Food Innovators Holdings Limited (SGX: KYB) was listed on the Catalist board of the SGX on 16 October. With a market capitalisation of S$18.1 million, Food Innovators prides itself as a one-stop solution provider for traditional Japanese and Japanese-inspired European cuisines across Asia.
Food Innovators has two main business segments – Restaurant Leasing and Subleasing Business (RLSB) and Food Retail Business (FRB).
Its RLSB business focuses on leasing restaurant premises from landlords and subleasing them to restaurant tenants. This gives a recurring revenue element to the group through the rental spread.
Meanwhile, in its FRB business, Food Innovators is involved in operating and managing restaurants, on top of providing F&B consulting, which is another recurring income producer.
As of 2 June 2025, the Group manages a total of 223 subleased properties in Japan. In addition, the Group registered 30 restaurants in its brand portfolio, comprising 15 restaurants in Japan, 9 restaurants in Singapore, as well as 6 outlets in Malaysia. In Singapore, some of the brands it runs are Kadohachi, Niku Katsumata, Tendon Kohaku, and Man Man – mainly located in the CBD area.
Before investing, here are 5 things to know about Food Innovators Holdings.
#1 What are some competitive advantages that distinguish FIH from other players in the industry?
– One-stop solution for restaurant management and consulting: The Group’s complementary businesses coupled with additional ancillary services help it reap synergistic benefits and drive sustainable growth.
– Strong working relationships with tenants: Close working relationships help the Group pinpoint strategic locations, resulting in high occupancies of over 99% consistently.
– Ability to expand Japanese brands to overseas market: Expertise in identifying promising candidates has enabled the Group to successfully expand Japanese brands overseas.
– Provision of comprehensive end-to-end consulting services: Full suite of consulting services ranging from leasing spaces to restaurant operation services for new ventures by leveraging on the Group’s extensive network of contacts.
– Optimal site and location selection for restaurants and subleased properties: Optimal locations enhance the presence and utilisation of restaurants, and attractiveness of our subleased properties.
– Innovation of fresh dining experience and interesting food concepts: Strong in-house product development team to monitor market trends and customer preferences closely.
– Experienced and dedicated management team with an established track record: Experienced team with more than 10 years of F&B industry experience.
#2 Can you share more about how FIH’s businesses segments of restaurant leasing and subleasing, and food retail, complement each other?
Leveraging the leasing and subleasing business, the Group gains valuable market insights that support the expansion of its restaurant operations and help identify quality Japanese brands with growth potential in overseas markets.
Meanwhile, operating its own restaurants enhances the Group’s credibility with property owners, who recognise our operational expertise and offer favourable rental rates. This not only lowers costs for the Group’s own restaurant operations but also enables the Group to provide competitive sublease rates to acquire and retain subleasing customers.
#3 Given the large number of players and low entry barriers to the F&B industry, how does FIH ensure it remains competitive?
The Group benefits from the low barriers of entry in the F&B industry, which drives sustainable leasing demand for its restaurant leasing and subleasing business. At the same time, it differentiates its restaurant operations by maintaining high Japanese hospitality standards and focusing on staff training, sustaining customer loyalty while enabling the Group to strategically adjust pricing in response to market dynamics to ensure profitability.
Furthermore, the Group meticulously selects business partners for overseas expansions, aiming to collaborate with restaurants that have a strong track record of 20-30 years of successful operations. The Group is also exploring ways to incorporate elements of Japanese culture beyond just food, such as anime, into our offerings. Together with the Group’s deep roots in the Singapore market, we are able to deliver authentic Japanese cuisine and hospitality while catering to local dining preferences.
Backed by effective business partner engagement and social media marketing, the Group continues to grow its loyal customer base across brands like Kadohachi, Mikoto, Ushi Club, Hitsuji Club, Yatagarasu, and Yomo.
#4 What are some notable developments that investors can expect in the future?
The Group aims to grow its sublease portfolio to strengthen stable and recurring revenue streams, while scaling the food retail business to drive top-line growth. This includes the following initiatives:
- Ongoing expansion of the sublease portfolio through organic property acquisition and collaboration with the Mynavi Restaurant Business Fund.
- Strategic growth of the restaurant portfolio, with a focus on Malaysia and Japan.
- Expansion of anime-themed restaurant concepts, such as the Moomin brand, alongside efforts to acquire additional anime licensing rights.
- Expansion of sublease properties in Japan and Singapore.
As part of our regional growth strategy, the Group aims to deepen its foothold in Asia Pacific and we are exploring opportunities in high growth potential markets such as Australia and Vietnam. Notably, we have partnered with a prospective franchisee in Australia and are in the process of establishing a local subsidiary, laying the groundwork for future restaurant openings and positioning the Group for long-term value creation in the region.
#5 Can the Group share more about the real estate outlook in Japan, Malaysia, and Singapore, and how this affects its business?
Property rental rates have risen significantly over the years, particularly in commercial facilities.
In response, the Group selectively opens restaurants only in locations with high traffic, to ensure sufficient customer flow including in commercial facilities to absorb rising rents.
The Group’s strong site selection and rent negotiation capabilities have earned the trust of landlords, and we will continue to follow this disciplined approach.
Some answers for this article were extracted from the SGX 10 in 10 series published on 17 June 2025 and republished with permission. You can read more about Food Innovators Holdings (SGX: KYB) on the SGX website. You can also read other featured companies from SGX’s 10 in 10 series on the DollarsAndSense website.
