DOCSLIB.ORG

Multi-Brand Strategy to Drive Growth Tai Hing Group | 6811.HK

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Multi-Brand Strategy to Drive Growth Tai Hing Group | 6811.HK Tai Hing Group | 6811.HK Rating Not Rated Multi-brand strategy to drive growth Target Price - Current price HKD 2.04 Operate multi-brand through self-development, acquisition and Company Visit licensing agreement Tai Hing Group (THG) currently runs 9 brands (self-developed 6 brands, 2 30 July 2019 through acquisitions and 1 through licensing agreement) with >190 restaurants network in Hong Kong, Macau, China and Taiwan. In FY16-FY18, THG’s Hayman Chiu revenue and adjusted net profit (excl. one-off gain on investment property disposal and listing expenses) grew at 11.5%/18.7% CAGR to [email protected] HK$3,126mn/HK$153mn. The stable growth was driven by store counts grew at (852) 2235 7677 10.3% CAGR together with a low-single digit SSSG in Hong Kong. During the track record period, THG had a stable seat turnover rate of 5.0-5.4x (7.6x-7.8x in Trading data Hong Kong, 2.4x-2.5x in China), in which Men Wah Bing Teng and Pho Le’s seat turnover rate achieved >10x on average. 52-Week Range (HK$) 3.01/1.92 3 Mth Avg Daily Vol (m) 20.1 Future growth driven by store expansion, launch of new lines in fast No. of Shares (m) 1,000.0 growing brands; Recent Hong Kong political unrest would hit near term Market Cap (HK$m) 2,040.0 SSSG Major Shareholders Chan Wing On & Assoc (52.4%) During FY16-FY18, Tai Hing’s total number of store counts grew at ~10.3% Auditors EY CAGR to 185 stores (FY17: +16 ; FY18 :+17), with Tai Hing took up ~60% of total store counts in FY18 while TeaWood, Trusty Congee King, Men Wah Bing Teng Result Due 1H19: Aug 2019 and Pho Le each accounted for 17.3%/9.2%%/5.5%/5.4% of total store counts in FY18. Since 45% of the net IPO proceeds would be allocated to opening new Company description restaurants, we expect Men Wah Bing Teng and Pho Le would be the main Established in 1989 and listed on the Main Board of contributor of net store openings in Hong Kong, while Tai Hing and TeaWood the Hong Kong Stock Exchange in June 2019, Tai store expansion would be gradual. According to the prospectus, THG plans to Hing Group (THG) gradually expanded from a siu mei open 105 stores (Hong Kong: 63, China: 36) and reach 290 by FY21E, which style restaurant to the largest multi-brand casual represents 16.1% CAGR from FY18. dining restaurant operators in Hong Kong, and established a chain of over 190 restaurants network in Meanwhile, THG recently introduced TeaWood Deluxe, which is the premium Hong Kong, Mainland China, Macau and Taiwan. Tai version of TeaWood (avg. ticket price HK$100-200 vs. HK$51-100 for Hing currently operates 9 brands through in-house TeaWood). It co-operates with the local Tourbillon brand and focuses on delicate development, acquisitions, acquisition and licensing Taiwanese and western fusion cuisine with the quality ingredients. Through our including “TeaWood”, "Trusty Congee King”, “Men Wah Bing Teng”, “Phở Lê”, “Tokyo Tsukiji”, “Fish & channel check, TeaWood Deluxe received good customer feedback in Openrice Farmer”, “ Rice Rule” and “Hot Pot Couple. app. THG is also considering to adopt similar strategy in other brands, e.g. Men Wah Bing Teng. Despite THG continue to grow through store expansions, we also view the launch of premium lines in fast growing brands such as TeaWood (thru Price chart TeaWood Deluxe) and Men Wah Bing Teng would be another new growth drivers. HK$ 3.5 Enhance operating efficiency through stable menu, automation in 3.0 restaurants and food factories 2.5 2.0 THG strive to maintain both operating efficiency and consistency in food quality 1.5 through i) stable menu while introducing some seasonal specials each quarter ii) 1 .0 standardised operation processes for different brands, iii) implementation