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  "documentTitle": "Samsung C&T Corporation (028260 KS)",
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      "text": "Recurring, cash-flow generating catering services now opened up for market competition, while SCT is expanding on Food Distribution which require capital for investment in logistics",
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      "text": "Operating Profit ($m) and Operating Margin 2016-2023E",
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      "text": "Food Catering: 650 business sites, 1m meals/day, non-captive expansion, diversifying into office/golf; Food Distribution: Fresh food/grocery to 8,500 sites, 6 logistics centers, focus on service/efficiency",
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      "text": "Food Catering & Food Distribution service provider (Welstory); Catering business being mostly captive, industry has now opened up for general 3rd party bidding; Food Catering business is a typical business service provider with steady margin, high revenue visibility, and low capital intensity; Food Distribution business has lower (and more volatile) margin while requiring capital for investment in logistics",
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      "text": "Operating Margin: 6.3%",
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      "text": "Source: Company, Bloomberg, Analyst research. Note: CAGR for 2016-22A",
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      "text": "Refreshing on SCT's Forgotten Operating Businesses – F&B",
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