JBFCF - Jollibee Foods: A Tough Ride Ahead
Elevator Pitch
I maintain my Neutral rating on Philippines-listed quick service restaurant chain operator Jollibee Foods Corporation (OTCPK:JBFCF) (OTCPK:JBFCY) [JFC:PM].
Jollibee Foods recorded a significant net loss of -PHP11,963 million in the first half of this year, which includes PHP7.0 billion in restructuring expenses. The company has been negatively impacted by temporary store closures as a result of lockdown measures implemented in various countries due to COVID-19.
Although the majority of Jollibee Foods' stores have re-opened by the end of 2Q 2020, the company's target of achieving sales and earnings in