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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.

Equity Bottom-Up

<ul><li>Downgrade to HOLD; TP cut to S$0.27 from S$0.34.</li><li>We downgrade JUMBO from BUY after 1H26 showed sales growth outpacing profit: revenue rose 7.9% YoY and gross margin improved 0.3ppt, but PATMI fell 22.3% amid higher labour, utility and lease costs and weaker associate contribution.</li><li>According to the company announcement, the landlord-driven East Coast closure removes an outlet that contributed c.14% of FY2025 group revenue.</li></ul>

Downgrade to HOLD; TP cut to S$0.27 from S$0.34.We downgrade JUMBO from BUY after 1H26 showed sales growth outpacing profit: revenue rose 7.9% YoY and gross margin improved 0.3ppt, but PATMI fell 22.3% amid higher labour, utility and lease costs and weaker associate contribution.According to the company announcement, the landlord-driven East Coast closure removes an outlet that contributed c.14% of FY2025 group revenue.

Jumbo Group Limited: Top-Line Resilience, but the Flagship Closure Delays Earnings Recovery

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

<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

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”).</li><li>Jumbo is Singapore’s well-known chilli crab specialist, and it has been bringing Singaporean cuisine to other countries.</li><li>Since its listing in November 2015, the Group has steadily grown its revenue, but net profit has been volatile.</li></ul>

Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”).Jumbo is Singapore’s well-known chilli crab specialist, and it has been bringing Singaporean cuisine to other countries.Since its listing in November 2015, the Group has steadily grown its revenue, but net profit has been volatile.

Jumbo Group: Resilience and Consolidation Needed, Not Growth

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>1st half results confirm our view on margins under pressure and business facing structural headwinds</li>
<li>Jumbo Seafood flagship outlet in East Court Park is closing down as the lease is expiring on 30 September 2026.</li>
<li>East Coast Park outlet contributed to 14%  of revenue and earnings for September 2027 will be impacted.</li>
</ul>
 <div class="content-highlight">
 <h2>Raising Money for Persons with Disabilities in Singapore</h2>
 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, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> 
 </div>


1st half results confirm our view on margins under pressure and business facing structural headwinds
Jumbo Seafood flagship outlet in East Court Park is closing down as the lease is expiring on 30 September 2026.
East Coast Park outlet contributed to 14%  of revenue and earnings for September 2027 will be impacted.

        
        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. 
        
        

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. </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 Group Limited Company Update (29 May 2026)

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)

Jumbo Group Limited: Top-Line Resilience, but the Flagship Closure Delays Earnings Recovery

Downgrade to HOLD; TP cut to S$0.27 from S$0.34. We downgrade JUMBO from BUY after 1H26 showed sales growth outpacing profit: revenue rose 7.9%...

uSMART Securities

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: Resilience and Consolidation Needed, Not Growth

Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”). Jumbo is Singapore’s well-known chilli crab...

Corporate Monitor Limited

Jumbo Group Limited:Update

Jumbo Group's profitability is under pressure as reflected in the first Half results, and the closure of the flagship outlet in East Coast Park...

Punit Khanna

Jumbo Group Limited Company Update (29 May 2026)

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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Jumbo Group Limited: Top-Line Resilience, but the Flagship Closure Delays Earnings Recovery

Downgrade to HOLD; TP cut to S$0.27 from S$0.34. We downgrade JUMBO from BUY after 1H26 showed sales growth outpacing profit: revenue rose 7.9%...

uSMART Securities

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: Resilience and Consolidation Needed, Not Growth

Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”). Jumbo is Singapore’s well-known chilli crab...

Corporate Monitor Limited

Jumbo Group Limited:Update

​Jumbo Group's profitability is under pressure as reflected in the first Half results, and the closure of the flagship outlet in East Coast Park...

Punit Khanna

Jumbo Group Limited Company Update (29 May 2026)

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

FPA Financial

Jumbo Group's profitability is under pressure as reflected in the first Half results, and the closure of the flagship outlet in East Coast Park...