Report
EUR 85.33
For Business Accounts Only
Tam Jai International is a restaurant chain operator of the TamJai and SamGor branded fast casual restaurant chain in Hong Kong with operations also in Mainland China and Singapore. As of the latest practicable date (13th September 2021), the firm operated a total of 156 restaurants, comprising 79 TamJai restaurants and 77 SamGor restaurants, of which 150 were located in Hong Kong, three in Mainland China and the remaining three in Singapore. As per Euromonitor, the firm ranks No. 1 among Asian noodle specialty restaurants in Hong Kong.
Overall, the firm's earnings have been resilient despite facing setbacks in its track period (i.e. COVID-19 and the Hong Kong riots). Margins have expectedly fallen as rent expenses outpaced revenue, but the firm plans to expand overseas which if successful, would warrant a valuation closer to its higher valued China-based peers.
Tam Jai International IPO - Favourable risk to reward at low end
Tam Jai International is looking to raise up to US$179m in its Hong Kong IPO.Tam Jai International is a restaurant chain operator of the TamJai and SamGor branded fast casual restaurant chain in Hong Kong with operations also in Mainland China and Singapore. As of the latest practicable date (13th September 2021), the firm operated a total of 156 restaurants, comprising 79 TamJai restaurants and 77 SamGor restaurants, of which 150 were located in Hong Kong, three in Mainland China and the remaining three in Singapore. As per Euromonitor, the firm ranks No. 1 among Asian noodle specialty restaurants in Hong Kong.
Overall, the firm's earnings have been resilient despite facing setbacks in its track period (i.e. COVID-19 and the Hong Kong riots). Margins have expectedly fallen as rent expenses outpaced revenue, but the firm plans to expand overseas which if successful, would warrant a valuation closer to its higher valued China-based peers.
Underlying
Tam Jai International Co Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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