DOCSLIB.ORG

Restaurant Industry Update Week of April 20, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Restaurant Industry Update Week of April 20, 2020 Restaurant Industry Update Week of April 20, 2020 Impacts of COVID-19 In these unprecedented times, Piper Sandler hopes you and your families are healthy and safe. We have compiled this indus try update to assist operators, investors and industry participants in this time of tremendous upheaval. We look forward to better times and continuing our relationship with you all. • Restaurant companies of all sizes received CARES Act funding of up to CARES Act $10 million Funding … • However funding for the program ran out on April 16th leaving many but Not to All operators out in the cold and the industry advocating for additional funding, in particular for independent restaurants • Large restaurant companies have gone on the offensive to strengthen balance sheets through drawdowns of revolver and new debt and equity issuances Large Companies Beef up Balance • Notable financings announced from Landry’s, YUM!, Dave & Buster’s, Sheets Shake Shack, Cheesecake Factory and Darden • Investor focus on liquidity likely indicates more public company financings to come • Massive unemployment across the industry impacting lives and broader economy Disruption Continues to be • Bankruptcies and permanent closures begin spreading Widespread • M&A markets meaningfully disrupted including terminated TGI Fridays merger into a SPAC • The restaurant industry has come together like never before to offer support and assistance to industry employees experiencing extraordinary Restaurant hardship in the wake of the coronavirus outbreak. The following are just a Industry Rallies few of many initiatives providing immediate relief to restaurant workers: To Support James Beard foundation food & beverage industry relief fund, Employees #restaurantrescue, #saverestaurants, ROAR (relief opportunities for all restaurants) on change.org, CARES Act, Restaurant relief America RESTAURANT INDUSTRY UPDATE | 1 Investment Banking | Monthly Newsletter February 2016 | 1 Restaurant Industry Update Week of April 20, 2020 COVID-19’s Unprecedented Impact to the Restaurant Industry While the sales impact to Restaurants is severe, consumers are embracing off-premise in a big way including Full Service and Fine Dining restaurants that may create a positive long-term sales layer for these concepts Estimated SSS Impact by Segment through May (1) (20% - 40%) (40% - 50%) (~80%) (80% - 90%) Quick Service Fast Casual Casual Dining Fine Dining Casual Dining Concepts Growing Off-Premise Sales: AUV Off-Premise Sales Mix 47% 35% 30% 18% 16% 10% Outback CAKE Chili's Pre-COVID-19 Post-COVI D-19 Pizza and Wing Concepts SSS Performance (Franchise Q1 2020 SSS) Pizza and Wing brands benefitting from delivery focus with closures of dining rooms 11.5% 10.0% 9.9% 8.6% 7.1% 4.7% 5.1% 3.6% 4.0% 1.5% 0.2% 0.8% P1 P2 P3 Q1 20 WING PZZA DPZ (1) Wall Street equity research RESTAURANT INDUSTRY UPDATE | 2 Investment Banking | Monthly Newsletter February 2016 | 1 Restaurant Industry Update Week of April 20, 2020 COVID-19’s Unprecedented Impact to the Restaurant Industry (Cont.) Relative Price Chart: 02/14/20 – 04/17/20 (1)(2)(3) Investor reaction to public restaurant companies has been severe and well beyond the broader market despite a recent rebound in the past few