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Hi Steven,
 
I have read this previously and everyone is definitely entitled to their own view on specific company. That’s why share price of a stock goes up and down.
 
As an existing shareholder of BreadTalk, I could be bias and I do agree to his views mostly.
 
I, too, was disappointed with BreadTalk recent sage and at the same time, I think it’d not be so straight forward to link these short-term mistakes and conclude that the long-term stock fundamental is heading south. In my opinion, the foundation did showed some signs of crack and it’s never too late to do something about it (mgt control). This is something I believe shareholders would need to bring them up in the next AGM and remind the mgt that what keep companies alive and not overly concentrated on financial performance alone by sacrificing the soul of the business. 
 
The second point is something that’s constantly on-going in the F&B. BreadTalk has since ventured into property by taking advantage of their strong cashflow and low interest rate to co-invest in retail property and by doing that, the company claims to integrate up the value chain (be the landlord), maintain the relationship with landlords (i.e. Perennial) and get higher access to prime location which is the main driver if BreadTalk want to do well in F&B. Some of the early investment has done well for BreadTalk and if you did study on Perennial, you’d understand why BT is co-investing further with PREHL. 
 
I guess, the question must be brought upon the intention of the analyst. Typically a change of mgt in fund management co would revamp the strategies, thus the companies in the portfolio depending on the target return and risk appetite.