TJI Achieves a Successful Leap to International Market

Tam Jai International Co. Limited (“TJI” or the “Company”, and together with its subsidiaries, the “Group”; HKEX stock code: 2217), a leading and renowned mixian-specialised fast casual restaurant chain, announced its first annual results after its listing in Hong Kong. Revenue of the Group saw a notable year-on-year increase of 26.8% to HK$2,275.3 million for the year ended 31 March 2022 (“FY2022”), despite the 5th wave of COVID-19 outbreak in Hong Kong in the last quarter of FY2022. Excluding one-off listing expenses and government subsidies in relation to COVID-19, its adjusted profit for the year rose by 17.8% to HK$165.5 million in FY2022.

Highlights
Prominent Performance in FY2022
— Revenue increased by 26.8% to HK$2,275.3 million year-on-year, mainly attributable to the increased number of restaurants in operation and growth in comparable restaurants revenue
— Operating profit of restaurant operations increased by 38.2% to HK$476.7 million
— Operating profit margin up by 1.7 percentage points to 20.9%
— Excluding the one-off listing expenses and government subsidies in relation to COVID-19, adjusted profit for the year increased by 17.8% to HK$165.5 million

Expanding Restaurant Network
— The unique and authentic TamJai tastes were successfully brought to different regions. The responses the Group has received from Shenzhen, Guangzhou and Tokyo were instantaneous and overwhelming
— As at 31 March 2022, there were 175 restaurants in operation across Hong Kong, Mainland China, Singapore and Japan, a net increase of 28 restaurants as compared to 31 March 2021
— Eight restaurants were opened in the Mainland China and the first restaurant in Japan was met with a rapturous reception
— TJI aims to further expand its restaurant network in Hong Kong, the Greater Bay Area, Singapore and Japan, with two more restaurants planned to open in Kichijoji and Ebisu in Tokyo, Japan in the first quarter of FY2023

Revenue of TJI’s Hong Kong restaurants saw a speedy and strong recovery to the pre-COVID-19 level during the first three quarters of FY2022 as the pandemic eased. This was due to the support of a community of loyal customers as it consistently delivers quality food with a variety of options and exceptional service. While the entire catering industry in Hong Kong was reeling from the impact of COVID-19 outbreak in the fourth quarter of FY2022, the Group managed to stay afloat thanks to its wide brand recognition, great success of the introduction of premium toppings, snacks and new products, and the continued support from its loyal customers.

The rise in revenue in FY2022 was mainly attributable to the increase in the number of restaurants in operation, and the steady growth in comparable restaurants revenue in Hong Kong. Meanwhile, operating profit increased by 38.2% to HK$476.7 million, with operating profit margin improving by 1.7 percentage points to 20.9%. This was due to the decrease in staff costs as a percentage of revenue attributable to the improvement of manpower efficiency, and the decrease in depreciation of right-of-use assets, rental and related expenses as a percentage of revenue, attributable to the improvement in its restaurant performance. The Group also continued to achieve a healthy financial position and had cash and cash equivalents of HK$1,365.2 million as at 31 March 2022.

The Board recommends paying a final dividend of HK11.4 cents per share for FY2022, or approximately HK$152.4 million in total.

Business Review
Steady comparable restaurants revenue growth despite 5th wave of COVID-19 outbreak
As part of its strategies in menu design, TJI has launched more than two dozen new products in FY2022 including toppings, soup base, snacks and beverages. The introduction of premium toppings and snacks, combined with successful marketing campaigns as well as a menu price adjustment in February 2022, resulted in an across-the-board increase in the average spending per customer, and the average daily number of bowls served per seat.

During the first three quarters of FY2022, the comparable revenue of TJI’s Hong Kong restaurants had recovered to the pre-COVID-19 level. To mitigate the impact of the 5th wave of COVID-19 outbreak in the last quarter of FY2022, the Group had quickly boosted its takeaway/food delivery capacity, by offering takeaway promotions and maintaining a strong partnership with third-party delivery platforms. It has also carefully managed its supply chain and workforce to minimise service interruptions amid the pandemic. The decrease in dine-in revenue in the last quarter of FY2022 was partially offset by the increase in proportion of takeaway/food delivery revenue.

Striving for improvements
Despite global logistics interruptions, and the upward pressure on the cost of food and beverages consumed in face of the ongoing pandemic, the Group managed to mitigate general cost inflation through supply chain management, and product substitution or upgrade. The integration of the central kitchens of TamJai Yunnan Mixian (“TamJai”) and TamJai SamGor Mixian (“SamGor”) brands also contributed to the reduction in the costs in facilities, enhancement in efficiency, and optimisation of food production. New supply chain management systems were also set up to optimise cost control and to enhance production planning process.