days 125 S&P 500 (15.0%) 100 Quick Service 75 (20.2%) Relative Price 50 Fast Casual (22.3%) 25 2/14 2/23 3/3 3/12 3/21 3/30 4/8 4/17 Full Service S&P 500 Quick Service Fast Casual Full Service (55.3%) Median EV / EBITDA (1)(2)(3)(4) COVID-19 impact on forward multiples by segment 25.3x 17.0x 15.9x 15.2x 15.1x 5.5x Fast Casual Quick Service Full Service CY2020 CY2021 Source: Capital IQ as of 04/17/20 RESTAURANT INDUSTRY UPDATE | 3 (1) Quick Service Index includes: DPZ, DNKN, JACK, LOCO, MCD, PZZA, QSR, TACO, TAST, WEN, YUM (2) Fast Casual Index includes: CMG, FAT, FRGI, NDLS, PBPB, SBUX, SHAK, WING (3)InvestmentFull Service Index Bankingincludes: ARKR, BBQ| Monthly, BJRI, BLMN, CAKE,Newsletter CBRL, CHUY, DENN, DIN, DRI, EAT, JAX, KRUS, LUB, PLAY, RRGB, RUTH, STKS, TXRH February 2016 | 1 (4) Per Wall Street consensus estimates; represents EBITDA after pre-opening and share-based compensation expense Restaurant Industry Update Week of April 20, 2020 Research analysts estimates of the impact of COVID-19 v ary broadly with some projecting modest sales and profitability declines in the second half of 2020 and near full recovery in 2021 while the more bearish views project significant sales declines throughout 2020 and lingering effects through 2021. This will be an evolving story that Piper will continue to monitor. COVID-19’s Unprecedented Impact to the Restaurant Industry (Cont.) Quick Service: Consensus Estimates % Change 02/14/20 – 04/17/20 (1)(3) Revenue EBITDA EPS CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 (1.2%) (0.1%) (0.0%) (0.5%) (2.2%) (1.3%) (1.8%) (0.6%) (5.2%) (4.0%) (4.1%) (3.9%) (8.0%) (6.0%) (7.1%) (7.5%) (11.0%) (10.8%) (13.3%) (15.2%) (9.7%) (14.5%) (16.4%) (22.6%) (26.8%) (29.8%) (23.7%) (27.7%) (34.3%) (38.1%) (41.0%) (48.3%) (62.5%) (61.8%) (66.8%) (105.8%) Fast Casual: Consensus Estimates % Change 02/14/20 – 04/17/20 (2)(3) Revenue EBITDA EPS CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 16.7% 3.0% (2.4%) (2.5%) (1.8%) (1.3%) (6.2%) (5.7%) (4.1%) (5.5%) (2.9%) (3.3%) (5.8%) (10.9%) (13.8%) (15.1%) (14.3%) (30.2%) (19.7%) (27.6%) (26.8%) (25.8%) (35.2%) (35.6%) (33.2%) (48.0%) (47.5%) (70.1%) (61.2%) (74.5%) (93.0%) (136.6%) (142.9%) Max (192.9%) (199.5%) Median Min (275.5%) Source: Capital IQ as of 02/14/20 and 04/17/20 RESTAURANT INDUSTRY UPDATE | 4 (1) Quick Service Index includes: DNKN, DPZ, JACK, LOCO, MCD, PZZA, QSR, TACO, TAST, WEN, YUM (2) Fast Casual Index includes: CMG, FAT, FRGI, NDLS, PBPB, SBUX, SHAK, WING (3)InvestmentPer Wall Street consensus Banking estimates; | Monthlyrepresents EBITDA Newsletter after pre-opening and share-based compensation expense February 2016 | 1 Restaurant Industry Update Week of April 20, 2020 Research analysts estimates of the impact of COVID-19 v ary broadly with some projecting modest sales and profitability declines in the second half of 2020 and near full recovery in 2021 while the more bearish views project significant sales declines throughout 2020 and lingering effects through 2021. This will be an evolving story that Piper will continue to monitor. COVID-19’s Unprecedented Impact to the Restaurant Industry (Cont.) Casual Dining: Consensus Estimates % Change 02/14/20 – 04/17/20 (1)(3) Revenue EBITDA EPS CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 