Jollibee, which started as an ice cream parlour in 1975, has beaten McDonald’s Corp in the Philippines, one of the few markets the US fast-food giant has failed to dominate.
The company, the most expensive in the Philippine Stock Exchange Index after Universal Robina Corp, is moving closer to its goal of getting half its sales from abroad with its purchase of Coffee Bean & Tea Leaf. “This could trigger a downward re-rating for the stock,” AP Securities’ Cruz said. “Its aggressive push outside could be a signal its home market is getting saturated. And if you valued Jollibee for its Philippine focus, would you still give it the same value with its growing overseas business?”They sold down the stock on Wednesday after the company announced the purchase.
Source: News Formal (newsformal.com)
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