Awaiting the feast
■ We expect Koufu’s revenue to return to pre-Covid after FY22F with gradual
border reopening and structural shift towards hybrid home/office work model.
■ The commencement of integrated facility is also delayed to 3Q21F (from
2Q21F) due to the recent tightened measures. Margin expansion postponed.
■ The worst could be over, but recovery takes time. Downgrade to Hold and TP
lowered to S$0.71, now based on 17x FY22F P/E at c.20% discount to peers.