Share count
13Mpeak FY2024
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MB, MasterBeef Group
Restaurants consumer brand
We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue.
As of the date of this Annual Report, through our Hong Kong Operating Subsidiaries, we operate 12 restaurant outlets under our Master Beef and Anping Grill brands, which, together, generated approximately 94.1% of our revenue for the financial year ended December 31, 2025.
We subsequently expanded during the COVID-19 pandemic period and established multiple brands, namely Anping Grill, Chubby Bento, Chubby Noodles and Bao Pot, diversifying our operations into Taiwanese grill, Taiwanese bento, Taiwanese noodles and Taiwanese stone pot.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
HK$504M
−5.3% YoY
Vital signs · TTM, with 3-yr average
Revenue HK$504M 3-yr avg HK$498M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run about 9.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −3.4% to 10% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on same-store sales and unit economics. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2024
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|
| Income statement | ||||
| HK$457M | HK$532M | HK$504M | HK$504M | RevenueRevenue |
| HK$45M | (HK$18M) | HK$46M | HK$46M | Operating incomeOp. inc. |
| 9.9% | −3.4% | 9.1% | 9.1% | Operating marginOp. mgn |
| HK$33M | (HK$37M) | HK$33M | HK$33M | Net incomeNet inc. |
| 12% | — | 8% | 8% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| HK$141M | HK$84M | HK$60M | HK$60M | Operating cash flowOp. cash |
| HK$28M | HK$36M | HK$34M | HK$34M | DepreciationDeprec. |
| HK$79M | HK$85M | (HK$7M) | (HK$7M) | Working capital & otherWC & other |
| HK$33M | HK$45M | HK$12M | HK$12M | CapexCapex |
| 7.1% | 8.4% | 2.4% | 2.4% | Capex / revenueCapex/rev |
| HK$109M | HK$39M | HK$48M | HK$48M | Owner earningsOwner earn. |
| 23.8% | 7.4% | 9.6% | 9.6% | Owner earnings marginOE mgn |
| HK$109M | HK$39M | HK$48M | HK$48M | Free cash flowFCF |
| 23.8% | 7.4% | 9.6% | 9.6% | Free cash flow marginFCF mgn |
| 101% | — | 115% | 115% | Return on equityROE |
| 101% | — | 115% | 115% | Retained to equityRetained/eq |
| Balance sheet | ||||
| HK$196M | HK$158M | HK$130M | HK$130M | Cash & investmentsCash+inv |
| — | HK$9M | HK$3M | HK$3M | ReceivablesReceiv. |
| — | HK$26M | HK$20M | HK$20M | InventoryInvent. |
| — | HK$35M | HK$24M | HK$24M | Operating working capitalOper. WC |
| — | HK$197M | HK$176M | HK$176M | Current assetsCur. assets |
| — | HK$284M | HK$213M | HK$213M | Current liabilitiesCur. liab. |
| — | 0.7× | 0.8× | 0.8× | Current ratioCurr. ratio |
| — | HK$393M | HK$308M | HK$308M | Total assetsAssets |
| (HK$196M) | (HK$158M) | (HK$130M) | (HK$130M) | Net debt / (cash)Net debt |
| 6.0× | -1.6× | 4.5× | 4.5× | Interest coverageInt. cov. |
| HK$33M | (HK$4M) | HK$29M | HK$29M | Shareholders’ equityEquity |
| Per share | ||||
| 10K | 10K | 12.8M | 12.8M | Shares out (diluted)Shares |
| HK$45668.82 | HK$53228.61 | HK$39.23 | HK$39.23 | Revenue / shareRev/sh |
| HK$3340.94 | HK$-3744.61 | HK$2.56 | HK$2.56 | EPS (diluted)EPS |
| HK$10851.25 | HK$3931.23 | HK$3.75 | HK$3.75 | Owner earnings / shareOE/sh |
| HK$10851.25 | HK$3931.23 | HK$3.75 | HK$3.75 | Free cash flow / shareFCF/sh |
| HK$3250.61 | HK$4451.21 | HK$0.93 | HK$0.93 | Cap. spending / shareCapex/sh |
| HK$3319.93 | HK$-438.74 | HK$2.22 | HK$2.22 | Book value / shareBVPS |
The diluted share count moved ×1284.58 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2022–2024Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
HK$48Mowner earningsvs.HK$33Mnet incomelow FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned HK$33M of profit into HK$48M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Reported net income | HK$33M | (HK$37M) | HK$33M |
| Depreciation & amortizationnon-cash charge added back | +HK$34M | +HK$36M | +HK$28M |
| Working capital & othertiming of cash in and out, other non-cash items | −HK$7M | +HK$85M | +HK$79M |
| Cash from operations | HK$60M | HK$84M | HK$141M |
| Capital expenditurecash put back in to keep running and to grow | −HK$12M | −HK$45M | −HK$33M |
| Owner earnings | HK$48M | HK$39M | HK$109M |
| Owner-earnings marginowner earnings ÷ revenue | 10% | 7% | 24% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Will it survive?
