Download - KY 美食 Business Model_20110601
KY 85C 96 98B 98B 98BNTU EMBA 2011.06.01.A presentation in Prof. s
Outline
Appendix
2
30
7
1998
4
50
85C 2004.7.29
5
(2010)Gourmet Master (85C) : : 12.8
100% Owned
100% Owned
65% Owned
51% Owned
:41+:284 :1939 :3
:169 : 8167 : 4
: 1 : 87 : 1
: 4 : 83 : 1
6
85 Caf Infinity Emerging Markets Limit, 26.71% Circle Garden International Limited < 5% Henderson I Yield Growth Limited, 9.95% HSBC HAV(3) Limited < 5% 5-Star Industrial Limited The HSBC Asian Ventures Fund 3 Limited The HSBC Asian Ventures Fund 3 Crown Investment Company Limited < 5% limited Henderson Growth Fund 5-Star Industrial Limited
24.18% GPLP85 Caf 2010/09 7
(2011/5/9)
8
300 250 200 150 100 50 0
2007 2008 2009 2010 2011(F)
9,000,000 8,000,0007,000,000 6,000,000 5,000,000 4,000,000 3,000,000
()
5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2007
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008 2009 2010
2,000,000 1,000,000 2007 2008 2009 2010
Source: company data10
2,500,000
2010 ,
2,000,000
2009
1,500,000 2010(F)
1,000,000
500,000
0
11
2011 NT 800/ NT 6000-7000/
2011: 100 4 : , , ,
20 35
new 5
new30 64 1 30 54 9 11
new
new
6 1212
&
Strategy Activity System ()Competitive Strategy Cost Differentiation , , )
24 ()
14
Starbucks, , , , 7-11, , , , , , , , , 85C , , , , , , ,
15
Strategy Activity System() ERP/ POS
, , )
()
24 ()
16
85C
(BreadTalk)
(40%)+(60%), +, , , , , , ; +, +, ,
, (), , 24, (), , , 24
Source: company data
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Business ModelINFRASTRUCTURE KEY PARTNERS KEY ACTIVITIES OFFER - -/ - - 24 DISTRIBUTION CHANNEL CUSTOMER RELATIONSHIP CUSTOMER CUSTOMER SEGMENT
VALUE PROPOSITION - - - -
, ,
KEY RESOURCES - - (, , ) - : -
COST STRUCTURE
FINANCE
REVENUE STREAMS
, ,
18
Value Proposition :
Starbucks, 85 C Value Proposition ,
(BreadTalk)
, , ,
19
Revenue/Profit Drivers (1) : : : 5,000,000
() 2,500 / 2010 *1 40 *2 % *3 % / %
1,400 283
3,000 131
6,900 5
1,200,000 2,207,400 4,690,441 417,666 14% 26% 55% 5% 120,000 10% 0.26% 309,036 27% 0.10% 684,804 60% 0.46% 29,165 3% 0.51%
100%
4,500,0004,000,000
90%80%
3,500,0003,000,000
70%60%
*1 (2009+2010)/2 *2 46% (65/140) *3
2,500,0002,000,000 1,500,000 1,000,000 500,000 0 2007 2008 2009 2010
50%40% 30% 20% 10% 0%
Source: company data20
Revenue/Profit Drivers (2) 50%
45%40% 35% 30% 25% 20% 15% 10% 5% 0% 2007 2008 2009 2010Q1
, , / , , ?2007
70% 60% 50% 40% 30% 49.48% 58.01% 49.40%
2008 2009
2,500,000
1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0
2010Q1 2,000,000
35.61%
1,500,000
1,000,00020% 500,000 10% 0% 0 2007 2008 2009 2010(F)
2007
2008
2009
2010(F)
Source: company data21
Cost Structure (1) , , , 2008 60% 2010 47%
ERP/POS, , ,
2008 26% 2010 40% , , , 220180
, 60% 50% 50.5% 37.8% 40.3% 33.9% 30% 26.1% 20% 10% 0% 2007 2008 2009 2010 20.4% 17.4% 14.2% 16.6%
52.8%
40%
39.8%
()
13.1%
Source: company data22
Cost Structure (2) (COGS) 75-80%, 2010 +60%; +85%; +12%;
(+
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Customer Segment (: 85C http://wenku.baidu.com/view/99706340a8956bec0975e389.html )
24
Key Activities (1)
.
