Breadtalk

Breadtalk: ($1.375) New JV in Thailand to spearhead expansion BreadTalk's 49%-owned Thai associate has entered into a 50/50 JV with The Minor Food Group (MFG), a business unit of Minor International (MINT), to invest an aggregate $7.9m. BreadTalk will fund its $4m stake via the transfer of all existing 19 BreadTalk outlets in Thailand to the JVCo. The JVCo, BTM (Thailand), will be appointed as BreadTalk's franchisee in Thailand, to operate the existing outlets, as well as drive future store expansion. BreadTalk intends to accelerate its expansion plans in Thailand, by leverage on Minor's strong F&B expertise and local network. MINT's global portfolio includes restaurants, hotels and lifestyle brands distribution. The group owns the rights to brands such as The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, Ribs and Rumps and Riverside brands. BreadTalk trades at 24.6x forward P/E, compared to the Asean F&B retailer average of 32.4x.