JUMBO GROUP - UOB Kay Hian 2015-11-30: Looking Forward To FY16

JUMBO GROUP LIMITED 42R.SI 

JUMBO GROUP (JUMBO SP) - Looking Forward To FY16 

VALUATION 

 Maintain BUY and target price of S$0.49. 

• Our target price has an implied FY16F PE of 20.5x which is comparable to its regional peers such as Cafe De Coral and Breadtalk. 

RESULTS 

 FY15 adjusted net profit comparable to FY14. 

• Assuming the restructuring exercise had been completed at start of FY15, FY15 proforma profit to owners would have been S$13.1m, forming 103% of our full-year forecast. After excluding one-off IPO expenses, FY15 adjusted net profit will have been about S$14.0m and fairly comparable to FY14. 

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