In addition, a Smart Rostering was implemented to help maintain the right level of frontline staff and productivity, and thereby optimise labour costs, as business volume fluctuates in tandem with the pandemic situation. It also made swift decisions regarding restaurant operating hours, renovation projects and restaurant opening schedule by re-assessing the market needs.

Expansion of restaurant network
As of 31 March 2022, TJI operates a total of 175 restaurants, with geographical presence expanding to Japan on 31 March 2022, in addition to the existing markets of Hong Kong, Mainland China and Singapore. The responses it has received from its first restaurant in Japan were overwhelming: hundreds of customers queued for hours outside its Shinjuku restaurant in Tokyo, eager to be among the first to enjoy a steaming noodle bowl packed with Hong Kong flavours and culture. There is clearly an international appetite for authentic Hong Kong food experience. And this has encouraged TJI to continue looking for new global avenues to bring the perfect taste abroad.

In Hong Kong, the Group operates 81 TamJai restaurants, and 81 SamGor restaurants. Its expanding restaurant network is complementary to the delivery service coverage throughout the city, as it is aware of the importance of takeaway and delivery in the industry amid the ongoing pandemic.

In Mainland China, the Group has opened eight restaurants in total under TamJai brand for FY2022, including six in Shenzhen, and two in Guangzhou. In the financial year ending 31 March 2023 (“FY2023”), it plans to open more restaurants in the Greater Bay Area as strategies are being put in place to drive both dine-in and takeaway turnovers.

In Singapore, one new restaurant was opened in March 2022, and some locations of new restaurants have been confirmed in the pipeline for FY2023.

TJI also opened its first restaurant in Shinjuku, Japan on 31 March 2022, and plans to open two more restaurants located in Kichijoji and Ebisu in Tokyo in the first quarter of FY2023.

Prospects
While the past year has been a bumpy ride, TJI has demonstrated resilience and agility in face of unanticipated situations. As the pandemic enters its third year, the Group is optimistic that social restrictions will be lifted gradually, and its growth momentum should resume in Hong Kong, Mainland China, and the overseas markets.

In tune with the fast-changing customer behaviour in tandem with the pandemic’s development, the Group is investing in further enhancing its restaurant-level efficiency in serving dine-in, takeaway and delivery orders. It is also implementing new supply chain management systems in Hong Kong and other markets to optimise cost control and enhance production planning process, which would help cushion itself against logistics hiccoughs and changes in COVID-related policies on movements and mobility.

For the Mainland China market, the initial revenue and customers responses of the new restaurants in Shenzhen and Guangzhou had been favourable, and the business is expected to pick up as soon as the social activities resume.

Riding on the strong rebound in the Singapore market since November 2021, the Group will resume new restaurant opening activities, and adapt its business model to capitalise on the revived consumer sentiment and increase profitability. Besides, it has been encouraged by the rapturous reception of its first restaurant in Tokyo. As market activities have started picking up again in Japan, TJI will keep expanding its network healthily to capture the market momentum with the robust support of its controlling shareholder, Toridoll Holdings Corporation.

Mr. Daren Lau, Chairman, Executive Director and Chief Executive Officer of TJI, said, “We are very pleased to have navigated through the challenges posed by the pandemic in FY2022 with great agility and resilience as we continued to grow our revenue and operating profit margin. The encouraging results have proved our competitive advantages in food and service quality, restaurant operations and supply chain management. On the back of our successful listing in Hong Kong in October 2021, we will further expand our market presence, and bring our one-of-a-kind chain restaurant dining experience and distinctive ‘TamJai Tastes’ all over the world.”

About Tam Jai International Co. Limited (HKEX: 2217)
TJI has been listed on The Stock Exchange of Hong Kong Limited (stock code: 02217.HK) since October 2021. It is one of the largest and most popular fast casual resturant chains and the No.1 Asian noodle specialty restaurant operator in Hong Kong.* It primarily operates the TamJai Yunnan Mixian and TamJai SamGor Mixian brands, with operations in Hong Kong, Mainland China, Singapore and Japan. As at 31 March 2022, the Group operated a total of 175 restaurants. With the first TamJai Yunnan Mixian restaurant and the first TamJai SamGor Mixian restaurant opened in 1996 and 2008 in Hong Kong respectively, it has pioneered and popularised the new mixian trend in Hong Kong.

*In terms of both revenue and number of restaurants in 2020, according to Euromonitor






Topic: Press release summary

Preh achieves 2021 targets in a difficult market

Preh CEO “Charlie” Cai promotes “shoulder-to-shoulder cooperation” in 2022 between carmakers and suppliers

By: Preh, Inc.