106.2% (3.3%) (1.9%) (1.2%) (1.4%) (7.0%) (19.8%) (16.6%) (8.5%) (20.5%) (8.2%) (7.4%) (32.3%) (17.2%) (23.7%) (16.7%) (28.1%) (50.9%) (24.9%) (58.5%) (68.9%) (32.5%) (49.8%) (52.3%) (80.6%) (102.6%) (131.9%) (125.0%) (134.8%) (162.5%) (149.4%) (227.3%) (309.5%) (591.6%) (611.3%) (597.5%) Fine Dining: Consensus Estimates % Change 02/14/20 – 04/17/20 (2)(3) Revenue EBITDA EPS CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 (7.2%) (5.9%) (4.0%) (9.1%) (13.2%) (16.2%) (19.4%) (13.3%) (10.3%) (31.9%) (23.2%) (23.5%) (37.0%) (21.8%) (40.5%) (16.6%) (31.1%) (52.7%) (43.5%) (45.4%) (34.5%) (53.8%) (39.2%) (41.1%) (45.9%) (74.6%) (59.0%) (75.5%) (73.9%) (94.2%) (112.3%) (131.5%) (157.3%) (203.6%) Max (261.9%) Median (366.7%) Min Source: Capital IQ as of 02/14/20 and 04/17/20 RESTAURANT INDUSTRY UPDATE | 5 (1) Casual Dining Index includes: BBQ, BJRI, BLMN, CAKE, CBRL, CHUY, DENN, DIN, DRI, EAT, JAX, KRUS, LUB, PLAY, RRGB, TXRH (2) Fine Dining Index includes: ARKR, RUTH, STKS (3)InvestmentPer Wall Street consensus Banking estimates; | Monthlyrepresents EBITDA Newsletter after pre-opening and share-based compensation expense February 2016 | 1 Restaurant Industry Update Week of April 20, 2020 COVID-19’s Unprecedented Impact to the Restaurant Industry (Cont.) Consensus Research Change in Projected Performance: Pre-COVID 19 to Current Revenue EBITDA EPS CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 CQ2 2020 CQ3 2020 CY 2020 CY 2021 Quick Service (1)(5) Min (34.3%) (14.5%) (16.4%) (9.7%) (66.8%) (41.0%) (38.1%) (23.7%) (105.8%) (62.5%) (61.8%) (27.7%) Max (1.2%) (0.1%) (0.0%) (0.5%) (2.2%) (1.3%) (1.8%) (0.6%) (8.0%) (5.2%) (4.0%) (4.1%) Average (15.0%) (6.2%) (7.0%) (4.0%) (30.1%) (15.6%) (16.7%) (8.2%) (47.6%) (25.6%) (26.1%) (12.2%) Median (15.2%) (6.0%) (7.1%) (3.9%) (29.8%) (11.0%) (13.3%) (7.5%) (48.3%) (22.6%) (26.8%) (10.8%) Fast Casual (2)(5) Min (47.5%) (26.8%) (25.8%) (19.7%) (199.5%) (136.6%) (74.5%) (33.2%) (275.5%) (142.9%) (192.9%) (61.2%) Max (2.4%) (2.5%) (1.8%) (1.3%) (6.2%) (5.7%) 3.0% (4.1%) 16.7% (5.5%) (2.9%) (3.3%) Average (25.3%) (12.5%) (12.7%) (7.2%) (91.3%) (46.2%) (33.9%) (17.1%) (116.9%) (68.7%) (79.1%) (24.4%) Median (30.2%) (10.9%) (13.8%) (5.8%) (70.1%) (27.6%) (35.2%) (15.1%) (93.0%) (35.6%) (48.0%) (14.3%) Casual Dining (3)(5) Min (80.6%) (49.8%) (52.3%) (24.9%) (309.5%) (134.8%) (162.5%) (32.5%) (611.3%) (591.6%) (597.5%) (149.4%) Max (7.0%) (3.3%) (1.9%) (1.2%) (19.8%) (16.6%) (8.5%) (1.4%) (32.3%) 106.2% (20.5%) (8.2%) Average (44.9%) (20.4%) (22.5%) (9.0%) (129.1%) (61.1%) (68.5%) (17.2%) (271.6%) (147.1%) (181.5%) (40.0%) Median (50.9%) (17.2%) (23.7%) (7.4%) (131.9%) (58.5%) (68.9%) (16.7%) (227.3%) (102.6%) (125.0%) (28.1%) Fine Dining (4)(5) Min (73.9%) (39.2%) (41.1%) (16.6%) (112.3%) (59.0%) (45.9%) (34.5%) (366.7%) (261.9%) (131.5%) (94.2%) Max (13.2%) (7.2%)
Load more

Recommended publications
  • Demae-Can / 2484
    Demae-can / 2484 COVERAGE INITIATED ON: 2017.12.25 LAST UPDATE: 2021.06.25 Shared Research Inc. has produced this report by request from the company discussed herein. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, neutral analysis. To highlight any biases, we clearly attribute our data and findings. We always present opinions from company management as such. The views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Demae-can / 2484 RCoverage LAST UPDATE: 2021.06.25 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the Trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the later Business section. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------
