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/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a> H1 FY23 results were encouraging and a step in the positive direction as revenue/PAT improved by 27%/116% YoY ( although below our estimates by 10%/30%).</li>
<li>The company paid a semi-annual dividend of 7 cents (9% annualized yield) for an 82% payout ratio. Net cash of 243 mn HKD represents 25% of market capitalization.</li>
<li>The company has made several investments in new locations and spent heavily on advertising ( costs up 76% YoY); A positive inflection of trends will bear fruit in H2 2023.</li>
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Water Oasis (1161 HK) H1 FY23 results were encouraging and a step in the positive direction as revenue/PAT improved by 27%/116% YoY ( although below our estimates by 10%/30%).
The company paid a semi-annual dividend of 7 cents (9% annualized yield) for an 82% payout ratio. Net cash of 243 mn HKD represents 25% of market capitalization.
The company has made several investments in new locations and spent heavily on advertising ( costs up 76% YoY); A positive inflection of trends will bear fruit in H2 2023.


Water Oasis: H1 FY23 Results, Moving in the Right Direction

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<a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>, an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). </li>
<li>The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. </li>
<li>With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.</li>
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Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). 
The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. 
With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.


Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Genomma Lab Internacional Sab / Equity Bottom-Up

<ul><li>I got two new ideas and will close one. </li><li>The first one is Genomma Lab (LABB) , a Mexican branded OTC pharma and personal care products company.</li><li>The stock trades at a cheap multiple of about 10x earnings. But if you adjust for currency losses, the stock is cheaper.</li></ul>

I got two new ideas and will close one. The first one is Genomma Lab (LABB) , a Mexican branded OTC pharma and personal care products company.The stock trades at a cheap multiple of about 10x earnings. But if you adjust for currency losses, the stock is cheaper.

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<li>Over the past 12 months, we have written insights on 14 stocks in the small/mid-cap space with high dividend yields, inexpensive valuations, and a great margin of safety. </li>
<li>We re-examine these to shortlist 3-4 names of our highest conviction amidst the current macroeconomic climate.</li>
<li>Our high conviction shortlist includes <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a>, <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, and <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>.</li>
</ul>


Over the past 12 months, we have written insights on 14 stocks in the small/mid-cap space with high dividend yields, inexpensive valuations, and a great margin of safety. 
We re-examine these to shortlist 3-4 names of our highest conviction amidst the current macroeconomic climate.
Our high conviction shortlist includes Water Oasis (1161 HK), Perfect Medical Health (1830 HK), The Keepers Holdings (KEEPR PM), and Taste Gourmet (8371 HK).


Shortlist of High Conviction Ideas - Income, Value, Margin of Safety

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<li>FY22 results for <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a> were very encouraging, with significant HoH improvement from 26 mn HKD to 70 mn HKD (excluding a 33 mn HKD one-off).</li>
<li>With only 5 out of 6 operational months for H2 FY22, we see a significant improvement in H1 FY23 if HK should remain operational for all six months. </li>
<li>With the reinstatement of dividends as financial conditions improve, the stock trades at 5.2x FY23 PE with a &gt;15% dividend yield conservatively and 25% of the market cap in cash.</li>
</ul>


FY22 results for Water Oasis (1161 HK) were very encouraging, with significant HoH improvement from 26 mn HKD to 70 mn HKD (excluding a 33 mn HKD one-off).
With only 5 out of 6 operational months for H2 FY22, we see a significant improvement in H1 FY23 if HK should remain operational for all six months. 
With the reinstatement of dividends as financial conditions improve, the stock trades at 5.2x FY23 PE with a &gt;15% dividend yield conservatively and 25% of the market cap in cash.


Water Oasis: 5.2x FY23 PE with >15% Div Yield and 25% of the Mkt Cap in Cash

Hong Kong

Water Oasis Group Limited is an investment holding company that provides beauty services and retails skincare and beauty products. Its services include beauty centers, spas, medical beauty centers, and dental services, while its product segment offers skincare brands such as h2o+, Erno Laszlo, and Glycel. The company was founded in 1998 and is headquartered in Hong Kong.

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Water Oasis Group (1161 HK)

Water Oasis: H1 FY23 Results, Moving in the Right Direction

Water Oasis reported encouraging H1 FY23 results. The stock trade trades at 8.4/6.6x FY23e/24e PE with a 10.4%/13.3% dividend yield for FY23e/24e...

Sameer Taneja

Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a >40% discount to NCAV (Net...

Sameer Taneja

Quick ideas #2

I got two new ideas and will close one. The first one is Genomma Lab (LABB) , a Mexican branded OTC pharma and personal care products company.

Turtles all the way down

Shortlist of High Conviction Ideas - Income, Value, Margin of Safety

We like Water Oasis (1161 HK), Perfect Medical Health (1830 HK), The Keepers Holdings (KEEPR PM), and Taste Gourmet (8371 HK) as the businesses are...

Sameer Taneja

Water Oasis: 5.2x FY23 PE with >15% Div Yield and 25% of the Mkt Cap in Cash

Water Oasis is a recovery play on HK beauty services; the stock trades at 5.2x FY23 PE with a >15% dividend yield conservatively and 25% of the...

Sameer Taneja

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