of 0.5 automated production processes in restaurants and food factories and iv) obtain 0.0 19 19 - larger floor space in shopping malls to accommodate different brands so that - Jul logistics can be centralized. THG managed to achieve operating breakeven Jun within 2-4 months. Sources: Bloomberg, CIRL THG is among the first to introduce automated food processing machinery including automated woks, programmed barbecued pork sauce mixers, programmed chicken poaching machines and poultry roasting ovens. The introduction of automated cooking machines not only help reduce the reliance on skilled chef, but also lowering the risk of obtaining occupational illness/ injury while maintaining the overall product quality . Page 1 of 11 Two food factories in operation to suuport current operation and future expansion THG currently has two factories (1 in Hong Kong and 1 in Dongguan, China). The Hong Kong factory has an area ~158k sq. ft, supporting all of THG restaurants in Hong Kong (~120 in FY18). With current capacity, together with i) increasing additional equipment (such as industrial pressure boilers, kettles and oven) and ii) increasing the numbers and employtee working hours, it would be able to further support 50-60 restaurants in Hong Kong, which is in-line with THG ‘s store expansion plan until FY21E. The China food factory, which has an area ~253k sq. ft (floor area 60% larger than that of Hong Kong factory) and commenced operation in October 2018 and still undergoing ramp up. It would be able to further support 200 restaurants in China (vs. THG had 62 stores in FY18) and the production of certain food products for THG’s restaurants in Hong Kong. Trading at FY19E 9.8x PE, ongoing political unrest suppress near term valuation Having dropped >30% since IPO in end-June, Tai Hing is currently trading at FY18 13.3x PE (excl. one-off sales proceeds from investment properties and listing expenses) and FY19E 9.8x PE (based on our back of the envelope calculation and excl. listing expenses) , which is trading at 14%/45% discount vs. catering peers listed in Hong Kong. The ongoing political unrest in Hong Kong in the past 60 days already raise investors’ concern (local catering peers’ stock price dropped ~4.0% in the last 5 trading days vs. HSI dropped 1.4%) that this may deter consumer spending in 2H19, and we believe this near term overhang would continue to suppress THG’s valuation. Exhibit 1: Tai Hing currently run 9 brands Exhibit 1: Pork products sold in supermark et counters Source: Company prospectus Exhibit 2: Use of proceeds Exhibit 1: Pork 10.0% products 11.0% Open new restaurants sold in 44.0% Enhancement & expansion of food factory superma rket Current restaurant rennovation/ upgrade counters Working capital 35.0% Source: Company prospectus, CIRL Page 2 of 11 Exhibit 3: Tai Hing’s key milestones Exhibit 1: Year Key milestones Pork 1989 - Mr. Chan and Mr. Yuen opened first restaurant under 'Tai Hing' brand in Sai Wan Ho products sold in 2004 - Opened first restaurant in China under 'Tai Hing' brand supermark2008 - Hong Kong Food Factory opened in Fo Tan ; Acquired 'Trusty Congee King' from independent 3rd party et counters - Opened first 'Tokyo Tsukiji' restaurant in Mong Kok ; 'Trusty Congee King' in Wan Chai featured in the Michelin Guide Hong 2011 Kong & Macau for the first time 2012 - Opened first TeaWood restaurant in Mong Kok 2013 - The siu mei production unit of Hong Kong Food Factory obtained ISO 22000 certification 2014 - Opened first TeaWood restaurant in China - Opened first Fisher Farmer restaurant in Tsim Sha Tsui; Entered into the first of the Hong Kong Airport Tai Hing Franchise 2015 Agreements with our Tai Hing Franchise Partner and opened a 'Tai Hing' restaurant in HKIA - Opened first 'Trusty Congee King' restaurant in China; Acquired a standalone 'bing sutt' ( 冰室 ), Man Wah Bing Teng ( 