- AdequateOperating income HK$46M ÷ interest expense HK$10M
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- How heavy is the debt, net of cash? +HK$130MNet cash, debt-freeCash HK$117M + ST investments HK$13M − debt HK$0
What this means
Cash and short-term investments exceed every dollar of debt by HK$130M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 7%
What this means
The filing data didn't include the inputs for this check.
- Solid through the cycle3-yr median margin, range 7%–24%; latest HK$48M = operating cash HK$60M − maintenance capex HK$12MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 10% of revenue this year, a 10% median across 3 years.
- Cash-backedCash from ops HK$60M ÷ net income HK$33M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.35×HarvestingCapex HK$12M ÷ depreciation HK$34M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · HK$504M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.83×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are HK$0.56/share (latest year HK$1.92), the averaged base the calculator's gate runs on, and book value is HK$1.66/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“In terms of digitalization and investing in technology solutions, we are exploring the use of AI-powered robots as waiters to serve our customers in our restaurant outlets.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsHK$176M
- Cash & short-term investmentsHK$130M
- ReceivablesHK$3M
- InventoryHK$20M
- Other current assetsHK$23M
Current liabilitiesHK$213M
- Other current liabilitiesHK$213M
Current ratio0.83×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.73×stricter: inventory excluded
Cash ratio0.61×strictest: cash alone against what's due
Working capital(HK$36M)the cushion left after near-term bills
Deeper floors
Tangible book valueHK$29Mequity stripped of goodwill & intangibles
Net current asset value(HK$103M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesHK$74MHK$74M of it operating leases
From the company's latest filing.
Peers, Restaurants
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| DINDine Brands Global Inc. | $879M | 63% | 17.1% | 9% | 12% |
| PTLOPortillo's Inc. | $732M | — | 8.2% | 7% | 6% |
| WINGWingstop | $697M | 80% | 25.6% | 48% | 19% |
| SGSweetgreen Inc. | $679M | — | -30.2% | -43% | -16% |
| MBMasterBeef Group | HK$504M | — | 9.1% | — | 10% |
| LOCOEl Pollo Loco Holdings Inc. | $490M | — | 8.5% | 8% | 6% |
| BHBiglari Holdings Inc. | $395M | 57% | 5.8% | 3% | 16% |
| KRUSKura Sushi USA Inc. | $283M | — | -1.1% | -2% | 5% |
| Group median | — | — | 8.3% | — | 8% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. MasterBeef Group's US listing is the ordinary share itself; figures in this tool are translated at HKD 1 = $0.128 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in HKD.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what MasterBeef Group has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2022−33%/yr
Owner-earnings growth · since FY2022−33%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $6M on 17M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $17M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "MasterBeef Group (MB), the owner's record," https://ownerscorecard.com/c/MB, data as of 2026-07-09.
Manual order: ← MATH its page in the Manual MDWD →
Industry order: ← LOCO the Restaurants chapter MCD →