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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Beyond Meat, Inc.    BYND

BEYOND MEAT, INC.

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Impossible Foods launches in Asian grocery stores as it aims to move into China

10/20/2020 | 05:22am EST
Patrick Brown, founder and CEO of Impossible Foods discusses building a business around removing animals from the human food chain during the TechCrunch Disrupt forum in San Francisco

HONG KONG (Reuters) - Impossible Foods' faux beef burgers will be sold in grocery stores in Hong Kong and Singapore starting Tuesday, the company said as it vies to bolster its presence in Asia and before entering the potentially lucrative mainland China market.

Its Asian launch comes as the maker of plant-based meat said it was still awaiting approval from Chinese regulators. Its key ingredient, heme, made from genetically modified yeast, requires approval in China. "We are optimistic it could happen in the next year or even in the next several months," chief executive Pat Brown told an online news conference.

In September, rival Beyond Meat said it had signed a deal to open a production facility near Shanghai, as the company ramps up its focus on the rapidly growing Chinese market.

Brown said Impossible wanted to build a complete plant-based supply chain in the country and make it a domestic industry. "They (China) could have an entirely domestic meat supply which would be great for food supply, better from a public health standpoint and vastly reduce the environmental footprint," he said.

Nick Halla, senior vice president for international at Impossible Foods, said the use of heme in Impossible's products was key and trying to find a substitute would not be scalable or affordable to achieve the same taste.

Impossible said it launched in about 200 grocery stores in Hong Kong and Singapore this week, a move that was accelerated by COVID-19 in the face of subdued sales to restaurants.

(Reporting by Farah Master. Editing by Gerry Doyle)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. 0.93% 138.53 Delayed Quote.83.24%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.07% 141.9 End-of-day quote.-2.53%
HALLA HOLDINGS CORP. 4.24% 39300 End-of-day quote.-14.38%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.25% 110.425 End-of-day quote.-11.29%
All news about BEYOND MEAT, INC.
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Financials (USD)
Sales 2020 412 M - -
Net income 2020 -26,4 M - -
Net cash 2020 175 M - -
P/E ratio 2020 -313x
Yield 2020 -
Capitalization 8 680 M 8 680 M -
EV / Sales 2020 20,6x
EV / Sales 2021 13,2x
Nbr of Employees 472
Free-Float 87,7%
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Technical analysis trends BEYOND MEAT, INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 21
Average target price 118,74 $
Last Close Price 138,53 $
Spread / Highest target 29,9%
Spread / Average Target -14,3%
Spread / Lowest Target -60,3%
EPS Revisions
Managers
NameTitle
Ethan Walden Brown President, Chief Executive Officer & Director
Seth Goldman Chairman
Sanjay C. Shah Chief Operating Officer
Mark Joseph Nelson Chief Financial Officer & Treasurer
Raymond J. Lane Lead Independent Director
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