DOCSLIB.ORG

Jollibee Foods Corporation (JFC)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jollibee Foods Corporation (JFC) Jollibee Foods Corporation FRI 11 MAY 2018 1Q18 results were robust, as expected Earnings up by 17.3% y/y, in line with estimates. JFC’s earnings for the first quarter of the year surged by 17.3% y/y, in line with estimates as it accounted for 24.2% and 23.1% of COL and HOLD consensus full-year forecasts, respectively. Operating profits grew at a slower pace of 7.7% y/y to Php2.0 Bil but was still in line with expectations at 26.3% of our full-year forecast. Note that TICKER: JFC we expect operating profits to grow at a slower pace for the rest of the year since Smashburger FAIR VALUE: 280.00 (which is operating at a loss) will already be consolidated in JFC’s books starting 2Q18. According CURRENT PRICE: 283.00 to JFC, the consolidation of Super Foods Group (Highlands Coffee) in 1Q18 resulted in a much UPSIDE: -1.06 higher operating expense. SHARE PRICE MOVEMENT Revenues for the period remained robust since it grew by 18.8% y/y to Php34.8 Bil. This was likewise in line with both COL (22.3% of full-year estimate) and consensus (22.6% of full-year 110 estimate) forecasts. Growth in revenues was driven by the healthy 7.6% same-store sales growth, a 10.0% incremental growth from store expansions, and a 1.7% impact from foreign currency 100 exchange rates. 90 Maintain HOLD rating. We are maintaining our HOLD rating for JFC with a fair value estimate of Php280.0/sh. At its current price of Php283.0/sh, JFC is trading at 41.1X 2018E P/E, significantly 80 above the average valuation of its local and global peers. The stock is also trading at a premium to 70 our fair value estimate. Nevertheless, we continue to like JFC fundamentally given its dominant 11-Feb-18 11-Mar-18 11-Apr-18 11-May-18 position in the domestic quick service restaurant industry as well as the improving profitability JFC PSEi of its international business. We believe that pullbacks are opportunities to buy the stock. ABSOLUTE PERFORMANCE 1M 3M YTD JFC -1.38 -2.19 12.89 FORECAST SUMMARY PSEi -2.46 -8.88 -9.47 Year to December 31 (Php Mil) 2014 2015 2016 2017 2018E 2019E Revenues 90,671 100,780 113,987 131,573 156,195 183,827 % change y/y 12.9 11.1 13.1 15.4 18.7 17.7 Gross Prot 16,943 17,888 21,221 23,924 28,115 33,273 MARKET DATA %change y/y 13.0 5.6 18.6 12.7 17.5 18.3 Market Cap 310,339.00Mil Gross Prot Margin (%) 18.7 17.7 18.6 18.2 18.0 18.1 Operating Income 6,137 5,355 6,449 7,075 7,497 9,559 Outstanding Shares 1,086.62Mil %change y/y 3.5 -12.7 20.4 9.7 6.0 27.5 52 Wk Range 198.10 - 305.40 Operating Margin (%) 6.8 5.3 5.7 5.4 4.8 5.2 3Mo Ave Daily T/O 232.51Mil Net Income 5,362 4,929 6,140 7,089 7,445 9,092 %change y/y 14.8 -8.1 24.6 15.5 5.0 22.1 Net Margin (%) 5.9 4.9 5.4 5.4 4.8 4.9 EPS (in Php) 4.96 4.53 5.61 6.48 6.89 8.41 %change y/y 13.6 -8.6 23.9 15.4 6.3 22.1 RELATIVE VALUE P/E(X) 57.1 62.5 50.4 43.7 41.1 33.6 ANDY DELA CRUZ P/BV(X) 11.3 10.1 9.2 7.7 6.8 6.0 ROE(%) 21.6 17.0 19.1 19.3 17.6 18.9 SENIOR RESEARCH ANALYST Dividend Yield (%) 0.5 0.6 0.6 0.7 0.8 0.9 [email protected] *Source: JFC, COL estimates Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside of the COL Financial website as these may be subject to tampering or unauthorized alterations. EARNINGS ANALYSIS I JFC: 1Q18 RESULTS WERE ROBUST, AS EXPECTED FRI 11 MAY 2018 1Q18 revenues up 18.8% y/y to Php34.8 Bil Revenues of JFC continued to be strong in the first quarter of 2018 as it rose by 18.8% y/y to Php34.8 Bil. This was driven by the healthy 7.6% same-store sales growth, a 10.0% incremental growth from store expansions, and a 1.7% impact from foreign currency exchange rates. For the quarter, its Philippine restaurant systemwide sales grew by a robust 16.5% y/y to Php36.0 Bil (SSSG around 8%). Meanwhile, its international restaurant systemwide sales grew by 16.7% y/y to Php8.9 Bil (+30.8% growth with