Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is implementing a multi-brand strategy to drive revenue growth and diversify dining experiences in response to changing consumer patterns in Hong Kong [2][4] - The current valuation reflects a 50% discount compared to peers, indicating that past earnings declines are already priced in [4] - The company has no bank loans and holds cash of HKD 1.35 billion, which is higher than its market capitalization of HKD 1.091 billion [4] Financial Performance - For the first half of the 2025 fiscal year, revenue increased by 1.2% year-on-year to HKD 1.4 billion, while same-store sales declined by approximately 4% [4] - The company reported a 55.8% year-on-year decrease in net profit attributable to shareholders, amounting to HKD 36.068 million [4] - The company’s restaurant network in Hong Kong increased by nine locations, totaling 198 self-operated restaurants [4] Business Operations - The company operates two flagship brands, "Tan Zai" and "San Ge," with a total of 235 restaurants across Hong Kong, mainland China, Singapore, and Japan [2][5] - The company is expanding its overseas operations through franchising to mitigate investment risks, with plans to open new locations in Australia and Malaysia [4] - The company aims to open four new restaurants under the "Marugame Seimen" and "Yam牛" brands in Hong Kong in the second half of the 2025 fiscal year [4] Valuation Metrics - The company’s price-to-earnings ratio for the 2024 fiscal year is projected at 9 times, with a dividend payout ratio target of 30% [4][5] - The dividend yield is currently at 11%, with a historical payout ratio of 100% over the past two fiscal years [4][5]
谭仔国际：公司拜访纪要-20250224