Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

Equity Bottom-Up

<ul><li>We initiate coverage of Old Chang Kee (OCK), one of the oldest and largest local F&amp;B chains in Singapore (SG), with a BUY recommendation because the market for the company’s food products is still far from being saturated.</li><li>Staying competitive and innovating have been key to OCK’s success in growing the business into one with revenues of &gt; $104 mil.</li><li>This still represents only a miniscule 0.5% of the $19.3bn SG F&amp;B sector. There is still more upside for the 70-year young company.</li></ul>

We initiate coverage of Old Chang Kee (OCK), one of the oldest and largest local F&amp;B chains in Singapore (SG), with a BUY recommendation because the market for the company’s food products is still far from being saturated.Staying competitive and innovating have been key to OCK’s success in growing the business into one with revenues of &gt; $104 mil.This still represents only a miniscule 0.5% of the $19.3bn SG F&amp;B sector. There is still more upside for the 70-year young company.

Old Chang Kee (OCK SP): Faster Growth – Coming up the MRT Track

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

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 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. </li>
<li>Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.</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 1H26 earnings update on 12th Nov 25. Revenue growth was flat at only 0.2% YoY, with both outlet and non-outlet sales remaining stable. 
Ideally, we would like to see OCK introduce new key catalysts to spur top line growth, especially given increasing cost pressures in the form of wages and rental.


Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

<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>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</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. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS sees potential rerating catalysts for Nam Cheong.</li><li>Analysts set Marco Polo Marine shares at 14 cents after profit surge.</li><li>Evolve Capital notes Old Chang Kee needs new growth catalysts in a recent report.</li></ul>

DBS sees potential rerating catalysts for Nam Cheong.Analysts set Marco Polo Marine shares at 14 cents after profit surge.Evolve Capital notes Old Chang Kee needs new growth catalysts in a recent report.

Singapore Market Roundup (03-Dec-2025): DBS sees potential catalysts for Nam Cheong's rerating.

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)