文華冰 2016 廳 ) which was subsequently rebranded as Men Wah Bing Teng( 敏華冰廳 ) 2017 - Opened first Vietnamese restaunrat 'Pho Le' in Kwun Tong - Opened Mainland Food Factory in Dongguan ;Trusty Congee King' in Wan Chai has been conferred the Michelin Guide Bib 2018 Gourmand award for 2 consecutive years in Michelin Guide Hong Kong Macau 2018 Selection and Michelin Guide Hong Kong Macau 2019 Selection 2019 - Opened first Taiwanese hotpot restaurant under 'Hot Pot Couple' in Mong Kok; Opened first 'Tai Hing' restaurant in Taiwan Source: Company prospectus, CIRL Exhibit 4: Tai Hing’s store location in China, Hong Kong and Macau Exhibit 1: Pork products sold in supermark et counters Source: Company prospectus Page 3 of 11 Exhibit 5: Tai Hing’s targets to open ~105 stores in FY19E-21E Exhibit 1: 350 Pork 350 300 290 products 300 253 sold250 in 218 250 98 supermark200 185 168 200 85 et counters152 73 150 150 62 59 100 100 185 163 142 122 50 50 108 0 0 FY16 FY17 FY18 FY19E FY20E FY21E FY17 FY18 FY19E FY20E FY21E Hong Kong China Macau Taiwan Singapore Source: Company prospectus, CIRL Exhibit 6: Famous menu for Tai Hing Restaurants Exhibit 1: Pork products sold in supermarket counters Source: Company prospectus, CIRL Page 4 of 11 Exhibit 9: Famous menu for TeaWood (Top) & Trusty Congee King (Bottom) Exhibit 1: Pork products sold in supermark et counters Source: Company prospectus, CIRL Page 5 of 11 Exhibit 9: Tai Hing launched a premier brand, TeaWood Deluxe, in K11 at TST Exhibit 1: Pork products sold in supermark et counters Source: Openrice.com, CIRL Page 6 of 11 Exhibit 10: Famous menu for Men Wah Bing Teng (Top) & Pho Le (Bottom) Exhibit 1: Pork products sold in supermark et counters Source: Company prospectus, CIRL Page 7 of 11 Exhibit 10: Peers’ profitability comparison Exhibit 1: bloomberg Year ROE (%) ROA (%) Net Gearing (%) FY18 code End FY18 FY18 FY18 GM (%) OM (%) PM (%) Pork products HK listed catering peers sold in XIABUXIABU 520 HK 12/2018 21.6 15.5 (74.8) - 12% 10% HAIDILAOsupermark
Load more

Recommended publications
  • May 6, 2020 TO: ASMI Board of Directors FROM: Hannah Lindoff, Senior Director of Global Marketing & Strategy RE: International Program Report
    DATE: May 6, 2020 TO: ASMI Board of Directors FROM: Hannah Lindoff, Senior Director of Global Marketing & Strategy RE: International Program Report The international program received a Market Access Program (MAP) funding award of $4,453,652 for FY21. The FY 2021 international program spend plan also includes $1,540,000 in Agricultural Trade Promotion Program (ATP) funds and $2,495,000 in matching funds, for a total budget of $8,488,652 to conduct marketing programs in nine regional programs across the globe. Included in this budget are ATP funds specifically set aside to fund activities managed by the technical program, communications program, and sustainability program. This budget reflects the broad diversification strategy that ASMI international embarked upon with the advent of ATP funding in 2019. The budget also reflects a five year spend plan for ATP. Although official confirmation is pending, we have received un-official confirmation that our proposal to extend ATP across five years rather than three has been approved. With the outbreak of a novel coronavirus first detected in China in December 2019, the ASMI international program began to deal with the effects of COVID-19 at the beginning of 2020. Shipments to China had already slowed substantially due to the ongoing tariff situation, but the extension of the Lunar New Year and extended shutdowns in processing facilities and ports sent ripple effects throughout the global supply chain and as early as late January, ASMI saw its first cancelled events. In February, ASMI welcomed the first ever millennial in-bound mission to Alaska, bringing buyers from the “next generation” to Seattle and Kodiak.
