Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

In part 1 of the series, I have discussed the primary production (pork) segment of <a href="https://www.smartkarma.com/entities/10396" target="_blank" data-smartkarma-citation="entities:10396:1">QAF Ltd (QAF SP)</a>. In part 2, I will provide an overview of its bakery segment, its profit trend in the last decade, and a bit of history. Those familiar with the story of Gardenia and Bonjour breads can skip the history portion.  In the later part of this article, I try to evaluate the market’s implied valuation for its bakery division, my findings for this business, and near-term risks that can affect its share price.

In part 1 of the series, I have discussed the primary production (pork) segment of QAF Ltd (QAF SP). In part 2, I will provide an overview of its bakery segment, its profit trend in the last decade, and a bit of history. Those familiar with the story of Gardenia and Bonjour breads can skip the history portion.  In the later part of this article, I try to evaluate the market’s implied valuation for its bakery division, my findings for this business, and near-term risks that can affect its share price.

Unlocking QAF's Value (Part 2) - Artisan Bakery in the Making?

Singapore

Food Empire Holdings Limited manufactures and markets instant beverage products, frozen convenience food, confectionery and snack food. The Company exports its products to markets such as Russia, Eastern Europe, Central Asia, the Middle East and Indochina.

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Food Empire Holdings (FEH SP)

Unlocking QAF's Value (Part 2) - Artisan Bakery in the Making?

In part 1 of the series, I have discussed the primary production (pork) segment of QAF Ltd (QAF SP). In part 2, I will provide an overview of its...

Valerie Law, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)