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

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<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group (8371 HK)</a> is a play on the HK recovery with a promising outlook in the long-term at 5.7x/4.3x FY23/24e PE (10.5%/14.1% dividend yield assuming 60% payout).</li>
<li>The company recently initiated a buyback mandate on the 20th of September for (10% of outstanding shares) and has repurchased 2.2% of outstanding shares so far.</li>
<li>We believe the company will report strong earnings for its quarterly release on November 11th and payout a good dividend which will be a further catalyst for rerating.</li>
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Taste Gourmet Group (8371 HK) is a play on the HK recovery with a promising outlook in the long-term at 5.7x/4.3x FY23/24e PE (10.5%/14.1% dividend yield assuming 60% payout).
The company recently initiated a buyback mandate on the 20th of September for (10% of outstanding shares) and has repurchased 2.2% of outstanding shares so far.
We believe the company will report strong earnings for its quarterly release on November 11th and payout a good dividend which will be a further catalyst for rerating.


Taste Gourmet: Buybacks And Recovery Into Q2 2023

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<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group (8371 HK)</a> reported substantial Q1 2023 numbers, with profits coming in at 16 mn HKD up 42 YoY(%) (-65 YoY(%) netting out the subsidies).</li>
<li>Despite losing 21 days in April, this is a solid result as cash levels burgeoned to 95 mn HKD from 65 mn HKD (Mar FY22). </li>
<li>The stock is cheap, trading at 5.1x FY23 PE and a 11.7% dividend yield ( at a 60% payout ratio), making this extremely attractive to own.</li>
</ul>



Taste Gourmet Group (8371 HK) reported substantial Q1 2023 numbers, with profits coming in at 16 mn HKD up 42 YoY(%) (-65 YoY(%) netting out the subsidies).
Despite losing 21 days in April, this is a solid result as cash levels burgeoned to 95 mn HKD from 65 mn HKD (Mar FY22). 
The stock is cheap, trading at 5.1x FY23 PE and a 11.7% dividend yield ( at a 60% payout ratio), making this extremely attractive to own.


Taste Gourmet: Good Q1 2023 In the Bag, Momentum Getting Stronger

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<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group (8371 HK)</a> reported worse numbers than we expected for Q4 2022 during the restrictions; Checks indicate recovery in Q1 2023 is far better than our expectations. </li>
<li>Cash declining from 96 to 65 mn HKD QoQ resulted in the company having to declare a smaller final dividend of 1.6 HKD cents ( interim: 4 HKD cents ) </li>
<li>Trading at 5.4x FY23 and 11.1% dividend yield (assuming a 60% payout ratio), the company represents an excellent investment opportunity with &gt;100% upside at the very least.</li>
</ul>



Taste Gourmet Group (8371 HK) reported worse numbers than we expected for Q4 2022 during the restrictions; Checks indicate recovery in Q1 2023 is far better than our expectations. 
Cash declining from 96 to 65 mn HKD QoQ resulted in the company having to declare a smaller final dividend of 1.6 HKD cents ( interim: 4 HKD cents ) 
Trading at 5.4x FY23 and 11.1% dividend yield (assuming a 60% payout ratio), the company represents an excellent investment opportunity with &gt;100% upside at the very least.


Taste Gourmet: Terrible Q4 2022, Q1 2023 off to a Good Start

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<li>
<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group (8371 HK)</a> held a webinar with Smartkarma on the 17th of May, highlighting the sharp and swift recovery of F&amp;B in Hong Kong. </li>
<li>Post 19th May, eight people can dine in till midnight (vs. four). With mid-May revenue tracking 109% of June 2020 (restrictions were fully relaxed), recovery should be better than expectations.</li>
<li>Despite the 13% move yesterday, the stock is still cheap at 5.9x PE FY23 earnings and an 8-10% dividend yield (with a potential for further upgrades). </li>
</ul>



Taste Gourmet Group (8371 HK) held a webinar with Smartkarma on the 17th of May, highlighting the sharp and swift recovery of F&amp;B in Hong Kong. 
Post 19th May, eight people can dine in till midnight (vs. four). With mid-May revenue tracking 109% of June 2020 (restrictions were fully relaxed), recovery should be better than expectations.
Despite the 13% move yesterday, the stock is still cheap at 5.9x PE FY23 earnings and an 8-10% dividend yield (with a potential for further upgrades). 


