Koufu Group Ltd (SGX: VL6) is an established operator and manager of food courts and coffee shops in Singapore. The company also has a presence in both Malaysia and Macau. The group has two key business segments – outlet and mall management, and food and beverage (F&B) retail. As of 31 December 2019, Koufu’s outlet and mall management segment’s portfolio consists of 50 food courts, 16 coffee shops, a hawker centre, and a commercial mall in Singapore. The F&B retail segment runs 86 self-operated F&B stalls, 29 F&B kiosks, seven quick-service restaurants and four full-service restaurants. Some of the group’s better-known brands include Fork & Spoon, Rasapura Masters @ Marina Bay Sands, Elemen, SuperTea and R&B Tea. Koufu went public back in July 2018 at S$0.63 per share. Since then, the share price has hovered in the range of S$0.55 to S$0.81, even as the group reported a strong set of earnings for the fiscal year 2019. Revenue for the full-year rose 6.1% year on year to S$237.5 million...