{"id":321119,"date":"2023-01-25T20:43:16","date_gmt":"2023-01-25T12:43:16","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=321119"},"modified":"2023-01-25T20:43:17","modified_gmt":"2023-01-25T12:43:17","slug":"commentary-ofw-remittances-hit-6-month-low-2","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/commentary-ofw-remittances-hit-6-month-low-2\/","title":{"rendered":"Jollibee plans 500 stores in North America"},"content":{"rendered":"\n<p>Given JFC\u2019s goal of having 500 stores in North America by 2025 to 2027, as well as our assumed store count of 391 by the end of 2022, we estimate around 18 new stores in the region per year. <\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Recommendation<\/h2>\n\n\n\n<p>Despite JFC\u2019s goal of ramping up its expansion in the region however, we believe that systemwide sales growth in North America will slow down this year from our estimate of 9.9% in 2022 to only 4.0% due to the impact of macroeconomic factors to consumer behavior. <\/p>\n\n\n\n<p>According to QSR magazine, traffic in US QSR stores was down for 2022 compared to FY21, while basket size towards the tail end of the year also began to contract (-4% in November) as consumers began to cut down on spending. We believe that this trend would likely continue in 2023 as the increased rates would lead to a lower wealth effect which would affect consumption prospects. <\/p>\n\n\n\n<p>We are instead more bullish on JFC\u2019s Chinese segment. For 2023, we estimate that total sales in the region will grow by 12.3% as loose monetary policy and renewed mobility will bolster consumer spending especially in 2H 2023. <\/p>\n\n\n\n<p>We are currently refining our estimates on JFC and will release a company report sometime soon. At present, the consensus Target Price on JFC is P290.10 per share.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s a commentary on an important issue or event affecting the stock market<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-321119","post","type-post","status-publish","format-standard","hentry","category-special-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=321119"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321119\/revisions"}],"predecessor-version":[{"id":321120,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321119\/revisions\/321120"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=321119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=321119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=321119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}