SuperFoods). JFC’s international business continued to grow rapidly, thanks to the strong performance of EMEAA (Europe, Middle East, and Asia ex- SuperFoods Group, +22.6% y/y), China (+17.9% y/y), and North America (+8.5% y/y). Exhibit 1: Results Summary % of full year forecast in PhpMil 1Q17 1Q18 % Change COL Consensus Revenues 29,289 34,800 18.8 22.3 22.6 Gross Prot 5,227 6,147 17.6 21.9 22.0 Gross Margin (%) 17.8 17.7 - - - Operating Income 1,829 1,969 7.7 26.3 24.5 Operating Margin (%) 6.2 5.7 - - - Net Income 1,533 1,799 17.3 24.2 23.1 Net Margin (%) 5.2 5.2 - - - source: JFC Operating income up by 7.7% y/y to Php2.0 Bil As discussed earlier, JFC’s operating income in 1Q18 grew at a slower pace of 7.7% y/y to Php2.0 Bil. Nevertheless, the slower growth is in line with COL estimates. As discussed earlier, we already expected JFC’s EBIT growth to slow down starting 2Q18 due to the consolidation of Smashburger which was already 85% owned by JFC starting March 8, 2018. More importantly, domestic EBIT growth remained robust at 18% y/y. JFC attributed its lower EBIT growth in part to rising raw material costs which slightly pulled down gross profit margin. What was largely responsible for the drop in EBIT growth was the consolidation of Super Foods Group (Highlands Coffee) in 1Q18. Since Highlands Coffee in Vietnam is still on a rapid expansion phase, operating expenses are most likely elevated. To acquire master franchise of Tim Ho Wan in Asia Pacific JFC recently disclosed that it is investing SG$45 Mil (around Php1.75 Bil) in Titan Dining Partners LP, a private equity that will acquire the master franchise of Tim Ho Wan in the Asia Pacific COL Financial Group, Inc. 2 EARNINGS ANALYSIS I JFC: 1Q18 RESULTS WERE ROBUST, AS EXPECTED FRI 11 MAY 2018 region excluding Hong Kong. JFC will sit in the Investment Committee of Titan. This provides JFC the opportunity to acquire a substantial ownership in Tim Ho Wan’s master franchise in the Asia Pacific region when the term of the fund ends in 7 years, through a purchase mechanism that is provided for in the agreement with Titan Dining LP. To prepare for this eventuality, JFC will operate as a franchisee of Tim Ho Wan in Shanghai, People’s Republic of China. Maintain HOLD rating We are maintaining our HOLD rating for JFC with a fair value estimate of Php280.0/sh. At its current price of Php283.0/sh, JFC is trading at 41.1X 2018E P/E, significantly above the average valuation of its local and global peers. The stock is also trading at a premium to our fair value estimate. Nevertheless, we continue to like JFC fundamentally given its dominant position in the domestic quick service restaurant industry as well as the improving profitability of its international business. We believe that pullbacks are opportunities to buy the stock. COL Financial Group, Inc. 3 EARNINGS ANALYSIS I JFC: 1Q18 RESULTS WERE ROBUST, AS EXPECTED FRI 11 MAY 2018 Jollibee Foods INCOME STATEMENT (IN PHPMIL) FY14 FY15 FY16 FY17 FY18E FY19E Corporation (JFC) Revenues 9 0,671 1 00,780 1 13,987 1 31,573 1 56,195 1 83,827 % Growth - 11.1% 13.1% 15.4% 18.7% 17.7% COMPANY BACKGROUND Gross Prot 1 6,943 1 7,888 2 1,221 2 3,924 2 8,115 3 3,273 Jollibee Foods Corporation (JFC) is % Growth - 5.6% 18.6% 12.7% 17.5% 18.3% EBITDA 9 ,323 8 ,781 1 0,434 1 1,799 1 1,520 1 5,168 the largest and leading quick service % Growth - -5.8% 18.8% 13.1% -2.4% 31.7% restaurant in the Philippines. It has Operating Prot 6 ,137 5 ,355 6 ,449 7 ,075 7 ,497 9 ,559 around 2,645 stores in the Philippines % Growth - -12.7% 20.4% 9.7% 6.0% 27.5% and 611 stores abroad as of end-2016. Key Interest expense ( 152) ( 226) ( 262) ( 405) ( 516) ( 614) Other Income/Expense 7 75 1 ,305 1 ,502 1 ,729 1 ,911 2 ,223 brands of JFC include Jollibee, Chowking, Pretax Income 6 ,759 6 ,435 7 ,689 8 ,399 8 ,892 1 1,167 Mang Inasal, Greenwich, and Burger King, Tax Expense 1 ,271 1 ,389 1 ,626 1 ,685 1 ,878 2 ,345 among others.