Taste Gourmet: Update Post Management Call / Bullish

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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Research Reinvented

<p>For our next Corporate Webinar, we are glad to welcome <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339" rel="noopener">Taste Gourmet Group (8371 HK)</a> CFO and Company Secretary, Gerald Yu. In the upcoming webinar, Gerald will share a short company presentation with on-the-ground insights from Hong Kong, after which he will engage in a fireside chat with Smartkarma Analyst <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>. A live Q&amp;A session will follow.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 17 May 2022, 17:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84780498112" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Taste Gourmet Group Limited is a Hong Kong-based restaurant group offering a variety of cuisines, under a portfolio of brands, to a diversified customer base. Since the opening of its first restaurant in 2007, the group has owned and operated a total of 34 restaurants offering Vietnamese, Japanese, Chinese, Western, and Drink under 14 brands, including 11 self-owned brands such as La’taste Vietnamese Cuisine, Dab-Pa Peking &amp; Szechuan Cuisine, Dab-Pa Peking &amp; Szechuan Bistro, Dab-pa Modern Chinese Cuisine, Urawa Japanese Restaurant, Nabe Urawa, Rakuraku Ramen, Wasyohuya Yamaichi, Moments Together, Yakiniku Guu, San-Kinn, three licensed brands known as Parkview, Takano Ramen, and Tirpse, and one joint venture brand known as Xianghui.</p>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Corporate Webinar, we are glad to welcome Taste Gourmet Group (8371 HK) CFO and Company Secretary, Gerald Yu. In the upcoming webinar, Gerald will share a short company presentation with on-the-ground insights from Hong Kong, after which he will engage in a fireside chat with Smartkarma Analyst Sameer Taneja. A live Q&amp;A session will follow.
The Corporate Webinar will be hosted on Tuesday, 17 May 2022, 17:00 SGT.

Register for the Webinar here

Taste Gourmet Group Limited is a Hong Kong-based restaurant group offering a variety of cuisines, under a portfolio of brands, to a diversified customer base. Since the opening of its first restaurant in 2007, the group has owned and operated a total of 34 restaurants offering Vietnamese, Japanese, Chinese, Western, and Drink under 14 brands, including 11 self-owned brands such as La’taste Vietnamese Cuisine, Dab-Pa Peking &amp; Szechuan Cuisine, Dab-Pa Peking &amp; Szechuan Bistro, Dab-pa Modern Chinese Cuisine, Urawa Japanese Restaurant, Nabe Urawa, Rakuraku Ramen, Wasyohuya Yamaichi, Moments Together, Yakiniku Guu, San-Kinn, three licensed brands known as Parkview, Takano Ramen, and Tirpse, and one joint venture brand known as Xianghui.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Taste Gourmet: Reopening Play in Hong Kong

Hong Kong

Taste Gourmet Group is a Hong Kong-based restaurant group that operates full-service restaurants offering a variety of cuisines under a portfolio of brands. The company provides Japanese, Chinese, Western, and Vietnamese food, as well as desserts and kiosks, across over 60 restaurants under 23 brands. It is headquartered in Hong Kong and was founded in 2007.

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Taste Gourmet Group (8371 HK)

Taste Gourmet: Buybacks And Recovery Into Q2 2023

Taste Gourmet Group (8371 HK) is a play on the HK recovery with a promising outlook for the long-term at 5.7x/4.3x FY23/24e PE (10.5%/14.1%...

Sameer Taneja

Taste Gourmet: Good Q1 2023 In the Bag, Momentum Getting Stronger

Taste Gourmet is an HK-based restaurant operator trading at 5.1x FY23e PE with around 25% of the market cap in cash. It is a great recovery play...

Sameer Taneja

Taste Gourmet: Terrible Q4 2022, Q1 2023 off to a Good Start

Trading at 5.4x FY23 and 11.1% dividend yield (assuming a 60% payout ratio), the company represents an excellent investment opportunity with >100%...

Sameer Taneja

Taste Gourmet: Update Post Management Call / Bullish

Taste Gourmet Group (8371 HK) held a webinar with Smartkarma on the 17th of May, highlighting the bullish recovery of F&B in Hong Kong. Despite the...

Sameer Taneja

Smartkarma Corporate Webinar | Taste Gourmet: Reopening Play in Hong Kong

On 17 May, 5pm SGT, join our Corporate Webinar with Taste Gourmet CFO and Company Secretary, Gerald Yu, speaking to Smartkarma Analyst Sameer Taneja.

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