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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a> reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. </li>
<li>Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). </li>
<li>Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. </li>
</ul>



Taste Gourmet (8371 HK) reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. 
Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). 
Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. 


Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Trough Earnings with Clear Path to Recovery FY2025 PATMI of S$8.7 million represents a cyclical trough driven by three identifiable factors: (i) front-loaded lease costs from the Tai Seng consolidation, (ii) asset disposal and impairment-related charges of approximately S$1.3–S$1.4 million, and (iii) elevated marketing spend for new outlet launches.</li><li>All three factors are expected to normalise or reverse in FY2026 as the Tai Seng facility becomes fully operational and new outlets mature.</li><li>We project FY2026E PATMI recovery to S$10.8– 11.8 million (5.5–6.0% net margin), implying EPS of 1.79–1.96 cents.</li></ul>

Trough Earnings with Clear Path to Recovery FY2025 PATMI of S$8.7 million represents a cyclical trough driven by three identifiable factors: (i) front-loaded lease costs from the Tai Seng consolidation, (ii) asset disposal and impairment-related charges of approximately S$1.3–S$1.4 million, and (iii) elevated marketing spend for new outlet launches.All three factors are expected to normalise or reverse in FY2026 as the Tai Seng facility becomes fully operational and new outlets mature.We project FY2026E PATMI recovery to S$10.8– 11.8 million (5.5–6.0% net margin), implying EPS of 1.79–1.96 cents.

Jumbo Group Update : Trough Earnings, But the Foundation is Being Laid

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>Well-Run company in an industry which is facing structural headwinds</li>
<li>Looking to increase its presence in Singapore by launching new products including food court</li>
<li>Business is facing challenge of saturating demand and increased cost pressure from labour, rental and raw material.</li>
</ul>
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    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
    <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
    <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> </p>
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Well-Run company in an industry which is facing structural headwinds
Looking to increase its presence in Singapore by launching new products including food court
Business is facing challenge of saturating demand and increased cost pressure from labour, rental and raw material.

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul>
<li>Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.</li>
<li>With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.</li>
<li>As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.</li>
</ul>


Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.
With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.
As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.


Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>JUMBO Group Limited (“JUMBO”) is a Singapore-based food and beverage (“F&amp;B”) company renowned for its Singaporean-style live seafood specialities.</li><li>Founded in 1987 as a humble seafood restaurant at the East Coast Seafood Centre, the brand quickly gained recognition for its award-winning Chilli Crab and Signature Black Pepper Crab.</li><li>Staying true to its tagline, “Bonding People Through Food ”, JUMBO strives to be synonymous with bringing people together over shared dining experiences. JUMBO operates a diverse portfolio of 13 F&amp;B brands across Asia, with a network of 44 outlets spanning 13 cities.</li></ul>

JUMBO Group Limited (“JUMBO”) is a Singapore-based food and beverage (“F&amp;B”) company renowned for its Singaporean-style live seafood specialities.Founded in 1987 as a humble seafood restaurant at the East Coast Seafood Centre, the brand quickly gained recognition for its award-winning Chilli Crab and Signature Black Pepper Crab.Staying true to its tagline, “Bonding People Through Food ”, JUMBO strives to be synonymous with bringing people together over shared dining experiences. JUMBO operates a diverse portfolio of 13 F&amp;B brands across Asia, with a network of 44 outlets spanning 13 cities.

Singapore

JUMBO Group is a Singapore-based investment holding company that operates and manages a network of restaurants specializing in seafood and Teochew cuisine across Singapore, China, Taiwan, and South Korea. The company also sells pre-packaged sauces and spice mixes under its Love, Afare brand and offers catering services. JUMBO Group was founded in 1987 and is headquartered in Singapore.

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JUMBO Group (JUMBO SP)

Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

We provide an update on Taste Gourmet (8371 HK), which recently released its FY25 results. We summarize our call with the management and our...

Sameer Taneja

Jumbo Group Update : Trough Earnings, But the Foundation is Being Laid

Trough Earnings with Clear Path to Recovery FY2025 PATMI of S$8.7 million represents a cyclical trough driven by three identifiable factors: (i)...

Tickrs

Jumbo Group Limited: JUMBO SP

A well-run company in an industry that is facing demand saturation and cost pressure, which will affect its profitability in the near term

Punit Khanna

Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Jumbo Group Limited is a leading Singapore-based multi-concept F&B operator, renowned for its flagship JUMBO Seafood brand.

uSMART Securities

Initiating Coverage: JUMBO Group Limited

JUMBO Group Limited (“JUMBO”) is a Singapore-based food and beverage (“F&B”) company renowned for its Singaporean-style live seafood...

FPA Financial

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52-week Range

Market Cap (USDm)

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Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

We provide an update on Taste Gourmet (8371 HK), which recently released its FY25 results. We summarize our call with the management and our...

Sameer Taneja

Jumbo Group Update : Trough Earnings, But the Foundation is Being Laid

Trough Earnings with Clear Path to Recovery FY2025 PATMI of S$8.7 million represents a cyclical trough driven by three identifiable factors: (i)...

Tickrs

Jumbo Group Limited: JUMBO SP

​A well-run company in an industry that is facing demand saturation and cost pressure, which will affect its profitability in the near term

Punit Khanna

Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Jumbo Group Limited is a leading Singapore-based multi-concept F&B operator, renowned for its flagship JUMBO Seafood brand.

uSMART Securities

Initiating Coverage: JUMBO Group Limited

JUMBO Group Limited (“JUMBO”) is a Singapore-based food and beverage (“F&B”) company renowned for its Singaporean-style live seafood...

FPA Financial

A well-run company in an industry that is facing demand saturation and cost pressure, which will affect its profitability in the near term