.
(2009)85C
85C 85C Source: 42225
Key Activities (2)
, (3-4) , (, ) (, ) (, ) : 3 , 1 320 (2011 211) : 1
: 1, 1 : 1
26
Key Resources 85C 422 (, , ) ERP/POS 422
27
Key Partners ()
,
28
100 ? ? ? , ? ?
?
29
Financial Strategy
(200920107.923.8)31
32
(FY2001)
33
(FY2001-2013)
34
- 1002016 1,000 NT 800/ 20113-4 ( ) NT 6,000-7,000/ 2011 14(4/22) 2011201334
35
36
37
2011-2103 2010401,400
201011IPO23 8,200 2011-201334 2011-201354 4,700() 3420 4,700 50% 167,0003 7,70038
39
Net cash position and negative cash conversion cyclecollect cash directly from customers inTaiwan and China Although 87% of its stores in Taiwan are franchises (therefore having accounts receivables), overall store percentage weighting will decrease over the years as Gourmet is not currently considering the franchise business model in China.40
Source:,
41
201120131% 43005% 2011201310% 1%6,700
42
FY2009 FY2010 FY2011F FY2012F FY2013F ROE Earning / Ave. Equity Earning / Sales Sales / Ave. Asset Ave. Asset / Ave. Equity 59% 12% 2.77 24% 10% 1.75 20% 10% 1.56 22% 10% 1.72 24% 10% 1.84
1.80
1.37
1.27
1.27
1.27
Source: , 43
CB 44
40%
7% 3-6% 40-50% 46
Source:
47
cpi(5%),
Starbucks/BreadTalk, , 2013 ,
48
Source: SouFun
49
50
KY
20111003-4 200080 10 2011, 9, 1009%. , , , , . , , ,
51
1000 BreadTalk2012 KY 52
BreadTalk1. 2003, (37), 2010170, 2013500, 85C ==> 2. , , ( ) ==>85C 3. , ASP ==> 4. (//), 50%, 45%, (201010356( 170)31(20)20(8)) ==>85C
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Appendix
- Appendix
BreadTalk (2010) 395 bakery outlets, 21 restaurants and 32 food atria(In 2010, the
Group opened 94 new outlets, of which 38 are owned and 56 are franchised) Bakery: PRC 184 | Indonesia 68 | Singapore 67 | Philippines 17 | Malaysia 14 |Hong Kong 13 | India 6 | Kuwait 6 | Thailand 8 | Korea 6 | Bahrain 3 |Oman 1 | Vietnam 2 Food Atrium PRC 20 | Singapore 6 | Hong Kong 5 | Malaysia 1 Restaurant Singapore 14 | PRC 7 BreadTalk, , . Bakery45.2%, China 32.3%. Revenue = NT 70, , Bakery NT 32, Bakery 70%, 60%, NT 19, 85C. 85C , . Bakery Operation margin 5.7%.56
BreadTalk (2010)
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BreadTalkS $ 2010 Revenue Cost of sales Gross profit Other operating income 2009 2010 45.4% 54.6% 4.7% 2009 45.6% 54.4% 4.0% 302,888 246,493 100.0% 100.0% 137,646 112,334 165,242 134,159 14,188 9,760
Distribution and selling expensesAdministrative expenses Profit from operations Financial expenses, net Profit before taxation and share of results of associates and joint ventures
120,994 93,46841,872 34,198 16,564 16,253 34 503
39.9%13.8% 5.5% 0.0%
37.9%13.9% 6.6% 0.2%
16,530 15,750
5.5%
6.4%
58
BreadTalk GM
59
(2010/08) 860 1000 131.9 1 20 941.57.05
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- Appendix