NOVI, Mich.April 14, 2022PRLog — In the past fiscal year, Preh generated sales of EUR 1.34 billion (2020: approx. EUR 1.2 billion). The automotive supplier was thus able to just meet the targets it had set for itself in an extremely difficult market environment. As the external conditions are likely to remain tense in 2022, CEO Zhengxin “Charlie” Cai sees high-cost burdens for the company and the industry as a whole.

Preh’s earnings are also in line with expectations. EBITDA was acceptable overall at EUR 177.7 million (2020: EUR 127.4 million). “We owe this to the highest efforts of the team, which in a joint show of strength has mitigated external cost effects and tapped internal optimization potential—an achievement we can all be very proud of together,” said CEO Cai.

Cai is cautious about the outlook for 2022: “Rising inflation, higher energy costs, enormous price increases in materials purchasing, a shortage of skilled workers and the unstable global political situation—these are all factors that we cannot avoid. These conditions will continue to impact our costs this year, applying not only to Preh, but to the automotive industry as a whole.

“If we want to secure value creation and thus jobs in Germany, we need a joint shoulder-to-shoulder effort by carmakers and suppliers,” said Cai. In the year under review, 7,054 employees worked for Preh; in 2020, the figure was 7,194.

Innovations in the field of HMI and E-Mobility

In 2021, Preh was again able to attract attention through innovation leadership. One highlight was the Ford World Excellence Award in the category “must-have products and services”: for the touchscreen with haptic rotary knob in the Mustang Mach-E and the F-150 Lightning.

“We see great potential in smart surfaces as well as in haptic controls with a high level of function integration and in the combination of touchscreens with haptic operating elements,” observed Cai. “In the growth segment of e-mobility, we supply OnBoard Chargers (OBC) for passenger cars and commercial vehicles. Recently, an OBC went into production in the Volvo XC40 Recharge, and a new bi-directional OBC is currently in development for a well-known automotive brand.”

Overall, the demand for electrically powered vehicles is also making itself felt at Preh. The e-mobility division’s share of total sales rose from 17 percent in 2020 to 20.5 percent in the past fiscal year—an upward trend. Both pillars, HMI and e-Mobility, are to become equally strong in the future.

Sustainability as an integral part of the company vision

Preh’s innovative approach in all areas is evident both on the product side and in its financial structure. In December 2021, for example, the company concluded a syndicated loan with Commerzbank that is tied to sustainability criteria.

“The loan managed by Commerzbank places particular emphasis on environmental, social and corporate governance criteria. We have positioned ourselves for the future also in this respect and at the same time created the necessary stability and flexibility to cope with market turbulence and to finance growth,” emphasized Cai.

About Preh

As a global automotive supplier, the Preh Group currently employs around 7,000 people and in 2021 achieved sales of around EUR 1.3 billion. Preh was founded in Bad Neustadt a. d. Saale in 1919 and since 2011 has been part of the Joyson Group. Preh’s development and manufacturing expertise includes, in particular, HMI systems for cars and commercial vehicles, as well as e-mobility components in the low-voltage and high-voltage range.

As a subsidiary of the listed Joyson Electronics Corp. (600699: Shanghai), Preh is the Automotive Electronics division within the Joyson group of companies, Ningbo (China), founded by Jeff Wang in 2004. For more information, please visit http://www.preh.com

BRO achieves rare feat; Zoji La Pass opened for traffic on Srinagar-Kargil-Leh road after just 73 days of its closure


Border Roads Organisation (BRO) opened the gateway between Union Territories of Ladakh and Jammu & Kashmir – the Zoji La Pass – for traffic on Srinagar-Kargil-Leh road at 11,650 feet on March 19, 2022, setting up an all-time record of the pass being opened after just 73 days of its closure this year. This is the first time BRO has been able to achieve the feat, after it had kept the pass open till January 05, 2022 through relentless snow clearance operations amidst tough weather conditions. 


Since February 15, 2022, the snow clearance operations were undertaken from both sides of the pass by Project Beacon and Vijayak, located in J&K and Ladakh respectively. After sustained efforts, the connectivity across Zoji La Pass was initially established on March 04, 2022. Thereafter, efforts were made to improve the road conditions to create safe passage of vehicles. First convoy of vehicles carrying essential fresh supplies moved across the Zoji La Pass and reached Kargil bringing much needed relief to the people of Ladakh. Usually, the Zoji La Pass used to remain closed for around 160-180 days during winters on account of heavy snowfall.


 Various dignitaries from civil administration and the Indian Army, including Director General Border Roads (DGBR) Lt Gen Rajeev Chaudhry, were present during the re-opening of the pass. Lauding the efforts of Project Beacon and Vijayak, the DGBR said, early opening of Zoji La Pass will not only bolster the defence preparedness of the country, but will also facilitate the movement of essential commodities to the people of Ladakh. He added that the opening of the pass will assist BRO to stock the material required for construction of important infrastructure projects in Ladakh. He reiterated BRO’s commitment to be in the forefront in Nation Building.