    [Show full text]
  • Putnam Panagora Market Neutral Fund Q3 Portfolio Holdings
    Putnam PanAgora Market Neutral Fund The fund's portfolio 5/31/20 (Unaudited) INVESTMENT COMPANIES (46.1%)(a) Shares Value Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. 640 $3,635 State Street Institutional U.S. Government Money Market Fund 3,939,067 3,939,067 Total investment companies (cost $3,943,561) $3,942,702 UNITS (11.0%)(a) Units Value Acamar Partners Acquisition Corp.(NON) 419 $4,291 Alussa Energy Acquisition Corp. (Cayman Islands)(NON) 856 8,483 Amplitude Healthcare Acquisition Corp.(NON) 2,947 29,529 B. Riley Principal Merger Corp. II(NON) 2,620 26,174 CC Neuberger Principal Holdings I(NON) 2,652 27,024 Chardan Healthcare Acquisition 2 Corp.(NON) 2,652 26,493 CHP Merger Corp.(NON) 2,747 27,745 CIIG Merger Corp.(NON) 4,529 45,335 Collective Growth Corp.(NON) 2,803 27,890 DFP Healthcare Acquisitions Corp.(NON) 2,866 28,746 dMY Technology Group, Inc.(NON) 2,885 29,196 East Stone Acquisition Corp.(NON) 4,230 42,089 FinServ Acquisition Corp.(NON) 831 8,194 Foley Trasimene Acquisition Corp.(NON) 2,626 26,917 Fortress Value Acquisition Corp.(NON) 2,652 26,547 Galileo Acquisition Corp.(NON) 888 8,827 GigCapital3, Inc.(NON) 2,833 28,160 Gores Holdings IV, Inc.(NON) 1,306 13,844 Greenrose Acquisition Corp.(NON) 3,350 32,931 GX Acquisition Corp.(NON) 417 4,233 Healthcare Merger Corp.(NON) 2,705 28,105 InterPrivate Acquisition Corp.(NON) 2,918 29,180 Jaws Acquisition Corp.(NON) 2,620 27,038 Juniper Industrial Holdings, Inc.(NON) 841 8,418 Landcadia Holdings II, Inc.(NON) 1,165 12,174 LGL Systems Acquisition Corp.(NON) 2,568 25,629 Lifesci Acquisition Corp.(NON) 2,866 29,806 LIV Capital Acquisition Corp.
    [Show full text]
  • Monogatari Corporation (3097): June Sales
    MITA SECURITIES Equity Research July 9, 2021 MITA SECURITIES Co., Ltd. Monogatari Corporation Junichi Shimizu Chief Analyst, Head of Research TSE 1st Section 3097 Industry: Food service, retail [email protected] June sales Update Rating Monthly data for June Monogatari Corporation (3097) disclosed monthly data for June (on a preliminary basis). Buy For directly-owned stores, same-store sales for June were 77.0% YoY (same month last year Target price (JPY) 9,100 = 100%), of which number of customers 83.2% YoY. The day-of-week effect is neutral. There Stock price (JPY) (Jul 9) 7,430 seems to be a reaction to the rapid increase in demand for yakiniku after the emergency in Market cap (JPYbn) 89.7 June of the previous year. Also, the decline in average spend per customer due to the Key changes decrease in alcohol offerings seems to have had a slight impact. The cumulative same-store Rating No sales for FY6/21 were 100.7% YoY, lower than our forecast of 102.3% YoY. The impression Target price No is slightly negative. Earnings forecast No Same-store sales were 74.0% of June 2019 figure (our estimate, same as follows), lower Stock price (JPY) 9,000 than 78.0% for May. There were two more holidays in June 2019. 8,000 7,000 6,000 For directly-owned stores, the cumulative all-store sales for FY6/21 were 109.8% YoY, lower 5,000 than our forecast of 112.8% YoY. 4,000 3,000 2,000 The number of domestic directly-owned stores at end of June was 340, (+3 MoM), higher 1,000 3097 JT Equity 0 than our forecast of 337.
