SUPER HI INTERNATIONAL HOLDING LTD.

Scaled, growing international Haidilao hot-pot franchise with strong cash generation but thin margins and slipping returns.

Strengths

• Revenue +13.4% (80th pct) with strong cash generation (OCF margin 79.5th pct, FCF margin 81st pct) and excellent liquidity (current ratio 90th pct)
• Recognized global brand with same-store growth, improving table turnover, and a clean balance sheet

Risks

• Net income fell 15% and operating margin compressed (6.8%→4.4% in 2025), with thin ~2.7% net margin and modest ROE (46.5th pct)
• Multi-jurisdiction execution, food-safety, and geopolitical/anti-Chinese-brand exposure across 14 countries

Notable findings

• Strong balance sheetStrong balance sheet — $255M cash & investments