    [Show full text]
  • Emerging Cross Border Tourism Region Macau-Zhuhai: Place in Play/Place to Play
    Emerging Cross Border Tourism Region Macau-Zhuhai: Place in Play/Place to Play Hendrik Tieben School of Architecture, Thes Chinese University of Hong Kong Wong Foo Yuan Bld. 610G, CUHK Campus, Shatin, NT, Hong Kong SAR Email: [email protected] Abstract: n This paper explores the new tourism region Macau-Zhuhai which is emerging in the south-western part of the Pearl River Delta (PRD). Since Macau’s handover to the People’s Republic of China in 1999, the former Portuguese enclave is becoming increasingly integrated into the PRD. Together with its mainland neighbor Zhuhai it is creating a bi-city region; although without coordinated planning. Currently, both cities embark on a first joint project encouraged by the Chinese Central Government on the island Hengqin. The paper is investigating the attempts of both cities to re- invent themselves as places to play and how they find themselves on the playing field of global and national forces. The paper ends with the suggestion of an alternative understanding of tourism and destinations which learns from spatial practices of a new generation of tourists in Asia. Key words: Zhuhai, Macau, tourism, heritage, eco-city Producing a region to play n The paper investigates the transformation of the emerging cross-boundary tourism region Macau-Zhuhai in the Pearl River Delta (PRD). The investigation departs from Sheller and Urry’s observation of Places to Play/Places in Play (Sheller & Urry, 2004) which allows capturing the way how cities re-invent themselves to attract investments, tourists, and residents, and how, at the same time, they can become exposed to forces which undermine the qualities which originally made them attractive.
    [Show full text]
  • 50Years, and Counting
    August 2015 A publication of The Singapore Association of HK 50 years, and counting ... LSC ad_op.pdf 1 8/7/15 12:22 pm C C M M Y Y CM CM MY MY CY CY CMY CMY K K A publication of The Singapore Association of HK contents August 2015 Chairman’s message P6 Editor’s note A strict land ofP8 paradoxes HK FACT FILES P58 Useful info P10 P68 Cost of living Meeting of minds P72 Transportation P80 Shipping & relocation P84 Accommodation P16 P98 Education Celebrating SG50 P108 Kids’ activities P126 Eating out Eat, drink andP20 be merry Twin hubs – why Singaporean banks are movingP22 to the HKSAR PROFILES Lynette Tiong: P26 All in the family SPECIAL P30 FEATURES SIS: Nurturing Hellen Teo: brighter futures Love takes time P118 P34 Motivating your child to read P122 SG v HK P38 What Singaporeans say P44 Who comes up top in transport? P50 Natalie Yue: Happy in Singapore P54 Jack Lee: Learning his ABCs 06SING August 2015 A publication of The Singapore Association of HK MESSAGE SING is published by Ren Publishing (HK) Ltd for The Singapore Association of Hong Kong to provide logistics support for their canned commemorate SG50. FROM THE food event, which will deliver much-needed Editor: Jennifer Tan, Vice Chair, SAHK supplies to the underprivileged through SAHK the Chicken Soup Foundation. SIS was a big supporter of SA Ball 2015, with the SIS CHAIRMAN Choir providing a wonderful performance during the event. We will also continue to Tan Thean Peng Dear fellow Singaporeans and friends, work with various universities to reach out to Managing Director: Singaporean students studying in Hong Kong.
    [Show full text]
  • A Case Study on Open Rice by Daisy Chan
    Who is being exploited under the emerging culture of restaurant review? - A case study on Open Rice By Daisy Chan (1155025254) Scope of Research With the enabling of internet services and access, numerous sharing platforms emerged in an extraordinary speed. While social network platforms like facebook, LinkedIn, tweeters, weibo and many others gained its popularity in connecting and “socializing” people around the world, web surfers who share similar hobbies, interests or values are also being “pulled together” to form their own communities. Numerous websites which themed on various subjects like cosmetics, travel, food and health, entertainment and education etc have been established to facilitate chatting, intelligence and recommendation sharing among netizens with common interests. These types of open platforms, once accumulated critical mass, will soon become a media for corporations to reach their specific audience groups. With the rise of website fed by user-generated content that ends up yielding profit through online advertisements, skeptical criticism about “exploitation” of free labour arising from the internet prosumption1 is always invited. In this paper, I would like to take a close study of one of the most popular restaurant guide and review websites in Hong Kong – Open Rice, to examine whether the prousers are being exploited, and if the case is established, to what degree and in what form in the cultural context. Open Rice, an integrated website which provides information of over 41,000 restaurants in Hong Kong and shares restaurant reviews contributed by hundreds of thousands of users, was initially established by a group of food lovers in Hong Kong in 19992.