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]
  • 82 SECOND AVENUE 1,150 SF Availble for Lease Between East 4Th and 5Th Streets EAST VILLAGE NEW YORK | NY
    RETAIL SPACE 82 SECOND AVENUE 1,150 SF Availble for Lease Between East 4th and 5th Streets EAST VILLAGE NEW YORK | NY SPACE A SPACE B SPACE DETAILS GROUND FLOOR LOWER LEVEL LOCATION NEIGHBORS Between East 4th and 5th Streets Nomad, Atlas Café, Frank, The Mermaid Inn, Coopers Craft & SIZE Kitchen, Bank Ant, The Bean Space A COMMENTS EXISTING Ground Floor 700 SF Prime East Village restaurant WALK-IN Basement 300 SF opportunity SPACE A REFRIGERATOR 300 SF Space B Vented for cooking use; gas and electric in place Ground Floor 450 SF KITCHEN New direct long-term lease, Basement 200 SF no key money FRONTAGE Space A Second Avenue 12 FT Space B Second Avenue 10 FT SPACE A TRANSPORTATION 700 SF 2019 Ridership Report Second Avenue Astor Place 6 RESTAURANT Annual 5,583,944 Annual 5,502,925 Weekday 16,703 Weekday 17,180 Weekend 24,564 Weekend 21,108 12 FT SECOND AVENUE EAST 14TH STREET EAST 14TH STREET EAST 14TH STREET EAST 14TH STREET WEST 14TH STREET EAST 14TH STREET Optyx Artichokes Pizza Petopia Akina Sushi Muzarella Pizza Bright Horizons Brothers Candy & Grocery M&J Nature Joe’s Pizza Krust Lex AMALGAMATED Vanessa’s Regina The City Synergy AVENUE SECOND Taverna Kyclades Republic Dumplings AVENUE FIRST Exchange AVENUE OF THE AMERICAS AVENUE Champion BANK Pizza Check Nugget Gourmet Big Arc Chicken AVENUE C AVENUE AVENUE A AVENUE Wine & City Le Café Coee B AVENUE Pizza First Lamb King’s Way Cashing Spot Baohaus Tortuga Vinny Vicenz Jewelry Spirits AVENUE THIRD Planet Rose FIFTH AVENUE Streets Cava Grill Revolution Shabu Food Corp Discount PJ’s Grocery
    [Show full text]
  • Food and Restaurant Industry Highlights (October-December, 2014)
    Food and Restaurant Industry Highlights (October-December, 2014) Dominant restaurant chains The top three companies of Japan’s food and restaurant services industry are focused on fast food. Among them, the number one Zensho HD and the number three Yoshinoya HD have dominant “gyudon (beef bowl) chains.” The two groups collectively yielded more than one third of total turnover of the top ten publicly traded food and restaurant companies in 2013. The other categories include “family restaurants (casual dining)” and coffee shop chains. “Izakaya (dining and drinking)” which is represented by Watami and sushi bars by Kappa Create HD are also deeply rooted categories into the daily lives of the Japanese. Figure 1: Revenue ranking of publicly traded restaurant chains in 2013 in billion yen (Source: Food Business Research Institute) 1 This article was written by Prepared Slides, LLC - a Japan based advisory firm supporting international clients on market research, international business development, strategic alliance, and investment. Low price restaurants One of the important characteristics of large-scale restaurant chains is their low price points with high turnover rates. Here are the popular low price restaurant categories: Gyudon (beef bowl) Companies: Sukiya (Zensho), Yoshinoya, Matsuya... Price points: Regular-sized gyudon bowls range between JPY270 to JPY300 (USD2.28 to USD2.53) Characteristics: Gyudon restaurants traditionally targeted single male customers who don’t want to spend much time and money for meals. According to several sources, the average time spent at Yoshinoya was from 7 to 15 minutes. Noodles (udon, soba, ramen) Companies: Fuji Soba, Hakone Soba (soba), Marugame Seimen, Hanamaru Udon (udon), Korakuen, Hidakaya (ramen)..
