Jollibee (MV $4.34Bn): Philippines’ #1 Foodservice Company Hitting Tipping Point in Well-Executed International Expansion
Jollibee Foods Corp (PSE: JFC) is Philippines’ #1 food company with multiple brand format across several categories to capture a bigger chunk of the dining-out market where >12% of the Philippine population dining at one of their outlets every week, led by flagship fast-food brand Jollibee which dominates the QSR market with a share of 57% which is 3x the value share of its next largest peer. JFC’s other domestic brands are leaders in their own categories: Chowking (Chinese, market share 91%), Greenwich (pizza, market share 35%), Red Ribbon (cakes/ pastries, market share 44%), Mang Inasal (grilled chicken, market share 92%), and Burger King. Its international brands include Yonghe King (noodle, rice, dimsum), San Pin Wang (noodles), Hong Zhuang Yuan (congee), and Dunkin’ Donut 60:40 JV in China; SuperFoods 50:50 JV in Vietnam (Pho24, Highlands Coffee, Hard Rock Cafe). Out of the ~3,000 stores, 52% are company-owned and 48% are franchised. Founded by Tony Tan Caktiong and his wife Grace Ang Caktiong in 1975 and incorporated in 1978, JFC is 70% controlled by the Caktiong family.
1) What Makes It a Wide-Moat Business?
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