    [Show full text]
  • Contents Welcome
    Contents Welcome 1.1 Location ____________________________________________________ 3 1.2 Arrival & Departure _________________________________________ 3 CATEGORIES 2.1 Open Classes by Height and Weight __________________________ 4 2.2 Categories __________________________________________________ 4 COMPETITION INFORMATION 3.1 Dates & times _______________________________________________ 5 3.2 Preliminary entry form _______________________________________ 5 3.3 Competitor Information Form _________________________________ 5 3.4 Final Entry Form _____________________________________________ 5 3.5 Contest Entry Fee ____________________________________________ 5 3.6 Athletes without delegates ____________________________________ 5 3.7 Judges _______________________________________________________ 5 3.8 Medical withdrawal ___________________________________________ 6 3.9 Correspondence/Contact Information __________________________ 6 COMPETITOR REQUIREMENTS 4.1 Posing Music _________________________________________________ 6 4.2 National Flags/Anthem ________________________________________ 6 4.3 Tanning ______________________________________________________ 6 4.4 Event Information _____________________________________________ 7 VENUES 5.1 Official Hotel __________________________________________________ 7-8 5.2 Site of Event __________________________________________________ 8 5.3 Accommodation _______________________________________________ 8-9-10 5.4 Hotel Security Deposit ________________________________________ 10 5.5 Official Training
    [Show full text]
  • Openrice Case Study
    PURE STORAGE CASE STUDY | OPENRICE OpenRice offers restaurant reviews to millions of users throughout Asia, and needs its IT infrastructure to perform at peak efficiency and reliability. When the declining performance of its legacy spinning-disk storage system threatened to degrade the responsiveness of the OpenRice portal, it was replaced with a Pure Storage FlashArray™. After the major revamp of its application architecture, the website runs much faster and responsive, and the valuable database of users and their comments are being leveraged more effectively. PURE STORAGE WINS RAVE RATINGS FOR IMPROVING DATABASE PERFORMANCE FOR OPENRICE OpenRice is a comprehensive restaurant review portal serving Hong Kong, Macau, China, Taiwan, Thailand, Malaysia, Singapore Indonesia, The Philippines and Japan. Founded in 1999 and headquartered in Hong Kong, OpenRice lists over 1.9 million restaurants, has BUSINESS TRANSFORMATION more than 2.7 million registered diners, and serves up more than 9 million page views per day. End-users see faster response times when accessing the restaurant review Applying a proprietary algorithm against a huge database of purely user-generated portal. New applications come to contents including ratings, reviews and other UGC elements OpenRice applies “Smiley market faster, improving OpenRice’s Face,” “OK” or “Crying Face” logo to each restaurant. In recent years, the platform has competitive position. evolved to accommodate both computing and mobile platform and has added many social functions. GEO OpenRice is a subsidiary of the JDB Group, where Joe Yau is Chief Operating and Hong Kong Technology Officer. He noted a number of challenges for OpenRice from an IT and INDUSTRY operational perspective.
    [Show full text]
  • Hang Seng and Openrice Connect Through API One-Stop Dining, Payment and Rewards Experience Extends Cash Dollars Programme to Over 6,000 Online F&B Merchant Points
    4 January 2021 Hang Seng and OpenRice Connect Through API One-stop Dining, Payment and Rewards Experience Extends Cash Dollars Programme to Over 6,000 Online F&B Merchant Points Technology is taking the Hong Kong dining experience to another level. Leveraging the development of Application Programming Interface (API), Hang Seng Bank and OpenRice have partnered up to integrate the Hang Seng Credit Card’s popular Cash Dollars Rewards and Redemption Programme and its online payment services into the enhanced payment system of OpenRice’s market-leading food and beverage (‘F&B’) mobile app to offer mutual customers a seamless and enjoyable journey of dining, online payment and rewards. Starting today (4 January), Hang Seng customers who connect selected Hang Seng Credit Cards and their OpenRice member accounts on the OpenRice mobile app (5.13.0 version or above) will instantly enjoy several added Cash Dollars benefits: Cash Dollars Rewards and Redemption Programme instantly extended to over 6,000 online F&B merchant points in Hong Kong; Earn Cash Dollars by using connected Hang Seng Credit Card when making table reservations, ordering takeaways, purchasing dining vouchers and/or using new OpenRice Pay function to pay at restaurants; Complete payment with new OpenRice Pay function by scanning QR code at restaurants using connected Hang Seng Credit Card in OpenRice Pay (i.e. physical card is not needed) Directly offset spending with Cash Dollars when paying bills in OpenRice by using connected Hang Seng Credit Card (i.e. Cash Dollars can be used as ‘instant cash’) Conveniently check Cash Dollars redeemed and earned through OpenRice without leaving OpenRice mobile app With the advent of technology, Hang Seng and OpenRice aim to enhance the dining and payment experience through the instant redemption and earning of Hang Seng Cash Dollars.