    [Show full text]
  • Exclusion List
    Exclusion list ROBECO INSTITUTIONAL ASSET MANAGEMENT 1 Sustainability Inside Excluded companies: 61 Rimbunan Sawit Bhd 15 Bots Inc 62 Riverview Rubber Estates BHD 16 Bright Packaging Industry Bhd Controversial behavior 63 Salim Ivomas Pratama Tbk PT 17 Brilliant Circle Holdings International Ltd 1 G4S International Finance PLC 64 Sarawak Oil Palms Bhd 18 British American Tobacco Bangladesh Co Ltd 2 G4S PLC 65 Sarawak Plantation Bhd 19 British American Tobacco Chile Operaciones SA 3 Korea Electric Power Corp 66 Scope Industries Bhd 20 British American Tobacco Holdings The Netherlands BV 4 Oil & Natural Gas Corp Ltd1 67 Sin Heng Chan Malaya Bhd 21 British American Tobacco Kenya PLC 5 ONGC Nile Ganga BV 68 Sinar Mas Agro Resources & Technology Tbk PT 22 British American Tobacco Malaysia Bhd 6 ONGC Videsh Ltd 69 Socfin 23 British American Tobacco PLC 7 Vale Indonesia Tbk PT 70 Socfinasia SA 24 British American Tobacco Uganda Ltd 8 Vale SA2 71 Societe Camerounaise de Palmeraies 25 British American Tobacco Zambia PLC 72 Societe des Caoutchoucs de Grand-Bereby 26 British American Tobacco Zimbabwe Holdings Ltd Palm oil 73 SSMS Plantation Holdings Pte Ltd 27 Bulgartabac Holding AD 1 A Brown Co Inc 74 Sterling Plantations Ltd 28 Carreras Ltd/Jamaica 2 Agalawatte Plantations PLC 75 Subur Tiasa Holdings Bhd 29 Casey’s General Stores Inc 3 Anglo-Eastern Plantations PLC 76 Sungei Bagan Rubber Co Malaya Bhd 30 Cat Loi JSC 4 Astra Agro Lestari Tbk PT 77 Sunshine Holdings PLC 31 Ceylon Tobacco Co PLC 5 Astral Asia Bhd 78 Ta Ann Holdings Bhd 32 Champion
    [Show full text]
  • Profunds Semiannual Report
    Toppan Merrill - ProFunds Funds VP Main Semi-Annual Report [Funds] 06-30-2021 ED [AUX] | bliteck | 24-Aug-21 00:06 | 21-1908-3.aa | Sequence: 1 CHKSUM Content: 54117 Layout: 6120 Graphics: 61486 CLEAN Semiannual Report JUNE 30, 2021 ProFunds VP Access VP High Yield Short Small-Cap Asia 30 Small-Cap Banks Small-Cap Growth Basic Materials Small-Cap Value Bear Technology Biotechnology Telecommunications Bull UltraBull Consumer Goods UltraMid-Cap Consumer Services UltraNasdaq-100 Dow 30 UltraShort Dow 30 Emerging Markets UltraShort Nasdaq-100 Europe 30 UltraSmall-Cap Falling U.S. Dollar U.S. Government Plus Financials Utilities Government Money Market Health Care Industrials International Internet Japan Large-Cap Growth Large-Cap Value Mid-Cap Mid-Cap Growth Mid-Cap Value Nasdaq-100 Oil & Gas Pharmaceuticals Precious Metals Real Estate Rising Rates Opportunity Semiconductor Short Dow 30 Short Emerging Markets Short International Short Mid-Cap Short Nasdaq-100 JOB: 21-1908-3 CYCLE#;BL#: 7; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: ~note-color 2, Black GRAPHICS: ProFunds_CVR_logo_k.eps, ProFunds_FC_art_k.eps V1.5 Toppan Merrill - ProFunds Funds VP Main Semi-Annual Report [Funds] 06-30-2021 ED [AUX] | bliteck | 24-Aug-21 00:06 | 21-1908-3.ac | Sequence: 1 CHKSUM Content: 53432 Layout: 22726 Graphics: 0 CLEAN Table of Contents 1 Message from the Chairman 188 ProFund VP Short Emerging Markets 3 Financial Statements and 192 ProFund VP Short International Financial Highlights 196 ProFund VP Short Mid-Cap 4 ProFund Access VP High Yield
