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

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><p>Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”).</p></li><li><p>Jumbo is Singapore’s well-known chilli crab specialist, and it has been bringing Singaporean cuisine to other countries.</p></li><li><p>Since its listing in November 2015, the Group has steadily grown its revenue, but net profit has been volatile.</p></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>
        <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-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </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. 
        
        

<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>
    <div class="content-highlight">
    <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>
    </div>
    


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. 
    
    

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.</li><li>RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.</li><li>Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.</li></ul>

UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

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
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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: 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: 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

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a 68 cents target; RHB lowers Thai Beverage to 62 cents; Geo Energy's 3QFY2025 disappoints,...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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: 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

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a 68 cents target; RHB lowers Thai Beverage to 62 cents; Geo Energy's 3QFY2025 disappoints,...

Singapore Market Roundup

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...

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