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uSMART Securities

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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>Old Chang Kee is a Singapore food-to-go operator built around a recognised consumer brand, centralised production and a predominantly takeaway-led retail network.</li><li>Its 82 Singapore outlets remain the principal route to market, while catering, delivery and B2B have expanded to 12.4% of FY2026 revenue, providing an additional growth channel without equivalent physical-store expansion.</li><li>Earnings recovery is constrained by operating costs rather than product margins.</li></ul>

Old Chang Kee is a Singapore food-to-go operator built around a recognised consumer brand, centralised production and a predominantly takeaway-led retail network.Its 82 Singapore outlets remain the principal route to market, while catering, delivery and B2B have expanded to 12.4% of FY2026 revenue, providing an additional growth channel without equivalent physical-store expansion.Earnings recovery is constrained by operating costs rather than product margins.

Old Chang Kee Ltd: Durable Franchise and Balance-Sheet Strength

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>Old Chang Kee Ltd. (OCK) is a Singapore-based food manufacturer, distributor and retailer offering affordable ready-to-eat food products under the “Old Chang Kee” brand.</li><li>Its signature curry puff Curry’O is sold alongside a wide range of seafood, chicken and dessert items.</li><li>Its revenue is mainly derived from retail sales and non-retail channels such as delivery and catering. </li></ul>

Old Chang Kee Ltd. (OCK) is a Singapore-based food manufacturer, distributor and retailer offering affordable ready-to-eat food products under the “Old Chang Kee” brand.Its signature curry puff Curry’O is sold alongside a wide range of seafood, chicken and dessert items.Its revenue is mainly derived from retail sales and non-retail channels such as delivery and catering. 

Old Chang Kee Ltd: Initiating Coverage (28 August 2026)

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 its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry puffs, seafood favourites, and chicken delights.</li><li>The curry puff specialist has steadily grown its annual revenue past the S$100 million mark, while net profit also grew in tandem to close to S$10 million level for fiscal 2026 (FY2026).</li><li>OCK achieved this despite seeing its total number of Singapore outlets stabilise at 82, suggesting that the Company was increasing its sales per outlet.</li></ul>

Corporate Monitor Limited (CML) is initiating its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry puffs, seafood favourites, and chicken delights.The curry puff specialist has steadily grown its annual revenue past the S$100 million mark, while net profit also grew in tandem to close to S$10 million level for fiscal 2026 (FY2026).OCK achieved this despite seeing its total number of Singapore outlets stabilise at 82, suggesting that the Company was increasing its sales per outlet.

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

Old Chang Kee is a Singaporean multinational snack, food, and beverage chain specializing in curry puffs and other local snacks. The company also operates Curry Times, O' My Darling, and Dip'n'Go concepts. It was founded in 1956 and is headquartered in Singapore.

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Old Chang Kee (OCK SP)

Old Chang Kee Ltd: Durable Franchise and Balance-Sheet Strength

Old Chang Kee is a Singapore food-to-go operator built around a recognised consumer brand, centralised production and a predominantly...

uSMART Securities

Old Chang Kee Ltd: Initiating Coverage (28 August 2026)

Old Chang Kee Ltd. (OCK) is a Singapore-based food manufacturer, distributor and retailer offering affordable ready-to-eat food products under the...

FPA Financial

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

Old Chang Kee: A Snack Food Powerhouse

Corporate Monitor Limited (CML) is initiating its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry...

Corporate Monitor Limited

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

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