and fine-tuned.

As at March 31, the group’s network (including franchise) expanded to 627 Bakery outlets, 50 Food Atria and 35 Restaurants.

icy97

面包物语的首季盈利增加14.9%
http://www.sharesinv.com/zh/articles/38795/

2013年05月09日
饮食业者面包物语(BreakTalk)的1Q13盈利从去年同期的140万元增加14.9%至160万元。收入提高13.4%至1亿2,030万元，由于公司截至今年3月的网络(包括特许经营)扩大至627间面包店、50个食阁及35家餐馆。面包店的收入和盈利分别提高10.7%和4.7%，新加坡、香港和泰国的盈利增幅有助缓解其他市场盈利下跌所带来的冲击。所有市场的食阁均取得增长(除了台湾)，中国和香港食阁的贡献提高，新加坡的食阁也转亏回盈。尽管餐馆业务的收入增加10.1%，其盈利却下跌8.8%。公司今早以1.005元高开。

启示：公司料将在FY13继续有利可图。它将改善现有的业务模式，通过提高成本效率和生产力来应对新加坡当局收紧外劳条例，以及租金上升和一些国家食品成本提高等挑战。

icy97

BreadTalk opens Danish pastry-inspired HQ
http://www.theedgesingapore.com/the-daily-edge/business/44176-breadtalk-group-opens-danish-pastry-inspired-hq.html

Tue, 4 Jun 22:39
BreadTalk Group officially opened its International Headquarters in Paya Lebar iPark at Tai Seng Street today.

BreadTalk IHQ will house the group’s corporate office, R&D laboratories, training academy, warehousing facilities and central kitchens of its various food businesses.

Designed by award-winning local architect Tan Kay Ngee, the 10-storey building is inspired to look like themany delicate layers of a Danish pastry.

The $64.1 million BreadTalk IHQ is also a lifestyle-and-dining hub in north-eastern Singapore that occupies a land area of 7,000 square metres and serves as the nerve centre of the group’s global operations and support platform to accelerate its future expansion.

Prominently fronting the Paya Lebar/MacPherson thoroughfares, BreadTalk IHQ will feature a food hub on the ground floor that showcases the group’s stable of F&B brands: Din Tai Fung, RamenPlay, BreadTalk, Toast Box and Food Republic.

The design of the food hub is inspired by old Chinese courtyards (Si He Yuan) that can accommodate more than 550 diners.

Diners are able to stroll down a bustling traditional food street occupied by the group’s various F&B brands on both sides. There will also be retail floor on the second storey of BreadTalk IHQ which is expected to be operational by July.

icy97

Name of Announcer *	BREADTALK GROUP LIMITED
Company Registration No.	200302045G
Announcement submitted on behalf of	BREADTALK GROUP LIMITED
Announcement is submitted with respect to *	BREADTALK GROUP LIMITED
Announcement is submitted by *	TAN CHER LIANG
Designation *	COMPANY SECRETARY
Date & Time of Broadcast	12-Aug-2013 19:17:46
Announcement No.	00207

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Please refer to attached

Attachments

BTG_2Q13_RESULTS.pdf

BreadTalk posts 5% rise in H1 earnings to $4.7mil
http://www.theedgesingapore.com/the-daily-edge/business/45068-breadtalk-posts-5-rise-in-h1-earnings-to-47mil.html

Mon, 12 Aug 23:12
BreadTalk Group, the lifestyle F&B group, today reported a 5.2% rise in first-half net profit attributable to shareholders to $4.7 million for the six months ended 30 June 2013.

This was achieved on the back of a 17% jump in group revenue amounting to $246.8 million, led by its Food Atrium division which saw top-line growth of 25.7% and higher profitability achieved across all markets except Taiwan.

The division registered stronger profit contributions from Mainland China and Hong Kong while Singapore’s business normalised after the completion of renovation and upgrading works at two major malls carried out by landlords.

The group’s Bakery division, which posted a 14.4% rise in revenue across all markets, achieved a significant 36% jump in its bottom-line, boosted by improvements in Singapore, Mainland China and Thailand.