Load more

Recommended publications
  • Hotel Restaurant Institutional Philippines
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report Number: 1725 Philippines Food Service - Hotel Restaurant Institutional 2017 HRI Food Service Approved By: Ralph Bean Prepared By: Joycelyn Claridades-Rubio Report Highlights: Increased spending and growing dining habits of the emerging middle class in the Philippines has contributed to the growth of the HRI sector by 6.7% from 2015 with sales of US$12 billion. This growth in the foodservice industry provides greater opportunities for exports of U.S. food and beverage products to the Philippines. Post: Manila General Information: Table 1 – Philippine Market Profile I. Overview of the Philippine Market Population: The Philippines is the largest market in Southeast Asia for U.S. consumer-oriented food and beverage 104.2 Million (July 2017 est.), (f&b) products and one of the fastest growing annual growth rate of 1.6% markets in the world, importing $923.4 billion in 19.17% below 24 years old U.S. f&b products in 2016. 52% living in urban areas A mature market with growing demand for Land Area: 298,170 sq.km. consumer-oriented products, the United States remains the Philippines’ largest supplier for food, beverage and ingredient products. 2016 GDP Growth: 6.8% Ranked as the 11th largest export market for U.S. GDP Per Capita: $7,700 (2016 est.) high-value, consumer-oriented products, the Philippines imported $716.1 million from January Source: CIA World Fact Book through September 2017.
    [Show full text]
  • Three Colomns-ML Based on DOHMH New York City Restaurant Inspection Results
    Three colomns-ML Based on DOHMH New York City Restaurant Inspection Results DBA CUISINE DESCRIPTION DUNKIN Donuts ALL ABOUT INDIAN FOOD Indian CHARLIES SPORTS BAR Bottled Beverages MIMMO Italian SUENOS AMERICANO BAR Spanish RESTAURANT ANN & TONY'S RESTAURANT Italian GREEN BEAN CAFE Coffee/Tea PORTO BELLO PIZZERIA & Pizza RESTAURANT GUESTHOUSE RESTAURANT Eastern European CALEXICO CARNE ASADA Mexican JOHNNY UTAHS American RUMOURS American FORDHAM RESTAURANT American HONG KONG CAFE CHINESE Chinese RESTAURANT ASTORIA SEAFOOD & GRILL Seafood SUP CRAB SEAFOOD RESTAURANT Chinese SWEETCATCH POKE Hawaiian SWEETCATCH POKE Hawaiian Page 1 of 488 09/29/2021 Three colomns-ML Based on DOHMH New York City Restaurant Inspection Results INSPECTION DATE 11/18/2019 09/15/2021 11/24/2018 03/12/2020 01/03/2020 02/19/2019 01/16/2020 07/06/2017 04/24/2018 04/19/2018 06/20/2018 12/12/2019 09/10/2019 05/14/2018 08/19/2019 08/27/2019 06/24/2019 06/24/2019 Page 2 of 488 09/29/2021 Three colomns-ML Based on DOHMH New York City Restaurant Inspection Results KAHLO Mexican 52ND SUSHI Japanese EL COFRE RESTAURANT Latin American CARVEL Frozen Desserts CHOPSTICKS Chinese CATRIA MODERN ITALIAN Italian CATRIA MODERN ITALIAN Italian TAGLIARE PIZZA DELTA TERMINAL American OVERLOOK American BILLIARD COMPANY American BOCADITO BISTRO Eastern European FINN'S BAGELS Coffee/Tea FINN'S BAGELS Coffee/Tea CHUAN TIAN XIA Chinese LA POSADA MEXICAN FOOD Mexican CHINA STAR QUEENS CHINESE Chinese RESTAURANT AC HOTEL NEW YORK DOWNTOWN American NEWTOWN Middle Eastern NO.1 CALLE 191 PESCADERIA
