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

<ul>
<li>HK F&amp;B is set to have a reprieve as dine-in services at catering businesses can now remain open from 6 pm-10 pm ( max seating up to 4 people).</li>
<li>We provide a list of 34 names that will benefit from the removal of restrictions ( some with further catalysts down the road as they are exposed to China)</li>
<li>Our favorite pick remains <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> which we have written about in our insight <a href="https://www.smartkarma.com/insights/taste-gourmet-multibagger-reopening-play" target="_blank" data-smartkarma-citation="insights:67297" rel="noopener">Taste Gourmet: Multibagger Reopening Play</a>.</li>
</ul>


HK F&amp;B is set to have a reprieve as dine-in services at catering businesses can now remain open from 6 pm-10 pm ( max seating up to 4 people).
We provide a list of 34 names that will benefit from the removal of restrictions ( some with further catalysts down the road as they are exposed to China)
Our favorite pick remains Taste Gourmet Group (8371 HK) which we have written about in our insight Taste Gourmet: Multibagger Reopening Play.


A Comprehensive List of Hong Kong F&B Names to Play the Reopening

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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 Ltd (8371 HK)</a> represents a great opportunity to capture growth and value.  With 8% net margins, the company outperformed its peers in a depressed environment.</li>
<li>Trading at a 5.8x FY22 PE with 29% of the market capitalization in cash, the company has a significant margin of safety. Reopening could easily result in the stock doubling.</li>
<li>The company paid 0.04 HKD/share of dividend for H1 2022, representing a 9% dividend yield annualized. With seasonally higher earnings, we believe dividends can be higher.</li>
</ul>



Taste Gourmet Group Ltd (8371 HK) represents a great opportunity to capture growth and value.  With 8% net margins, the company outperformed its peers in a depressed environment.
Trading at a 5.8x FY22 PE with 29% of the market capitalization in cash, the company has a significant margin of safety. Reopening could easily result in the stock doubling.
The company paid 0.04 HKD/share of dividend for H1 2022, representing a 9% dividend yield annualized. With seasonally higher earnings, we believe dividends can be higher.


<ul>
<li>We compile a report card for <strong>dividend-yielding mid-caps</strong> that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc. </li>
<li>It's been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.</li>
<li>We help provide a comprehensive list of our updates on some names and an outlook for 2024. It's our last insight for 2023, so happy new year everyone!</li>
</ul>


We compile a report card for dividend-yielding mid-caps that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc. 
It's been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.
We help provide a comprehensive list of our updates on some names and an outlook for 2024. It's our last insight for 2023, so happy new year everyone!


23 Dividend Yielding Small/Mid Caps - Report Card for 2023

Hong Kong

Taste Gourmet Group Limited operates as a holding company. The Company, through its subsidiaries, manages a chain of restaurants. Taste Gourmet Group serves clients worldwide.

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Taste Gourmet (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

A Comprehensive List of Hong Kong F&B Names to Play the Reopening

We list 34 names that will benefit from the easing of dine-in restrictions in Hong Kong. Our favorite pick remains Taste Gourmet Group (8371 HK).

Sameer Taneja

Taste Gourmet: Great Reopening Play

Taste Gourmet is a restaurant operator trading at 5.8x FY22 PE (4x PE ex-cash) with 29% of the market capitalization cash and a 9% dividend yield....

Sameer Taneja

23 Dividend Yielding Small/Mid Caps - Report Card for 2023

We compile a report card for dividend-yielding mid-caps that filter out favorable characteristics of having net cash, decent ROEs, growth, etc. We...

Sameer Taneja

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