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

Urbem Capital

Quality-first, Business-perspective, Long-term

Equity Bottom-Up

<ul>
<li>Another victim of the pandemic, Tang Palace, appears attractive with a single-digit P/E and a juicy FCF yield based on pre-COVID financials;</li>
<li>However, investors should, by no means, draw their deep-value conclusion without a full examination of the business economics;</li>
<li>We employ the same framework as we did with other names previously to assess the value-trap risks.</li>
</ul>


Another victim of the pandemic, Tang Palace, appears attractive with a single-digit P/E and a juicy FCF yield based on pre-COVID financials;
However, investors should, by no means, draw their deep-value conclusion without a full examination of the business economics;
We employ the same framework as we did with other names previously to assess the value-trap risks.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Nissan/Renault, NTT/Doco, Ayala, Yungtay, AHG, Kosaido, SK Hynix, Anadarko

Hong Kong

Tang Palace is an investment holding company primarily engaged in restaurant operations and food production, offering a diverse portfolio of multi-brand dining concepts including Chinese, Japanese, and Malaysian cuisines. The company also provides wedding venue and catering services. It is headquartered in Kowloon, Hong Kong, and was founded in 1992.

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Tang Palace (1181 HK)

Tang Palace: Deep Value or Value Trap

Current share price points to juicy yields on a pre-COVID basis, but is there any value trap? We examine business economics in detail.

Urbem Capital

Last Week in Event SPACE: Nissan/Renault, NTT/Doco, Ayala, Yungtay, AHG, Kosaido, SK Hynix, Anadarko

Last Week in Event SPACE ... Mangalores lurk as Renault SA (RNO FP)'s Senard bares his fangs and Nissan Motor (7201 JP)'s Saikawa said Nissan's...

David Blennerhassett

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