JAKARTA. PT Jaya Bersama Indo Tbk (DUCK), the manager of The Duck King and Fook Yew restaurant chains, was not so aggressive in expanding its business during 2019.
According to Handiman Soetoyo, an analyst or Mirae Asset Sekuritas, DUCK only opened 1 new outlet in 2019, from its target of 6. Meanwhile, 1 Fook Yew outlet in Kelapa Gading will be closed.
"Management is now very careful in opening new outlets to avoid the need to close outlets in the future," explained Soetoyo in his research. "We consider it a good thing," he added.
Soetoyo added that in 2020, DUCK plans to open 21 new outlets this year. 5 outlets will be obtained from the acquisition of franchise outlets, and the rest of them will be opened with a new concept.
Nevertheless, Soetoyo was not convinced that the expansion plan could go according to plan, considering the company's expansion and financial performance in 2019. "We doubt the execution a little," explained Soetoyo. (KR/AR)