Sales from its Restaurants division improved by 14% in 1H2013, however, the division’s net profit attributable to shareholders declined by 88.7% due to a $1 million impairment loss on property, plant and equipment from the closure of 3 non-performing Carl’s Junior stores in Shanghai which is part of a restructuring exercise for this business. Its Din Tai Fung restaurants in Singapore and Thailand continued to register positive growth while Ramen Play was being repositioned and fine-tuned.

As at 30 June 2013, the group’s network (including franchised outlets) expanded 8.7% to 746 outlets.

Based on the group’s latest second quarter results, BreadTalk achieved earnings per share on a fully diluted basis rose 5.1% to 1.08 cents while net assets value per share was higher at 30.6 cents as at 30 June 2013.

The Group will be paying an interim cash dividend of 0.5 cent.

icy97

面包物语设下新的收入目标
http://www.sharesinv.com/zh/articles/41891/

2013年10月07日
面包物语(BreadTalk)于上周五宣布其新的“里程碑”目标，即在2016年结束前，录得10亿元收入，并在2018年结束前把面包店、食阁及餐馆数量增至2,000家以上。公司在去年取得4亿4,730万元的收入，目前在15个国家设有约850家分店。这些目标比公司在去年9月所设的目标大出许多，当时的目标是在2014年结束前拥有1,000家面包店。公司的主席郭明忠表示，2,000家分店的目标中的1,800家将是面包店，而中国将成为拓展策略的主要市场，因为单单中国的分店便将占目标中的约1,000家。

启示：郭明忠针对中国冒牌面包物语分店所带来的风险表示，他们可能会抄袭我们第一代或第二代的分店模式，但我们每隔三到四年就会推陈出新。这将让我们在市场饱和之前实行新概念，以占有优势。公司本年的股价以攀升了33.8%至上个星期五的0.91元。

icy97

BreadTalk posts 3Q earnings of $3.4 mil
Source: The Edge   |   Publish date: Wed, 6 Nov 22:04
http://www.theedgesingapore.com/the-daily-edge/business/46185-breadtalk-posts-3q-earnings-of-34-mil.html

BreadTalk Group, the F&B group, posted flat earnings of $3.39 million for the three months ended 30 September 2013 despite recording a 22.2% rise in revenue to $142.6 million.

Based on the group’s third quarter results, BreadTalk’s earnings per share rose 3% to 2.86 cents while net assets value per share was higher at 31.3 cents as at 30 September.

For the nine months ended 30 September, earnings rose 3% to $8 million as group revenue grew 18.9% to $389.4 million, contributed by its Food Atrium division which posted sales growth of 28.9% and net profit improvement of more than 8 times, thanks to a turnaround in its Singapore operations. Its food atriums in Mainland China and Hong Kong continued to register strong profit contributions.

The Group’s Bakery division, which recorded a 15.4% rise in group revenue across all markets, also achieved significant improvements to its bottom-line with an increase of 95.5% in net profit, boosted by its Mainland China, Hong Kong and Thailand operations. The bakery division in Singapore, however, saw a decline in its earnings due to the ongoing labour crunch and rising rental expenses.

BreadTalk says it continues to face high cost pressures in food cost, labour, rental, and expansion cost. Despite these challenges, the group is continually finding solutions including cost rationalisation as well as boosting productivity through streamlining of work processes and deployment of technology.

icy97

香港鬆餅含鋁量超標 麵包物語：孤立事件

國際新加坡新聞31 Dec 2013 21:03
（新加坡31日訊）新加坡知名麵包連鎖店麵包物語（Breadtalk）的香港門市傳出售賣鋁含量超標的鬆餅，麵包物語集團表示，這是一起孤立事件，公司已針對相關產品的烘焙流程展開全盤調查。

集團也向消費者保證，新加坡、中國及其他市場售賣的鬆餅產品，都符合安全標準，消費者可安心食用。

香港《蘋果日報》本月29日報道，該報日前委託香港標準及檢定中心化驗，發現麵包物語販賣的葡萄乾鬆餅（raisin muffin）含鋁（aluminium）量達306ppm（parts per million，即百萬分率），也就是每公斤鬆餅就含有306毫克鋁，嚴重超出一般成人的每週最高攝取量。

