While financial performance has dropped since I bought the shares last year, I suspect it is a short term thingy. The business of coffee is quite competitive but somehow, many of them are able to play according to the rule i.e. not let the prices goes too low and in the event caused everyone to suffer financially. The Oldtown's sale is a good example as it shows that there are value for this business. I suspect the value for Oldtown comes from its ready coffee mix business rather than the coffee chain business.
I have decided to buy (as below) when it dropped as I deemed it as an opportunity.
This business is not a "moat", however I suspect Power Root has its inherent strength as well. The lower profits in the last one year is probably of its expansion costs as one can also noticed that its foreign business is now bigger than local sales.