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uSMART Securities

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uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul>
<li>Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.</li>
<li>With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.</li>
<li>As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.</li>
</ul>


Jumbo Group Limited is a leading Singapore-based multi-concept F&amp;B operator, renowned for its flagship JUMBO Seafood brand.
With a presence in Singapore and the PRC, Jumbo is expanding regionally through an asset-light franchise model in Vietnam, Thailand, Cambodia, Taiwan, Japan and South Korea.
As one of Singapore’s most recognizable F&amp;B operators, Jumbo Group manages a diverse portfolio from the premium, tourism-driven JUMBO Seafood to scalable mass-market concepts.


Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

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

<ul>
<li>
<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> reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. </li>
<li>Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). </li>
<li>Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. </li>
</ul>



Taste Gourmet (8371 HK) reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. 
Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). 
Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. 


Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

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>UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.</li><li>RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.</li><li>Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.</li></ul>

UOB Kay Hian initiates 'buy' on Soon Hock Enterprise, targeting 68 cents.RHB's Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.Geo Energy's 3QFY2025 disappoints; Chew keeps 59 cents target price.

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.</li><li>United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.</li><li>Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.</li></ul>

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Singapore

Jumbo Group Ltd is a seafood restaurant group offering multiple dining concepts catering to all types of consumers.  The Company offers restaurants in Singapore, China, and Japan.

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Jumbo Group Ltd (JUMBO SP)

Jumbo Group Limited: FY2025 Earnings Reset Ahead of Efficiency-Driven Rebound

Jumbo Group Limited is a leading Singapore-based multi-concept F&B operator, renowned for its flagship JUMBO Seafood brand.

uSMART Securities

Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

We provide an update on Taste Gourmet (8371 HK), which recently released its FY25 results. We summarize our call with the management and our...

Sameer Taneja

Old Chang Kee - 1H26 Earnings Update - Sector Weakness Highlights Need for Fresh Growth Catalysts

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...

Evolve Capital Advisory Pte Ltd

Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a 'buy' at 68

UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a 68 cents target; RHB lowers Thai Beverage to 62 cents; Geo Energy's 3QFY2025 disappoints,...

Singapore Market Roundup

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows. United Overseas Bank led...

Singapore Exchange Ltd (SGX)

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