Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management is an investment holding company primarily engaged in providing medical health and medical beauty services. The company offers a comprehensive range of non-invasive medical and aesthetic services, including personalized medical aesthetic solutions, hair growth treatments, pain management, preventive care, and reproductive medical services. It operates across Hong Kong, Macau, Mainland China, Australia, and Singapore. The company was incorporated on March 11, 2011, and is headquartered in Hong Kong.

Perfect Medical Health Management (1830 HK)

<ul>
<li>Low growth, high return: revenue barely grew in a decade, yet IPO subscribers who kept the cash earned about 19% a year.</li>
<li>Benchmark beaten handsomely: Hong Kong’s market index returned 3.5% a year, and an index portfolio paying the same dividends would have run dry in 2020.</li>
<li>The engine was allocation, not growth: a capital-light, prepaid business paid out at least 100% of profit for eleven years, yet later buyers who overpaid still lost.</li>
</ul>


Low growth, high return: revenue barely grew in a decade, yet IPO subscribers who kept the cash earned about 19% a year.
Benchmark beaten handsomely: Hong Kong’s market index returned 3.5% a year, and an index portfolio paying the same dividends would have run dry in 2020.
The engine was allocation, not growth: a capital-light, prepaid business paid out at least 100% of profit for eleven years, yet later buyers who overpaid still lost.


Perfect Medical: How a Low-Growth Company Beat the Market by Paying Out Everything

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Oriental Watch is an investment holding company primarily engaged in the trading of watches and clocks through an extensive retail network in Greater China. It sells watches from numerous prestigious brands, including Rolex, Tudor, Bulgari, Breitling, and Longines. The company also engages in property holding and securities investment activities. Headquartered in Central, Hong Kong, the company was founded in 1961.

<ul>
<li>This is a part of our series <a href="https://www.smartkarma.com/insights/timeless-a-follow-up-on-the-luxury-watch-retailer-space-and-their-impressive-capital-allocation" target="_blank" data-smartkarma-citation="insights:267136" rel="noopener">Timeless: A Follow-Up on the Luxury Watch Retailer Space and Their Impressive Capital Allocation</a>/ <a href="https://www.smartkarma.com/insights/ticking-different-a-comparison-of-the-world-s-listed-luxury-watch-retailers-with-exposure-to-rolex" target="_blank" data-smartkarma-citation="insights:241854" rel="noopener">Ticking Different: A Comparison of the Rolex Watch Retailers </a>
</li>
<li>We expect <a href="https://www.smartkarma.com/entities/oriental-watch-holdings-limited" target="_blank" data-smartkarma-citation="entities:19950:1" rel="noopener">Oriental Watch (398 HK)</a> to show 10-15% YoY earnings growth in its H1FY27 results, to be declared in November (this is a March-end company). </li>
<li>With a 100% payout, we expect a dividend of 23.5 HKD cents (47 HKD cents annualized, or a 14.6% dividend yield), with 62% of the market cap in net cash. </li>
</ul>


This is a part of our series Timeless: A Follow-Up on the Luxury Watch Retailer Space and Their Impressive Capital Allocation/ Ticking Different: A Comparison of the Rolex Watch Retailers 

We expect Oriental Watch (398 HK) to show 10-15% YoY earnings growth in its H1FY27 results, to be declared in November (this is a March-end company). 
With a 100% payout, we expect a dividend of 23.5 HKD cents (47 HKD cents annualized, or a 14.6% dividend yield), with 62% of the market cap in net cash. 


Oriental Watch (398 HK): Previewing Earnings For H1FY27

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

<ul>
<li>Back on the 18th August 2026, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.</li>
<li>A littler a week later, BGH Capital lobbed a A$24.75/share NBIO, by way of a Scheme. EQT considered both NBIOs low-balled, but was willing to engage. </li>
<li>Reportedly, TPG has acquired 14.9% in EQT. At $23.50/share. Conscious of the ongoing ASIC litigation and super-exit restructuring costs, evidently this shareholder considered the NBIO terms to be full. </li>
</ul>


Back on the 18th August 2026, EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.
A littler a week later, BGH Capital lobbed a A$24.75/share NBIO, by way of a Scheme. EQT considered both NBIOs low-balled, but was willing to engage. 
Reportedly, TPG has acquired 14.9% in EQT. At $23.50/share. Conscious of the ongoing ASIC litigation and super-exit restructuring costs, evidently this shareholder considered the NBIO terms to be full. 


EQT (EQT AU): TPG Raids ~15% Of The Register

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Elnusa is an Indonesian oil and gas services company providing integrated solutions across three main segments: Upstream Services, Energy Distribution & Logistics Services, and Oil & Gas Support Services. Its services include geophysical and seismic data acquisition, drilling, oilfield services, as well as the storage, trading, distribution, and marketing of oil and gas products. The company was established in 1969 and is headquartered in Jakarta, Indonesia.