    [Show full text]
  • WILDLIFE TRADE in MACAU Wilson Lau Royce to the State of Wildlife Trade in Macau
    September 2019 THE STATE OF WILDLIFE TRADE IN MACAU Wilson Lau Royce To The State of Wildlife Trade in Macau TRAFFIC is a leading non-governmental organisation working globally on trade in wild animals and plants in the context of both biodiversity conservation and sustainable development. Reproduction of material appearing in this report requires written permission from the publisher. The designations of geographical entities in this publication, and the presentation of the material, do not imply the expression of any opinion whatsoever on the part of TRAFFIC or its supporting organisations concerning the legal status of any country, territory, or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. Published by: TRAFFIC David Attenborough Building, Pembroke Street, Cambridge CB2 3QZ, UK. Tel: +44 (0)1223 277427 Email: [email protected] © TRAFFIC 2019. Copyright of material published in this report is vested in TRAFFIC. ISBN: 978-1-911646-16-7 UK Registered Charity No. 1076722 Suggested citation: Lau, W. and To, R. (2019). State of Wildlife Trade in Macau. TRAFFIC, Cambridge, UK. Design by: Hallie Sacks This report was made possible with support from the American people delivered through the U.S. Agency for International Development (USAID). The contents are the responsibility of the authors and do not necessarily reflect the opinion of USAID or the U.S. Government. i The State of Wildlife Trade in Macau CONTENTS Executive Summary I 1. Introduction 1 2. Methodology 4 3. CITES and Trade Legislation 8 Macau’s wildlife trade legislation and its application 9 Comparisons of regulations between Macau and neighboring jurisdictions 10 4.
    [Show full text]
  • Everyone Says I Love Ramen!
    EVERYONE SAYS I LOVE RAMEN! Since it was founded in 1985, IPPUDO created a new ramen trend in Japan and spread the ramen culture around the world through bowls of ramen with ‘smile’ and ‘arigatou’. ‘To continuously innovate to remain true’ - this is IPPUDO’s mission all over the world, and our promise to you. london paris san francisco new york tokyo china fukuoka hong kong taiwan myanmar philippines thailand singapore malaysia indonesia sydney 1985 FUKUOKA 1995 TOKYO 2008 NEW YORK 2009 SINGAPORE 2011 HONG KONG 2012 TAIWAN CHINA SYDNEY 2013 MALAYSIA 2014 THAILAND INDONESIA PHILIPPINES LONDON 2016 PARIS 2017 MYANMAR SAN FRANCISCO GLOBAL STANDARD RAMEN 原 点 の 一 杯 SHIROMARU TAMAGO $18 白丸玉子 Shiromaru Motoaji served with home-made umami egg. SHIROMARU CHASHU $19 白丸チャーシュー Shiromaru Motoaji served with additional simmered pork belly & pork loin. SHIROMARU SPECIAL $21 白丸スペシャル Shiromaru Motoaji served with umami egg, simmered pork belly, pork loin and seaweed. SHIROMARU MOTOAJI $15 白丸元味 IPPUDO’s original creamy tonkotsu broth served with thin and straight noodles, pork belly & pork loin, bean sprout, black fungus and spring onion. A classic Hakata-style ramen. We apologise that we do not do takeaway or packing of leftover food due to stringent food quality control All prices are subject to 10% service charge & prevailing government taxes GLOBAL STANDARD RAMEN 革 新 の 一 杯 AKAMARU TAMAGO $19 赤丸玉子 Akamaru Shinaji served with home-made umami egg. AKAMARU CHASHU $20 赤丸チャーシュー Akamaru Shinaji served with additional simmered pork belly & pork loin. AKAMARU SPECIAL $22 赤丸スペシャル Akamaru Shinaji served with umami egg, simmered pork belly, pork loin and seaweed.