    [Show full text]
  • Nycfoodinspectionsimple Based on DOHMH New York City Restaurant Inspection Results
    NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results DBA BORO STREET ZIPCODE DUNKIN Brooklyn LINDEN BOULEVARD 11208 ALL ABOUT INDIAN FOOD Brooklyn BUSHWICK AVENUE 11206 CHARLIES SPORTS BAR Queens 60TH ST. - STORE MIMMO Manhattan YORK AVENUE 10128 SUENOS AMERICANO Queens JUNCTION BLVD BAR RESTAURANT ANN & TONY'S Bronx ARTHUR AVENUE 10458 RESTAURANT GREEN BEAN CAFE Manhattan YORK AVENUE 10021 PORTO BELLO PIZZERIA Queens DITMARS BOULEVARD 11105 & RESTAURANT GUESTHOUSE Brooklyn BRIGHTON BEACH AVENUE 11235 RESTAURANT CALEXICO CARNE ASADA Brooklyn UNION STREET 11231 JOHNNY UTAHS Manhattan WEST 51 STREET 10019 RUMOURS Manhattan 8 AVENUE 10019 FORDHAM RESTAURANT Bronx GRAND CONCOURSE 10458 HONG KONG CAFE Brooklyn FRANKLIN AVENUE 11238 CHINESE RESTAURANT ASTORIA SEAFOOD & Queens STEINWAY ST 11103 GRILL SUP CRAB SEAFOOD Manhattan BOWERY 10002 RESTAURANT Page 1 of 560 09/29/2021 NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results CUISINE DESCRIPTION INSPECTION DATE Donuts 11/18/2019 Indian 09/15/2021 Bottled Beverages 11/24/2018 Italian 03/12/2020 Spanish 01/03/2020 Italian 02/19/2019 Coffee/Tea 01/16/2020 Pizza 07/06/2017 Eastern European 04/24/2018 Mexican 04/19/2018 American 06/20/2018 American 12/12/2019 American 09/10/2019 Chinese 05/14/2018 Seafood 08/19/2019 Chinese 08/27/2019 Page 2 of 560 09/29/2021 NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results RESTAURANT SWEETCATCH POKE Manhattan MADISON AVENUE 10016 SWEETCATCH POKE Manhattan MADISON AVENUE
    [Show full text]
  • Philippines: Food Service
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12-13-2016 GAIN Report Number: 1625 Philippines Food Service - Hotel Restaurant Institutional HRI Sectoral Report Approved By: Ralph Bean Prepared By: Joycelyn Claridades Report Highlights: The food service industry in the Philippines continuous to expand as more and more shopping malls and new hotels are being opened throughout the country. The influx of foreign-branded restaurants coupled with the growing affluence of Filipino consumers has also contributed to the growth of the HRI sector. This growth in the foodservice industry provides greater opportunities for exports of U.S. food and beverage products to the Philippines. Post: Manila I. Overview of the Philippine Market The Philippines is still the largest market in Southeast Asia for U.S. consumer-oriented food and beverage (F&B) products and one of the fastest growing markets in the world, importing $898.4 million in U.S. F&B products in 2015. A mature market with growing demand for U.S. consumer-oriented products, the United States remains the Philippines’ largest supplier for food, beverage and ingredient products. Ranked as the 13th largest export market for U.S. high-value, consumer-oriented products, the Philippines imported $569.8 million from January through August 2016. Based on the chart below, the United States remains the largest supplier with seventeen percent (16%) market share, followed by China (10%), and Indonesia, Singapore, and New Zealand (9%). Total imports of consumer-oriented food grew annually by an average of 15%.