    [Show full text]
  • Brea Mall ® 1065 Brea Mall Brea, CA 92821
    Brea Mall ® 1065 Brea Mall Brea, CA 92821 REGULAR CENTER HOURS PHONE NUMBERS Monday to Thursday 11:00AM - 7:00PM Friday to Saturday 10:00AM - 8:00PM Mall Office: Shopping Line: Mall Security: Sunday 12:00PM - 6:00PM (714) 990-2733 (714) 990-2732 (714) 990-2732 Store Name Store Phone # Mall Entrance Tip Location Info 3D Pic Abercrombie & Fitch (714) 671-3005 JCPenney Upper Level next to JCPenney Aldo (714) 990-9146 Nordstrom or JCPenney Lower Level, in between JCPenney & Nordstrom near the escalator Alex and Ani (714) 529-3683 JCP Entrance Located in the Fountain Court Ann Taylor (714) 529-9002 Upper Level, Nordstrom or JCPenney Upper Level in between Nordstrom & JCPenney Apple (714) 989-5550 JCPenney Parking Structure/Entrance Lower Level, in between Fountain Court and Center Court As seen on TV (714) 784-6928 JCPenney Located Upper Level near JCPenney ATHLETA Spa at the Glen Lower Level near Spa at the Glen Coming Soon! Auntie Anne's Pretzels (714) 256-1253 The Spa at the Glen Lower Level near the entrance by The Spa at the Glen Aveda (714) 256-9254 Upper Level, Food Court Entrance or Macy's Between Macy's and Macy's Men Children & Home near the escalator Banana Republic (714) 256-9395 Lower Level Macys Parking lot - Red Robin Entrance Upper Level across from Lush Banter by Piercing Pagoda (714) 674-0085 Nordstrom parking lot - Entrance # 4 Next to Glen Ivy Lower Level Store Name Store Phone # Mall Entrance Tip Location Info Bare Minerals (714) 671-9765 JCP/Nordstrom Parking deck B - JCP Entrance Lower Level Center Court across from
    [Show full text]
  • Active Restuarants Based on Listing of Active Businesses
    Active Restuarants Based on Listing of Active Businesses LOCATION ACCOUNT # BUSINESS NAME 0000410578-0001-0 DOUBLE O TWO INC 0002537656-0014-1 CALIFORNIA FOOD MANAGEMENT LLC 0002798053-0001-3 CHARCOAL VENICE PARTNERS LLC 0002913705-0001-5 THE CURATIVE GROUP LLC 0002886189-0001-4 UNIKING LLC 0000645358-0001-2 PRODROMOS MIKE BEGAKIS 0002947294-0001-1 SHANDIZ CUISINE RESTAURANT INC 0000729801-0001-5 FARHAD PEZESHKI 0002856650-0001-4 SHANDIZ RESTAURANT INC 0002873744-0001-8 RAMON BARAJAS 0000267458-0010-5 SENIOR CLASSIC LEASING, LLC 0003140878-0001-1 VOW BRANDS LLC 0002863458-0001-9 GFC ARLINGTON LLC 0002537656-0017-6 CALIFORNIA FOOD MANAGEMENT LLC 0000864857-0001-5 CAMILLES INC 0002573777-0001-6 143 S LA BREA INC Page 1 of 2214 09/27/2021 Active Restuarants Based on Listing of Active Businesses DBA NAME STREET ADDRESS CITY INTERNATIONAL HOUSE OF 8555 VESPER AVENUE PANORAMA CITY PANCAKES #2 BURGER KING 11024 | CALIFORNIA 5609 W SUNSET BLVD LOS ANGELES FOOD MANAGEMENT CHARCOAL VENICE 425 WASHINGTON BLVD VENICE 9812 WASHINGTON BLVD CULVER CITY APT 503 3680 WILSHIRE BLVD #503 LOS ANGELES MONTERY CONCESSIONS 4730 CRYSTAL SPRINGS DRIVE LOS ANGELES SHANDIZ CRUSINE RESTAURANT 745 E VALLEY BLVD SAN GABRIEL HAMBURGER HABIT 11223 NATIONAL BLVD LOS ANGELES SHANDIZ PERSIAN GRILL 745 E VALLEY BLVD SAN GABRIEL TAMALES Y TAQUERIA EL CERRITO 7831 S ALAMEDA STREET LOS ANGELES CARLS JR RESTAURANT #7376 11509 LAUREL CANYON BLVD SAN FERNANDO VOWBURGER 519 N FAIRFAX AVENUE LOS ANGELES 4155 W PICO BLVD LOS ANGELES BURGER KING 11490 | CALIFORNIA 4918 W SUNSET BLVD
