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

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

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.

<ul><li>Evolve Capital reports Old Chang Kee needs fresh growth catalysts.</li><li>Analysts raise TPs for ASL Marine after strong 1QFY2026 earnings.</li><li>DBS: Singapore's construction boom will offset trade-related GDP slowdown in 2026.</li></ul>

Evolve Capital reports Old Chang Kee needs fresh growth catalysts.Analysts raise TPs for ASL Marine after strong 1QFY2026 earnings.DBS: Singapore's construction boom will offset trade-related GDP slowdown in 2026.

Singapore Market Roundup (02-Dec-2025): Evolve Capital: Old Chang Kee requires new growth drivers.

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

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<ul><li>Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.</li><li>Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.</li><li>Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.</li></ul>

Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.

Beyond the Plate: Food & Beverage Sector in Singapore

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)