    [Show full text]
  • The Feasibility for Providing a More Sustainable Menu for Hong Kong's
    Project Number: REKHK03 Title Page The Feasibility for Providing a More Sustainable Menu in Hong Kong’s Seafood Businesses An Interactive Qualifying Project Proposal submitted to the Faculty of the WORCESTER POLYTECHNIC INSTITUTE in partial fulfillment of the requirements for the Degree of Bachelor of Science Submitted on: December 15, 2010 Submitted By: Cory Arthur Cormier Samantha Jinju-Lee Do Submitted To: Dr. Allen To, Sponsor Liaison Khoa DoBa Xiaowen Zhen Projeect Advisors: Professor Bob Kinicki Professor Zhikun Hou ID2050 Instructor: Professor R. Creighton Peet Table of Contents Title Page .................................................................................................................................................. 1 Table of Contents ..................................................................................................................................... i Table of Figures .................................................................................................................................... iii Executive Summary ............................................................................................................................. iv Chapter 1: Introduction .................................................................................................................. 2 Chapter 2: Background ................................................................................................................... 5 2.1 Seafood Culture ...................................................................................................................................
    [Show full text]
  • Exploring Business Opportunities in Singapore for Food Business
    International Journal of Trade, Economics and Finance, Vol. 9, No. 3, June 2018 Exploring Business Opportunities in Singapore for Food Business Noriyuki Suyama variable segmentation. Abstract—Singapore is the first nation, with which Japan entered into the Economic Partnership Agreements (EPA), a scheme to create a free trade area in 2002. Japan has been II. SINGAPORE AND ITS CULTURES maintaining a strong relationship with Singapore since then. For instance, there registered 856 Japanese firms in Singapore A. Singapore according to Annual Report of Statistics on Japanese Nationals Its formal name is the Republic of Singapore, which is Overseas (Ministry of Foreign Affairs, 2015) and Outlook of Singapore and Business of Japanese-Based Companies in located in the South East Asia and whose area size is almost Singapore (JETRO Singapore, Aug 2016). same as Tokyo 23 wards. The population is 5.5 million, of However, not many Japanese companies have achieved which size is less than a half of Tokyo’s. However, the successful business results in Singapore even though Singapore economy is much stronger. For example, its gross domestic possesses a variety of advantages for doing business like lower product (GDP) per capita has reached US$90,151 ranked as tax rates and developed infrastructure provisions. This paper the 3rd biggest nation in the world, whereas that of Japan is investigates advantages and disadvantages of the Singapore for food business in order for Japanese food companies in order to US$41,276 [3]. offer comprehensive understanding of and insight into its food Leveraging its strategic location between the East and market.
    [Show full text]
  • Mscism Luncheon Seminar
    MScISM Luncheon Seminar Dept of Information Systems, Business Statistics & Operations Management HKUST Business School Date: Saturday, 5 November 2011 Time: 1:15 – 2:20pm (Refreshments 12:40 – 1:15pm) Venue: Lecture Theater H (Lift 27-28), HKUST Speaker: Mr. Ray Chung, Founder of OpenRice.com Vice-Chairman (Internet), HK Software Industry Association Topic: The Success of OpenRice.com Synopsis of the talk: OpenRice.com (transliterated from its Chinese name meaning “Time for meal!”) is a food and restaurant guide website which currently operates in Hong Kong, Macau, China, Singapore, Indonesia, Philippines and Thailand. Since its launch in Hong Kong in 1999, OpenRice.com has been well received by local diners. Ranked among Hong Kong’s Top 10 Most Viewed Local Website, OpenRice.com receives over 80 million page views and 2 million visitors per month. As of July 2011, it has about 35,000 recorded restaurants, 450,000 registered diners and over 500,000 ratings and comments. Ray Chung will share his experience in founding and running OpenRice.com. Bio-sketch of speaker: Ray Chung began his career as a business news reporter for the Hong Kong Economic Journal. He co-founded OpenRice.com, the most popular and reputable dining guide in Hong Kong. Ray has vast experience in location-based website management and created a successful business model with mobile Internet technology and Internet Marketing. Ray is an active member in the Hong Kong Software Industry Association and a regular columnist for local print media, such as Oriental Daily and PC Magazine. Since 2000, he is the host of “Go for IT” which is broadcast by Metro Radio.
    [Show full text]