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.

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

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

<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

<ul><li>Jumbo Group presents a compelling investment case underpinned by five key pillars: Strong Local Brand Moat.</li><li>JUMBO Seafood is Singapore's iconic dining destination, synonymous with quality and authenticity.</li><li>The flagship brand enjoys pricing power, multi-generational loyalty, and top- of-mind recall for celebrations and corporate dining.</li></ul>

Jumbo Group presents a compelling investment case underpinned by five key pillars: Strong Local Brand Moat.JUMBO Seafood is Singapore's iconic dining destination, synonymous with quality and authenticity.The flagship brand enjoys pricing power, multi-generational loyalty, and top- of-mind recall for celebrations and corporate dining.

Jumbo Group Initiation : Iconic Singapore F&B, Regional Option Value

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.</li>
<li>OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.</li>
<li>While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.</li>
</ul>



Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings.
OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by 8.3% YoY.
While its balance sheet is among the strongest in our small-cap coverage, we struggle to identify a clear near-term catalyst that would presently allow for a rating.


Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

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: 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

Jumbo Group Initiation : Iconic Singapore F&B, Regional Option Value

Jumbo Group presents a compelling investment case underpinned by five key pillars: Strong Local Brand Moat. JUMBO Seafood is Singapore's iconic...

Tickrs

Old Chang Kee - FY26 Earnings Update - Resilient but Cost Pressures Starting to Show

OCK reported their FY26 results on 29th May 26. Revenue grew by 1.5% YoY to S$103.5m. Outlet sales grew by 0.6% YoY while non-outlet sales grew by...

Evolve Capital Advisory Pte Ltd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)