HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Big Catering International Holding / Equity Capital Markets

Big Catering International Holding (BCI HK)

<ul>
<li>The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is "heavy asset" model, which results in significant lagging behind in cost control and expansion speed.</li>
<li>The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.</li>
<li>Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than <a href="https://www.smartkarma.com/entities/domino-s-pizza-inc" target="_blank" data-smartkarma-citation="entities:6436:1" rel="noopener">Domino's Pizza</a>, but higher than that of traditional restaurants with slow growth.</li>
</ul>


The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is "heavy asset" model, which results in significant lagging behind in cost control and expansion speed.
The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.
Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than Domino's Pizza, but higher than that of traditional restaurants with slow growth.


Pre-IPO Big Catering International Holding - The Business Model, the Pain Points and the Outlook

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Pre-IPO Big Catering International Holding - The Business Model, the Pain Points and the Outlook

​Big Catering's Buffet model offers differentiation, but heavy asset model leads to cost control issues and slow expansion, limited pricing...

Xinyao (Criss) Wang

Big Catering's Buffet model offers differentiation, but heavy asset model leads to cost control issues and slow expansion, limited pricing...