Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

<ul><li>Tai Hing Group (“THG”) is poised to benefit from the imminent recovery in local catering demand, thanks to its effective multi-brand strategy, broad store footprint, solid management and execution capabilities.</li><li>We have adjusted our earnings forecasts and TP, given the unfavourable operating environment caused by the COVID-19 outbreak in both HK and China in 1H22.</li><li>We reiterate our Buy rating for THG and revised our TP to HK$1.69 based on 13x 2023E P/E, which implies a 69% upside potential. </li></ul>

Tai Hing Group (“THG”) is poised to benefit from the imminent recovery in local catering demand, thanks to its effective multi-brand strategy, broad store footprint, solid management and execution capabilities.We have adjusted our earnings forecasts and TP, given the unfavourable operating environment caused by the COVID-19 outbreak in both HK and China in 1H22.We reiterate our Buy rating for THG and revised our TP to HK$1.69 based on 13x 2023E P/E, which implies a 69% upside potential. 

Tai Hing Group (6811 HK) – Expecting Decent Recovery and Dividend Yield