    [Show full text]
  • Nycfoodinspectionsimpleallen
    NYCFoodInspectionSimpleAllenHazlett Based on DOHMH New York City Restaurant Inspection Results DBA BORO STREET ZIPCODE JJANG COOKS Queens ROOSEVELT AVE 11354 JUICY CUBE Manhattan LEXINGTON AVENUE 10022 DUNKIN Bronx BARTOW AVENUE 10469 BEVACCO RESTAURANT, Brooklyn HENRY STREET 11201 BINC LILI MEXICAN Bronx EAST 138 STREET 10454 RESTAURANT RUINAS DE COPAN Bronx BROOK AVENUE 10455 SHUN LI CHINESE Brooklyn PITKIN AVENUE 11212 RESTAURANT SUNFLOWER CAFE Manhattan 3 AVENUE 10010 Manhattan EAST 10 STREET 10003 CARIBBEAN & AMERICAN Brooklyn NOSTRAND AVENUE 11226 ENTERTAINMENT BAR LOUNGE & RESTAURANT NIZZA Manhattan 9 AVENUE 10036 OLIVE GARDEN Brooklyn GATEWAY DRIVE 11239 DAWA'S Queens SKILLMAN AVE 11377 FARIEDA'S DHAL PURI Queens 101ST AVE 11419 HUT GOOD TASTE 88 Brooklyn 52 STREET 11220 PIG AND KHAO Manhattan CLINTON STREET 10002 Page 1 of 556 09/27/2021 NYCFoodInspectionSimpleAllenHazlett Based on DOHMH New York City Restaurant Inspection Results CUISINE DESCRIPTION INSPECTION DATE Korean 11/20/2019 Juice, Smoothies, Fruit Salads 02/23/2018 Donuts 11/29/2019 Italian 12/19/2018 Mexican 08/14/2019 Spanish 06/11/2018 Chinese 11/23/2018 American 02/07/2020 01/01/1900 Caribbean 02/08/2020 Italian 11/30/2018 Italian 09/25/2017 Coffee/Tea 04/17/2018 Caribbean 07/09/2019 Chinese 02/06/2020 Thai 02/12/2019 Page 2 of 556 09/27/2021 NYCFoodInspectionSimpleAllenHazlett Based on DOHMH New York City Restaurant Inspection Results EMPANADA MAMA Manhattan ALLEN STREET 10002 FREDERICK SOUL HOLE Queens MERRICK BLVD 11422 GOLDEN STEAMER Manhattan MOTT STREET 10013
    [Show full text]
  • (Awarded in 6X STAR$®) with the American Express® Capitacard
    Earn up to 3% rebate (Awarded in 6X STAR$®) with The American Express® CapitaCard Participating Merchants at CapitaLand Malls in town (S$1 spend = 30 STAR$®, T&Cs Apply) Updated as of 1 July 2021 Important Notes Please visit amex.co/capitacardterms for the full terms and conditions for earning STAR$® with your American Express® CapitaCard. Please note that under the terms and conditions: 1. Additional 25 STAR$® will be awarded, on top of the base 5 STAR$, on eligible purchases of goods and services, in blocks of S$1, on a cumulative basis at the end of every calendar month, capped at S$1,200 per calendar month. 2. On top of excluded charges and purchases, the following transactions are also not eligible to earn additional 25 STAR$®: charges at pushcarts, temporary vendors/pop-up shops, events, roadshows, SISTIC, SAM machines and AXS machines within CapitaLand Malls in town. American Express International Inc (UEN S68FC1878J) 1 Marina Boulevard #22-00, One Marina Boulevard, Singapore 018919. americanexpress.com.sg. Incorporated with Limited Liability in the State of Delaware, U.S.A ®Registered Trademark of American Express Company. © Copyright 2021 American Express Company. AXP Public 1 American Express® CapitaCard Participating Merchants @ Bugis Junction 200 Victoria Street Singapore 188021 Participating Merchant Name 6IXTY8IGHT Hi-Tec Mobile Polar Puffs & Cakes Action City HLH SABER LILY Pop Mart adidas HoneyMoon Dessert Premier Football Ajisen Ramen Honguo Purpur Akihabara HP By AddOn Q & M Dental Centre (Bugis) Alcoholiday HUAWEI Raffles
    [Show full text]
  • Kat Elite Center Katy, Tx 77449