麵包物語集團昨晚發表聲明指出，這是一起孤立事件，主要是因為香港員工不慎，在製作鬆餅過程中加入高于標準的發粉（baking powder），導致鬆餅出現含量超標的鋁。集團已將全部香港門市的所有鬆餅產品下架，以便展開更詳細的調查。[中国报财经]

ah-cha

等待股价猛唑！

icy97

文： 2014年02月26日 每日头条
http://www.sharesinv.com/zh/articles/45087/

面包物语(BreadTalk)在截至2013年12月31日的季度录得营业额提高22.8%至1亿4,710万元，由于所有的三个部门-面包店、食阁和餐馆-均取得增长。净利因而增加41.5%至590万元。全年收入和盈利分别提高19.9%至5亿3,650万元和39.9%至1,490万元。

icy97

面包物语：物有所值但价位略高
企业摘要 | 2014年04月11日
http://www.sharesinv.com/zh/articles/46117/

文 : 李廷伟 （译：麦美莹）

它充满创意，并懂得怎样去捕捉我们的味蕾。

没错，面包物语(BreadTalk)的特色肉松面包史无前例地改变了新加坡面包业的风貌。

自成立至今，面包物语成为了家喻户晓的品牌，分店更是遍布全岛。

可是，大家必须知道，面包物语不单只是卖面包糕点，它也拥有自身的食阁(像大食代(Food Republic))及餐馆(像鼎泰丰及拉面玩家(Ramen Play))。

在过去几年，你可能也留意到面包物语的业务似乎在不断扩张。

持续扩张来巩固地位

事实上，在新加坡的大型购物中心里，你很难看不见面包物语的踪影，由于它是有计划地不断扩张。

在以下的图表里，你可以看到公司的扩张策略是有计划地进行。



分店的增长也相对地带来不错的收入增长，反映了其优质品牌受到消费者的接受。


从FY10至FY13，不同业务的收入的年复合增长率均取得双位数字，这说明了其品牌并没有出现“疲劳”效应。


在仔细查阅公司的财务数字及业务模式后，我们分析了其投资优势及风险。

投资优势

• 在过去4年，股本回报率(ROE)表现出色，持续处于双位数字
• 毛利润率持续高企，超过50%
• 公司在新加坡拥有良好的品牌组合及强劲的市场地位
• 业务遍布15个国家
• 强大的价值链让原材料成本的波幅不会太大
• 创新产品让品牌不会出现“疲劳”效应
• 净营运现金流入持续比净利来得高
• 其面包糕点受到中国消费者的喜爱，让公司有信心在当地扩大业
  

投资风险

• 由于积极扩张业务，负债比颇高(净负债股本比为0.948倍)
• 净利率为单位数字
• 员工成本及分销与销售开支提高可能会进一步蚕食已经不高的盈利
• 新加坡的面包市场已经饱和
• 扩张成本持续对盈利带来压力
• 中国出现模仿其业务模式的商店
• 政府薪酬政策的改变直接对面包物语的员工成本带来打击
  

《股市资讯》的看法

其分店数目之多及其在新加坡的稳健地位是面包物语物有所值之处。

中国的业务是让其在未来三年，收入能够达到10亿元的主要动力。

中国拥有庞大的人口，而他们对精美面包的喜爱将会大大推动公司的增长势头，让其可以在当地进一步扩大业务。

面包物语在其他地域发展是一件好事，因为新加坡的市场已经成熟并接近饱和(尤其是面包糕点)。

可是，扩张业务是需要付出代价，而这个代价正让面包物语的现金流及盈利受压了一段时期。

大幅的非现金折旧及摊销成本令已经不高的净利不断受到打冲击。

再加上人工成本(留住员工并不容易)、人手短缺令工作时间延长及政府对外劳征收更高税款均对盈利带来压力。

无论如何，其强大的价值链及营运实力让其可以保持高毛利润及稳健的股本回报率，而这是值得我们赞许的。

这只股目前可能有点昂贵，但当调整出现后，我会为我的组合添加多几个肉松面包。