Jollibee Foods Set to Gain From Stake in South Korea's Compose Coffee -- Market Talk

Dow Jones

2024/11/25

0754 GMT - Jollibee Foods stands to benefit from its acquisition of a 70% stake in South Korea's Compose Coffee, Maybank Securities' Daphne Sze says in a research report. Since consolidation in August, Compose Coffee has contributed PHP362.3 million in net income and added 2,580 stores to the Philippine-listed company's network, the analyst says. Jollibee said Compose Coffee's performance so far is ahead of targets, with Ebitda margin of 55% versus 42% before the acquisition, and aims to have 4,000 stores with a focus on Greater Seoul in the short term. The brokerage raises the stock's target price to PHP320.00 from PHP314.00 and maintains a buy rating. Shares are 4.0% higher at PHP275.60. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 25, 2024 02:54 ET (07:54 GMT)

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