Family Mart latest developments
#QL细水长流
QL introduced Family in 2016 and has 385 branches by the end of 2023, and is expected to break the 400 milestone this year. In the first few years, FM's contribution was less than 10% of the company's turnover, so the earnings report did not publish data on convenience stores. It wasn't until FY22Q4 that QL announced Family Mart's turnover and profit before tax (PBT).
Since the introduction of the company, it is believed that FY2017's turnover will grow steadily, and the company's turnover will definitely improve as the number of branches increases, but it is speculated that it was at a loss for the first two years. The FY20 annual turnover before the outbreak of the epidemic was RM442.31 Mil, and the company already had RM17.97 mil PBT. The company's turnover almost doubled in 3 years. It is expected that the turnover will grow steadily in the next few years, and margin will fluctuate with the price of raw materials.
As of the first nine months of FY24, Family Mart's PBT has surpassed FY23 for the whole year, and it is expected that FY24's annual turnover will break the RM1,000 mil mark. Although it almost got involved in the Boycott scandal before, it had little impact for the time being.
The current number of branches is expected to be close to 400, and the QL target is to reach 600 branches in FY27. If management continues to maintain past execution records, I believe the future has an opportunity to be achieved.
It took QL 8 years to reach close to 400 branches. Assuming that it opens 1,000 branches in the next 10 years, this business is expected to reach RM2 Bil - 3 Bil. We will continue to pay attention to whether it will be spun off and listed like Sunway Medical at that time.
Family Mart contributed very little in the early days, and now it has contributed up to 9% of the QL PBT. It is expected that it will gradually grow to 12% - 15% in the future, becoming the company's Cash Cow business. The company has repaid bank loans close to RM600 mils in the past 3 years, and future dividends are likely to slowly increase.
QL introduced Family in 2016 and has 385 branches by the end of 2023, and is expected to break the 400 milestone this year. In the first few years, FM's contribution was less than 10% of the company's turnover, so the earnings report did not publish data on convenience stores. It wasn't until FY22Q4 that QL announced Family Mart's turnover and profit before tax (PBT).
Since the introduction of the company, it is believed that FY2017's turnover will grow steadily, and the company's turnover will definitely improve as the number of branches increases, but it is speculated that it was at a loss for the first two years. The FY20 annual turnover before the outbreak of the epidemic was RM442.31 Mil, and the company already had RM17.97 mil PBT. The company's turnover almost doubled in 3 years. It is expected that the turnover will grow steadily in the next few years, and margin will fluctuate with the price of raw materials.
As of the first nine months of FY24, Family Mart's PBT has surpassed FY23 for the whole year, and it is expected that FY24's annual turnover will break the RM1,000 mil mark. Although it almost got involved in the Boycott scandal before, it had little impact for the time being.
The current number of branches is expected to be close to 400, and the QL target is to reach 600 branches in FY27. If management continues to maintain past execution records, I believe the future has an opportunity to be achieved.
It took QL 8 years to reach close to 400 branches. Assuming that it opens 1,000 branches in the next 10 years, this business is expected to reach RM2 Bil - 3 Bil. We will continue to pay attention to whether it will be spun off and listed like Sunway Medical at that time.
Family Mart contributed very little in the early days, and now it has contributed up to 9% of the QL PBT. It is expected that it will gradually grow to 12% - 15% in the future, becoming the company's Cash Cow business. The company has repaid bank loans close to RM600 mils in the past 3 years, and future dividends are likely to slowly increase.
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