Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Plover Bay 1523 HK: Solid FY25 Results, Growth Intact, Investor Focus Shifts To Spin-Off

HK High ROCE - Compounders Hiding in Plain Sight

Plover Bay Technologies (1523 HK) H1 FY26 Results: Margins Inflect Higher, Spin-Off On The Horizon

JNBY Design Limited (3306 HK) FY26 Results Update: 8.5x PE, >30% ROCE and Rich Dividends

Taste Gourmet (8371 HK) - 5.9x PE, 9.7% Dividend Yield And 34% Of The Mkt Cap In Cash

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

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>Starlink's planned entry into US mobile carrier service adds another bondable network and should lower the cost of enterprise data plans, expanding the use case for Peplink's SpeedFusion multi-WAN bonding.</li>
<li>We expect 18% YoY growth in FY26, stable inventory, and deeper Starlink back-end integration; the NASDAQ spin-off of the North American business is now expected in 2Q 2027.</li>
<li>Based on FY26e net income of US$56.6m (+24% YoY), 44.0% EBITDA margin; FY25 ROE 78.9%; the stock trades at 19.0x P/E, 15.0x EV/EBITDA, 5.0% yield.</li>
</ul>


Starlink's planned entry into US mobile carrier service adds another bondable network and should lower the cost of enterprise data plans, expanding the use case for Peplink's SpeedFusion multi-WAN bonding.
We expect 18% YoY growth in FY26, stable inventory, and deeper Starlink back-end integration; the NASDAQ spin-off of the North American business is now expected in 2Q 2027.
Based on FY26e net income of US$56.6m (+24% YoY), 44.0% EBITDA margin; FY25 ROE 78.9%; the stock trades at 19.0x P/E, 15.0x EV/EBITDA, 5.0% yield.


Plover Bay Technologies (1523 HK): Starlink Mobile Is a Tailwind; Spin-Off Expected in 2027