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ProcurePort Achieves SOC 2 Type II Certification for Its e-Procurement Application Suite

 ProcurePort.com, leading e-procurement solutions and services company has this month been awarded SOC 2 Type II certification for its e-Procurement Application Suite.

By meeting the extensive criteria of these standards, ProcurePort demonstrates its commitment to protecting highly sensitive and confidential information and consistently delivering quality results for clients.

The ProcurePort solution suite automates the entire Source-to-Pay process for large organizations, allowing those organizations to achieve procurement process efficiencies and cost savings across all spend categories.

Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 2 information security standard is an audit report on the examination of controls relevant to the trust services criteria categories covering security, availability, processing integrity, confidentiality, and privacy. The SOC 2 Type II certification confirms that Clair’s security and compliance controls have been effective for more than six months.

“The successful completion of our SOC 2® Type II examination audit provides ProcurePort’s clients with confidence that the controls and protections we use to secure their data are in accordance with industry guidelines and principles,” said Jemin Patel, Director – ProcurePort.

About ProcurePort

ProcurePort is a leader in providing on-demand procurement software (Requisition Software / Reverse Auction software / Spend Analysis software / RFQ & RFP software / P.O & Invoice Automation / Payments Automation / Spend Analysis Software / Contract Management Software) and services (Reverse Auction services / Spend Analysis services) for startup companies as well as Global 1000 organizations. Operating in a wide range of industries from manufacturing to government, ProcurePort’s clients benefit from both the technology and service expertise that can help them automate their procurement processes without time-consuming or expensive technology deployment. ProcurePort’s affordability enables startups to compete with larger organizations and reach new levels of success in deploying an E-Marketplace in a specific vertical. For more information, visit https://www.ProcurePort.com or call 1.866.643.8153 (toll-free in North America).

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Japan – Hitachi Achieves CDP’s Highest Score of “Grade A” in Climate Change and Water Security

Hitachi, Ltd. (TSE: 6501) has been awarded the highest score of “Grade A” by global environmental non-profit charity CDP, in the categories of climate change and water security. CDP evaluated Hitachi’s pioneering initiatives and disclosure of information for tackling climate change, as well as acting to protect water security. This is the first time Hitachi has simultaneously been included in an “A List” in two themes, and the third consecutive year that Hitachi has been included in water security.

Hitachi has set its long-term environmental targets, issuing its plan “Hitachi Environmental Innovation 2050,” to help realize a sustainable society. In the area of climate change, the Hitachi Group as a whole has set a target of becoming carbon neutral in its business sites (factories and offices) by fiscal 2030, and of achieving carbon neutrality through its entire value chain by fiscal 2050. To achieve this target, the company has introduced its Internal Carbon Pricing system, starting with investments for fiscal 2019, and executive pay linked to environmental performance from April 2021. In addition, the company plans to invest 1.5 trillion yen in R&D over the next three years, focusing on decarbonization technologies, including energy-saving technologies, to help its customers reduce their CO2 emissions and environmental impact.

In terms of the use of water resources, Hitachi has set a target of improving the efficiency of internal water usage by 50% by fiscal 2050, compared to fiscal 2010. It aims to use the water resources necessary for business continuity appropriately and efficiently, and has been working to identify and address risks related to water issues throughout the Hitachi Group. Externally, Hitachi provides water environment solutions using digital technology, and improves water infrastructure to solve global water issues.

CDP is a global non-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. The organization analyzes and evaluates the environmental initiatives and information disclosure of the world’s major companies in the three themes of climate change; water security; and forests – and selects the best companies as “A list” companies each year.

Hitachi is becoming a climate change innovator and will continue to contribute to the realization of a sustainable society where people live happy and prosperous lives, through solving various ESG issues for society and customers through its Social Innovation Business, which uses data and technology to innovate social infrastructure.

Hitachi’s Sustainability Initiatives
https://www.hitachi.com/sustainability/

Sustainability Report / Integrated Report
https://www.hitachi.com/sustainability/download/index.html
https://www.hitachi.com/IR-e/library/integrated/2021/index.html

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business. Hitachi is focused on strengthening its contribution to the Environment, the Resilience of business and social infrastructure as well as comprehensive programs to enhance Security & Safety. Hitachi resolves the issues faced by customers and society across six domains: IT, Energy, Mobility, Industry, Smart Life and Automotive Systems through its proprietary Lumada solutions. The company’s consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide.

Hitachi is a Principal Partner of COP26, playing a leading role in the efforts to achieve a Net Zero society and become a climate change innovator. Hitachi strives to achieve carbon neutrality at all its business sites by fiscal year 2030 and across the company?s entire value chain by fiscal year 2050.

For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

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