Nice writeup! The dividend payout is quite generous!
I have a few observations that would like to see your views
1. Yakiniku Like does poses a large threat to 牛角, e.g. Olympic used to have long queue, but after Yakiniku Like opened, I observe way less queue vs before. I also observe that 牛角 was doing quite a lot of promo lately. I don't have the exact number, but i think the Average dining value per customer will reduce, and thus the margin might be harder to maintain moving forward?
2. Although self-owned segment is less important, it still consist of ~25% of profit before tax. Their segment margin seems fluctuate quite a lot from 6.5-13%. (2018 at 6.5%, 2022 2H at 6% or 13% if take away provision). What type of margin you expect it to achieve?
just curious if you have looked at 6686 (noah) or 889 (datronix) both look exceptionally cheap....
Nice writeup! The dividend payout is quite generous!
I have a few observations that would like to see your views
1. Yakiniku Like does poses a large threat to 牛角, e.g. Olympic used to have long queue, but after Yakiniku Like opened, I observe way less queue vs before. I also observe that 牛角 was doing quite a lot of promo lately. I don't have the exact number, but i think the Average dining value per customer will reduce, and thus the margin might be harder to maintain moving forward?
2. Although self-owned segment is less important, it still consist of ~25% of profit before tax. Their segment margin seems fluctuate quite a lot from 6.5-13%. (2018 at 6.5%, 2022 2H at 6% or 13% if take away provision). What type of margin you expect it to achieve?