    KAT ELITE CENTER KATY, TX 77449 C O M M E R C I A L 聯 ⽲ 地 產 集 團 Josie Lin, CCIM RETAILS FOR LEASE [email protected] @KATY ASIAN TOWN & MARKETPLACE 713-630-8000 HOUSTON, TEXAS BROKERAGE｜RESIDENTIAL | COMMERCIAL｜PROPERTY MANAGEMENT ｜DEVELOPMENT| BUSINESS｜INVESTMENT KAT ELITE RETAIL C O M M E R C I A L @Katy ASIan town & Marketplace 聯 ⽲ 地 產 集 團 Houston's New Landmark KATY ASIAN TOWN An unique theme center located inside the master-planned 125 acres University Center with diverse and authentic stores to provide Taste of Asia. The new section of KAT Elite Center shall continue the sphere of influence and promising businesses. BROKERAGE｜RESIDENTIAL | COMMERCIAL｜PROPERTY MANAGEMENT ｜DEVELOPMENT| BUSINESS｜INVESTMENT KAT ELITE RETAIL C O M M E R C I A L @Katy ASIan town & Marketplace 聯 ⽲ 地 產 集 團 PROPERTY DESCRIPTION Premier Location at North Frontage "Crown" of 125 acres University Center, a master-planned commercial district located at the northeast corner of TX-10 and Grand Parkway 99. It is anchored by new campuses of University of Houston and Houston Community College. RIGHT NEXT TO 2 M A J O R C O L L E G E S BROKERAGE｜RESIDENTIAL | COMMERCIAL｜PROPERTY MANAGEMENT ｜DEVELOPMENT| BUSINESS｜INVESTMENT KAT ELITE RETAIL C O M M E R C I A L @Katy ASIan town & Marketplace 聯 ⽲ 地 產 集 團 OFFERING SUMMARY Tract Size (Blg. A& B): 3.82 Acres Building A&B Size: from 1,200 SF to 10,000 SF) Property Type : Retails Acquisition Type: Dark Shield Building Scheme: Food Services, Retails Asian Authentic Restaurants Preferred DEMOGRAPHICS 3 MILE 5 MILE 10 MILE Average HH Income $104,527 $122,746 $113,445 Total Population 120,332 304,376 787,254 Total Households 40,596 99,061 257,617 BROKERAGE｜RESIDENTIAL | COMMERCIAL｜PROPERTY MANAGEMENT ｜DEVELOPMENT| BUSINESS｜INVESTMENT KAT ELITE RETAIL C O M M E R C I A L @Katy ASIan town & Marketplace 聯 ⽲ 地 產 集 團 KATY ASIAN TOWN C O L O N I A L P K UNIVERSITY OF W Y HOUSTON KAT ELITE RETAIL BLDG.
    [Show full text]
  • Restaurant Menu & Directory
    RESTAURANT MENU & DIRECTORY UPDATED AS OF A U G U S T 2 4 #DineInSM #SafeMallingAtSM TABLE OF CONTENTS Aristocrat Restaurant 1 Bistro Remedios 3 Buffalo’s Wings N’ Things 4 Café Mary Grace 5 Conti’s 6 Dohtonbori 7 Genki Sushi 8 Hawker Chan 9 Hukad 11 Karayama 12 King Chef 14 Marugame Udon 15 Mesa 17 Monga 18 Pizza Hut 19 Prime Steak House 20 Ramen Kuroda 21 Samgyeopmasarap 22 Scout’s Honor 23 Sicilian Roast 24 Tim Ho Wan 25 Tokyo Tokyo 27 Tous Les Jours 28 Yabu 29 Yellow Cab 30 Yoshinoya 31 Zark’s Burgers 32 Restaurant Directory 33 North Towers, GL 8826-3022 1 North Towers, GL 8826-3022 2 The Block, GL 8372-4077 3 Annex, UG 09462551718 4 The Block, L2 09178641879 5 The Block, GL 7618-7878 6 City Center, UG 8372-4579 7 City Center, UG 8373-4393 8 City Center, UG 8253-4162 9 City Center, UG 8253-4162 10 North Towers, GL 11 The Block, GL 12 The Block, GL 13 The Block, GL 8921-1588 14 City Center, UG 8968-3465 15 City Center, UG 8968-3465 16 City Center, L3 8332-5977 17 City Center, L2 8374-9149 18 City Center, L2 8351-3025 19 The Block, GL 09672971916 20 The Block, GL 8254-7675 21 North Towers, GL 09566133617 22 City Center, UG 23 North Towers, L2 8256-5739 24 City Center, UG 8374-2966 25 City Center, UG 8374-2966 26 City Center, L2 #86596 27 The Block, GL 8921-8972 28 The Block, L2 8351-6983 29 The Block, L4 8285-4992 30 City Center, UG 8927-3525 31 Annex, UG 09958927464 32 RESTAURANT DIRECTORY UPDATED AS OF A U G U S T 2 4 RESTAURANT LOCATION STORE NO.
