Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 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

Oriental Watch: Trading at 17% Yield, 60% Mkt Cap in Cash

Oriental Watch Mgmt Call: Big Dividend Yet Again, 50% of Mkt Cap in Cash with >15% Yield Post Rally

Oriental Watch: Ex-Dividend, 7x PE + 50% of Mkt Cap in Cash + >15% Dividend Yield

Oriental Watch: Good Results in the Bag, Cautious H1 2023

Oriental Watch: Increasing Visibility on H2 2022

Oriental Watch: Living in Isolation with My Patek and Rolex Is Just Fine

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

<ul>
<li>After a disastrous April and May due to lockdowns resulting in &gt;-50% SSSGs, the company is seeing the situation stabilize in June and July.</li>
<li>We remain cautious on H1 2023, as margins and revenue will likely decline, with gross margins likely to drop 300-400 bps and revenues down 10-15% YoY.</li>
<li>Expect a generous dividend with over a 100% payout. Since &gt;50% of the market cap is in cash, a special dividend could also be expected. </li>
</ul>


After a disastrous April and May due to lockdowns resulting in &gt;-50% SSSGs, the company is seeing the situation stabilize in June and July.
We remain cautious on H1 2023, as margins and revenue will likely decline, with gross margins likely to drop 300-400 bps and revenues down 10-15% YoY.
Expect a generous dividend with over a 100% payout. Since &gt;50% of the market cap is in cash, a special dividend could also be expected. 


Oriental Watch Update: June and July Improve, Cautious H1 FY23