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98 HSBC CIRCLE GARDEN International LIMITED HENDERSON I YIELD GROWTH LIMITED INFINITY EMERGING MARKETS LIMITED 41.61%
63
ERP
64
Key Successful Factors Taiwan: Location China:
SOP ERP
Key Resources (20~80/1)
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Valuation - Appendix
Valuation - UBS2 March 2011
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UBS2 March 2011
12m price target NT$330.00/US$11.09
71
(2011/04/27, NT 250)
(2011/04/25, NT 270)
72
6/1
85C6
2 85C200 (31) KY 85C 61 4574
! 85C ? 2011-05-26
KY(2723;85C)22 85C85C 65 2011-05-30 85C6 5 ? ? 5/31 ! Why?75
BreadTalk
BreadTalk (2010)
77
BreadTalk (2010)
78
Bakery
45.2%, China 32.3%. Revenue = NT 70, , Bakery NT 32 Bakery 70%, 60%, NT 19 , 85C . 85 C, . Bakery Operation margin 5.7%.
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BreadTalkS $ 2010 Revenue Cost of sales Gross profit Other operating income 2009 2010 45.4% 54.6% 4.7% 2009 45.6% 54.4% 4.0% 302,888 246,493 100.0% 100.0% 137,646 112,334 165,242 134,159 14,188 9,760
Distribution and selling expensesAdministrative expenses Profit from operations Financial expenses, net Profit before taxation and share of results of associates and joint ventures
120,994 93,46841,872 34,198 16,564 16,253 34 503
39.9%13.8% 5.5% 0.0%
37.9%13.9% 6.6% 0.2%
16,530 15,750
5.5%
6.4%
80
BreadTalk GM
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Valuation
2011-2020 2011-202080 NT 1000/
20113-4 ( ) 80 NT 6,000-7,000/ 2011 14(4/22) 2012201510 (80 + 1-2) 201620209 (80 + 1)83
Sales/Profit/Cash Flow Forecast40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 FY2008 FY2009 FY2010 () 1,369 651 510 57 6,283 3,173 2,130 741 8,347 4,411 3,320 827
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 F F F F F F F F F F 11,104 13,888 16,672 19,456 22,240 25,024 27,808 30,592 33,376 36,160 5,885 4,331 1,182 7,361 5,555 1,372 8,669 6,669 1,523 10,117 11,565 12,762 14,182 15,602 17,022 18,442 7,782 1,777 8,896 2,032 10,510 11,679 12,849 14,018 15,187 1,719 1,907 2,095 2,283 2,471
3,242 2,998 2,671 2,753 2,509 2,265 1,671 1,853 1,609 1,365 2,098 2,342
2,340 2,070 1,786 1,570 1,340 1,070 786 552
1,177593
1,192
=
170 143 -75 -218FY2009 FY2010 FY2011F FY2012F FY2013F FY2014F FY2015F FY2016F FY2017F FY2018F FY2019F FY2020F FY2008 -584 -640 -900 -900 -900 -900 -900 -1,000 -1,000 -1,000 -1,000 -1,400
84
DCF Valuation
Ke Cost of Equityg2 t>n FCFE
85
Equity Value & Sensitivity AnalysisPresent Value ( ) 2010 Cash 2011~2020 2021 Terminal value 4,013 8,460 21,010 650 600 550 500 450 400 3508.0% 8.5% 9.0% 9.5% 7.0% 7.5%
Share price
cost of equity Ke
() (2010/12/31) (NT)
33,48312,800
300 250 200 150 100 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
261.6
g2
10.0%
Ke=8.5% g2= 0%~5%, P = 193~340, g2=3.5%, Ke= 7%~10%, P = 205~37986