    [Show full text]
  • SETTING DREAMS AFLOAT with ART Irvine’S Latest Murals in Cadence Park Are Just the Beginning of the City’S New Interest in Public Art
    OI ANRSON T IRIN IRO ORING T I NRGRON TNNS INSI SOAR SONS INTIAT ONRT OS NOVEMBER 28, 2018 • No. 4 SETTING DREAMS AFLOAT WITH ART Irvine’s latest murals in Cadence Park are just the beginning of the city’s new interest in public art 2 2 || NOVEMBERNOVEMBER 28,28, 20182018 || IRVINEWEEKLY.COM IRVINEWEEKLY.COM | IRVINEWEEKLY.COM CLASSIFIEDS NOVEMBER 28, 2018 • No. 4 you. Your written response must be in proper legal form if you want the court to hear your case. There may be a court form that you can use for your re- sponse. You can nd these court forms and more in- formation at the California Employment Courts Online Self-Help Center (www.courtin- Amusement Industry Inc fo.ca.gov /selfhelp), your seeks an Economic Analyst county law library, or the in Long Beach, CA: Consoli- courthouse nearest you. If date and analyze nancial you cannot pay the ling data for economic forecast- fee, ask the court clerk for a ing. Mail resumes to 520 W. fee waiver form. If you do CONTENTS Willow St, Long Beach, CA not le your response on 90806, JOB ID 6874. time, you may lose the case 2018 28, NOVEMBER by default, and your wages, Associate for law rm in money, and property may Los Angeles ofce. be taken without further Associate attorney will warning from the court. assist rm in representing There are other legal re- domestic and international quirements. You may want clients in real estate legal to call an attorney right matters, including away. If you do not know an acquisition, disposition, attorney, you may want to leasing, development call an attorney referral ser- and construction.
    [Show full text]
  • Manila Retail Guide
    MANILA Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Manila | 2019 0 Metro Manila, the country’s capital region, consists of 16 cities and one municipality. This includes the country’s most populated city, Quezon City, and the primary financial and business hubs, Makati Central Business District and Bonifacio Global City in Taguig City. As of 2018, Metro Manila has more than 100 operational shopping centers, with eleven (11) more anticipated for completion up to year 2022. The region is home to three (3) of the largest shopping malls in the Philippines, namely: SM City North EDSA in Quezon City, SM Megamall in Mandaluyong City, and SM Mall of Asia in Pasay City. FACTS ABOUT METRO MANILA: 12.88 million (2015 Census) total population 4.8 million total foreign visitor arrivals via Manila airports and seaports in 2018 MANILA 7.9 million sqm approximate existing retail space in shopping centers and malls in Metro Manila as of 2018. OVERVIEW Cushman & Wakefield | Manila | 2019 1 MANILA KEY RETAIL STREETS & AREAS BAY AREA BONIFACIO GLOBAL CITY (BGC) The Bay Area along the coast of Manila Bay stretches from Bonifacio Global City has attracted a lot of office relocations, Parañaque City to Pasay City. With healthy a demand coming proving itself as a popular business district among multi-national from offshore gaming, IT-BPM, and retail segments, it is home to companies and financial institutions, among others. Apart from one of the country’s biggest retail complexes, the SM Mall of its office buildings and upper-mid to high-end residential Asia (MOA).