    [Show full text]
  • "Authenticity" of Sushi: Modernizing and Transforming a Japanese Food
    The "Authenticity" of Sushi: Modernizing and Transforming a Japanese Food Item Type text; Electronic Thesis Authors Yang, Wen Publisher The University of Arizona. Rights Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author. Download date 29/09/2021 17:12:15 Link to Item http://hdl.handle.net/10150/297043 THE "AUTHENTICITY" OF SUSHI: TRANSFORMING AND MODERNIZING A JAPANESE FOOD by Wen Yang ____________________________ A Thesis Submitted to the Faculty of the DEPARTMENT OF EAST ASIAN STUDIES In Partial Fulfillment of the Requirements For the Degree of MASTER OF ARTS In the Graduate College THE UNIVERSITY OF ARIZONA 2013 2 STATEMENT BY AUTHOR This thesis has been submitted in partial fulfillment of requirements for an advanced degree at the University of Arizona and is deposited in the University Library to be made available to borrowers under rules of the Library. Brief quotations from this thesis are allowable without special permission, provided that an accurate acknowledgement of the source is made. Requests for permission for extended quotation from or reproduction of this manuscript in whole or in part may be granted by the author. SIGNED: Wen Yang APPROVAL BY THESIS DIRECTOR This thesis has been approved on the date shown below: 07/01/2013 Noel J. Pinnington Date Associate Professor Department of East Asian Studies 3 ACKNOWLEDGEMENTS First, I would like to express my deepest gratitude to my academic advisor Dr.
    [Show full text]
  • Ishares, Inc. Form NPORT-P Filed 2021-07-28
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2021-07-28 | Period of Report: 2021-05-31 SEC Accession No. 0001752724-21-158969 (HTML Version on secdatabase.com) FILER iShares, Inc. Mailing Address Business Address 400 HOWARD STREET 400 HOWARD STREET CIK:930667| IRS No.: 510396525 | State of Incorp.:MD | Fiscal Year End: 0831 SAN FRANCISCO CA 94105 SAN FRANCISCO CA 94105 Type: NPORT-P | Act: 40 | File No.: 811-09102 | Film No.: 211121011 (415) 670-2000 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Schedule of Investments (unaudited) iShares® MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Common Stocks Air Freight & Logistics — 0.3% Kintetsu World Express Inc. 2,700 $ 60,776 Konoike Transport Co. Ltd. 2,700 27,578 Maruwa Unyu Kikan Co. Ltd. 2,700 37,566 Mitsui-Soko Holdings Co. Ltd. 900 18,642 SBS Holdings Inc. 1,800 50,708 195,270 Auto Components — 3.3% Daikyonishikawa Corp. 2,700 18,564 Eagle Industry Co. Ltd. 1,800 18,303 Exedy Corp. 2,700 39,268 FCC Co. Ltd. 2,700 41,586 Futaba Industrial Co. Ltd. 4,500 20,307 G-Tekt Corp. 1,800 24,456 Ichikoh Industries Ltd. 2,700 17,603 JTEKT Corp. 17,100 176,192 KYB Corp. 1,800 62,353 Musashi Seimitsu Industry Co. Ltd. 3,600 71,784 NGK Spark Plug Co. Ltd. 12,600 196,703 NHK Spring Co. Ltd. 15,300 121,386 Nifco Inc./Japan.
    [Show full text]