<ul>
 <li>PT <a href="https://smartkarma.com/entities/pt-elnusa-tbk">Elnusa</a> Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient cash flows and high returns of its Energy Distribution &amp; Logistics (D&amp;L) division, which delivered a 28.8% YoY surge in 1H2026 net profit.</li>
 <li>The company possesses unmatched multi-year earnings visibility supported by a record contract backlog of IDR 18.8 trillion and captive Pertamina Group market allocations, setting the stage for significant revenue recognition acceleration across Upstream and Support Services throughout 2H2026 and FY2027.</li>
 <li>At the current share price of IDR 680, ELSA trades at an undemanding valuation of 5.2x FY2026F P/E and 0.87x P/BV (a 35%-60% discount against domestic energy peers), supported by a fortress net-cash balance sheet and an attractive 5.97% dividend yield against consensus DCF-based fair values of IDR 1,110 to IDR 1,115.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  PT Elnusa Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient cash flows and high returns of its Energy Distribution &amp; Logistics (D&amp;L) division, which delivered a 28.8% YoY surge in 1H2026 net profit.
  The company possesses unmatched multi-year earnings visibility supported by a record contract backlog of IDR 18.8 trillion and captive Pertamina Group market allocations, setting the stage for significant revenue recognition acceleration across Upstream and Support Services throughout 2H2026 and FY2027.
  At the current share price of IDR 680, ELSA trades at an undemanding valuation of 5.2x FY2026F P/E and 0.87x P/BV (a 35%-60% discount against domestic energy peers), supported by a fortress net-cash balance sheet and an attractive 5.97% dividend yield against consensus DCF-based fair values of IDR 1,110 to IDR 1,115.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

OceanaGold Philippines / Equity Bottom-Up

OceanaGold Philippines, Inc. is a leading producer of gold and copper in the Philippines, engaged in the exploration, development, and utilization of mineral resources. The company operates the Didipio gold and copper mine in the northern Luzon region, producing gold dore bars (containing gold and silver) and copper concentrate. It was founded in 1996 and is headquartered in Kasibu, Nueva Vizcaya, Philippines.

<ul>
<li>
Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.</li>
<li>
 Performance:<a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>  (+56.5%) and Wesdome (+51.8%) lead YTD, while <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  (‑6.2%) and <a href="https://www.smartkarma.com/entities/kinross-gold-corp" target="_blank" data-smartkarma-citation="entities:25396:1" rel="noopener">Kinross Gold (K CN)</a> (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).</li>
<li>
Picks: We like <a target="_blank" rel="noopener">Barrick Mining (B US)</a> for upcoming catalysts, <a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its yield of 10-12%, and <a target="_blank" rel="noopener">Apex Mining (APX PM)</a> for future growth. </li>
</ul>



Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.

 Performance:Centerra Gold (CG CN)  (+56.5%) and Wesdome (+51.8%) lead YTD, while Barrick Mining (B US)  (‑6.2%) and Kinross Gold (K CN) (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).

Picks: We like Barrick Mining (B US) for upcoming catalysts, OceanaGold Philippines (OGP PM) for its yield of 10-12%, and Apex Mining (APX PM) for future growth. 


GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Dividends
Insights on Dividends

Perfect Medical: How a Low-Growth Company Beat the Market by Paying Out Everything

Near-total payouts turned each HKD 0.88 IPO share into HKD 4.17 of cash and stock; the same money in the Hong Kong market became HKD 1.46

Urbem Capital

Oriental Watch (398 HK): Previewing Earnings For H1FY27

We preview H1FY27 earnings for Oriental Watch 398 HK, to be declared in November. The stock trades at ~15% dividend yield (assuming a 100% payout)...

Sameer Taneja

EQT (EQT AU): TPG Raids ~15% Of The Register

I'd be buying. Then buying some more. Yes - terms (adjusted for the FY26 dividend) remain indicative. But TPG is not going to sit on 14.9%.

David Blennerhassett

Primer: Elnusa (ELSA IJ) - Oct 2026

PT Elnusa Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient...

αSK Primers

Perfect Medical: How a Low-Growth Company Beat the Market by Paying Out Everything

Near-total payouts turned each HKD 0.88 IPO share into HKD 4.17 of cash and stock; the same money in the Hong Kong market became HKD 1.46

Urbem Capital

Oriental Watch (398 HK): Previewing Earnings For H1FY27

We preview H1FY27 earnings for Oriental Watch 398 HK, to be declared in November. The stock trades at ~15% dividend yield (assuming a 100% payout)...

Sameer Taneja

EQT (EQT AU): TPG Raids ~15% Of The Register

I'd be buying. Then buying some more. Yes - terms (adjusted for the FY26 dividend) remain indicative. But TPG is not going to sit on 14.9%.

David Blennerhassett

Primer: Elnusa (ELSA IJ) - Oct 2026

PT Elnusa Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient...

αSK Primers

GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Gold miners trade at 8.3x P/E and 5.9x EV/EBITDA at $4,500/oz; YTD laggard Barrick is the cheapest on EV/EBITDA, and Oceanagold Gold offers a 12%...

Sameer Taneja