Investment Rating - The report assigns a "Buy (First Time)" investment rating to the company [24][40]. Core Insights - The company is positioned to benefit from the increasing demand for food supplies due to the growth in the number of ships arriving at Singapore and the rise in inbound tourists, which is expected to enhance its revenue from ship supply clients [17][66]. - The company has established strong relationships with suppliers and clients over its 20 years of industry experience, which is anticipated to support its revenue growth in the coming years [66][75]. - The report forecasts a recovery in the company's main business and potential new growth opportunities through mergers and acquisitions in the sportswear sector [66]. Company Overview - The company supplies a variety of food products, including canned goods, packaged beverages, dairy products, and frozen items, primarily to ship supply clients in Singapore [3][4]. - The company has a diverse product portfolio, including cheese, juice, milk, ice cream, and bread, and has expanded into value-added food processing to meet client needs [3][4][13]. - The management team is experienced, with key leaders having nearly 20 years of experience in the food distribution sector [5][62]. Financial Performance - The company reported a revenue of 30.448 million SGD from ship supply clients in 2023, representing a growth of 20.5 million SGD from the previous year, with this segment accounting for 98.97% of total revenue [65]. - The forecasted revenues for 2024, 2025, and 2026 are 33.359 million SGD, 35.546 million SGD, and 37.948 million SGD, respectively, with expected EPS of 0.04, 0.06, and 0.18 HKD [66]. Market Trends - The report highlights a significant increase in the number of ships arriving at Singapore, with a 4.91% year-on-year growth in the first eight months of 2024, which is expected to drive demand for food supplies [17][75]. - The tourism sector in Singapore is projected to recover, with inbound tourists expected to reach between 15 million and 16 million in 2024, contributing to increased food supply needs [17][66]. Valuation Analysis - The report suggests a P/E valuation range of 40X-50X for the company, translating to a target stock price of 1.60 to 2.00 HKD per share based on expected earnings growth [20][66].
COOL LINK：投资价值分析报告：主营业务有望逐步回升，外部并购运动鞋服品牌，公司有望迎来新增长