    [Show full text]
  • Nycfoodinspectionsimple Based on DOHMH New York City Restaurant Inspection Results
    NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results DBA BORO STREET ZIPCODE JJANG COOKS Queens ROOSEVELT AVE 11354 JUICY CUBE Manhattan LEXINGTON AVENUE 10022 DUNKIN Bronx BARTOW AVENUE 10469 BEVACCO RESTAURANT, Brooklyn HENRY STREET 11201 BINC LILI MEXICAN Bronx EAST 138 STREET 10454 RESTAURANT RUINAS DE COPAN Bronx BROOK AVENUE 10455 SHUN LI CHINESE Brooklyn PITKIN AVENUE 11212 RESTAURANT SUNFLOWER CAFE Manhattan 3 AVENUE 10010 Manhattan EAST 10 STREET 10003 CARIBBEAN & AMERICAN Brooklyn NOSTRAND AVENUE 11226 ENTERTAINMENT BAR LOUNGE & RESTAURANT NIZZA Manhattan 9 AVENUE 10036 OLIVE GARDEN Brooklyn GATEWAY DRIVE 11239 DAWA'S Queens SKILLMAN AVE 11377 FARIEDA'S DHAL PURI Queens 101ST AVE 11419 HUT GOOD TASTE 88 Brooklyn 52 STREET 11220 PIG AND KHAO Manhattan CLINTON STREET 10002 Page 1 of 556 09/26/2021 NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results CUISINE DESCRIPTION INSPECTION DATE Korean 11/20/2019 Juice, Smoothies, Fruit Salads 02/23/2018 Donuts 11/29/2019 Italian 12/19/2018 Mexican 08/14/2019 Spanish 06/11/2018 Chinese 11/23/2018 American 02/07/2020 01/01/1900 Caribbean 02/08/2020 Italian 11/30/2018 Italian 09/25/2017 Coffee/Tea 04/17/2018 Caribbean 07/09/2019 Chinese 02/06/2020 Thai 02/12/2019 Page 2 of 556 09/26/2021 NYCFoodInspectionSimple Based on DOHMH New York City Restaurant Inspection Results EMPANADA MAMA Manhattan ALLEN STREET 10002 FREDERICK SOUL HOLE Queens MERRICK BLVD 11422 GOLDEN STEAMER Manhattan MOTT STREET 10013 GOLDEN STEAMER Manhattan MOTT STREET
    [Show full text]
  • STORES WHICH REMAIN OPEN (Updated As of 20 April 2020)
    UPDATES: STORES WHICH REMAIN OPEN (Updated as of 20 April 2020) As part of the latest measures announced by the government on 3 April to slow local transmission of COVID-19, all non-essential retail outlets are required to close from 7 April to 4 May 2020. Please visit the respective store's website and Facebook page for information on their operating hours. FOOD & BEVERAGE Café S/N Unit Store Name 1 JP1 #02-31 Café Amazon 2 JP1 #02-K3 Chocolate Origin 3 JP1 #02-K8/K7/22A Ji De Chi 4 JP1 #01-43/44/45 O’ Coffee Club Xpress 5 JP1 #02-28 OLDTOWN White Coffee Basic 6 JP2 #03-52 Starbucks Coffee 7 JP1 #01-16E The Coffee Bean & Tea Leaf 8 JP2 #B1-70/71 Toast Box 9 JP1 #02-K9/K10 Tuk Tuk Cha Fastfood 1 JP1 #03-34 4Fingers Crispy Chicken 2 JP2 #B1-54/55 Burger King 3 JP1 #02-42 Carl’s Jr. 4 JP1 #01-32 Jollibee 5 JP1 #01-30 KFC 6 JP2 #B1-56 Long John Silver’s 7 JP1 #01-30A MOS Burger 8 JP2 #03-K5/48/49/50/51 Popeyes 9 JP1 #01-33A Subway 10 JP2 #01-47/89/90/91 Wingstop Foodcourt 1 JP1 #B1-42/43/44 Cantine 2 JP1 #03-42 Kopitiam 3 JP2 #03-26/27/28 Malaysia Boleh! Restaurant 1 JP1 #03-09/10/11 A-One Claypot House 2 JP1 #B1-06 Ayam Penyet Ria 3 JP2 #01-92/93 Bibik Nio 4 JP1 #02-24/K5 BRIO 5 JP2 #03-90 to 95 Central Hong Kong Café 6 JP2 #03-96 to 104 Crystal Jade La Mian Xiao Long Bao 7 JP2 #B1-57/58/59 Dian Xiao Er 8 JP2 #B1-68/69 Din Tai Fung 9 JP2 #01-76 to 78 EAT.
    [Show full text]