SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares
- Open
- 13.40
- Day high
- 13.80
- Day low
- 13.40
- Prev close
- 13.23
- Volume
- 3
- Mkt cap
- $897M
- P/E (TTM)
- 28.7
- EPS (TTM)
- $0.48
- P/B
- 2.3
- P/S
- 1.0
- Yield
- —
- Per share
- —
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) is a Consumer Cyclical company listed on NASDAQ. The stock is down 33% over the past year.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HDL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $0.26 | $0.10 | -61.5% | $226M | +4.8% |
| Nov 26, 2025 | $0.20 | $0.10 | -50.0% | $214M | -10.5% |
| Aug 26, 2025 | $0.20 | $0.30 | +50.0% | $201M | — |
| May 21, 2025 | $0.20 | $0.20 | +0.0% | $198M | — |
| Mar 25, 2025 | $0.17 | $-0.20 | -217.6% | $209M | — |
| Jun 18, 2024 | — | $-0.10 | — | $187M | — |
HDL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Oct 3, 2008 | SZYGENDA RALPH Jdirector | Grant | 2,000 | — |
| Oct 3, 2008 | NICHOLSON JAMES BRUCEdirector | Grant | 2,000 | — |
| Dec 10, 2007 | KOCH ALBERT Aofficer: President and CEO | Buy | 4,100 | $2.13 |
| Dec 10, 2007 | KOCH ALBERT Aofficer: President and CEO | Buy | 3,400 | $2.13 |
| Dec 10, 2007 | KOCH ALBERT Aofficer: President and CEO | Buy | 13,713 | $2.10 |
| Dec 10, 2007 | NICHOLSON JAMES BRUCEdirector | Buy | 9,500 | $2.12 |
| Dec 10, 2007 | NICHOLSON JAMES BRUCEdirector | Buy | 100 | $2.11 |
| Dec 10, 2007 | NICHOLSON JAMES BRUCEdirector | Buy | 400 | $2.13 |
| Sep 7, 2007 | SZYGENDA RALPH Jdirector | Grant | 2,000 | — |
| Sep 7, 2007 | NICHOLSON JAMES BRUCEdirector | Grant | 2,000 | — |
| Sep 7, 2007 | MILLER PAUL DANIELdirector | Grant | 2,000 | — |
| Sep 8, 2006 | SZYGENDA RALPH Jdirector | Grant | 2,000 | — |
| Sep 8, 2006 | MILLER PAUL DANIELdirector | Grant | 2,000 | — |
| Sep 8, 2006 | NICHOLSON JAMES BRUCEdirector | Grant | 2,000 | — |
| Mar 28, 2006 | NICHOLSON JAMES BRUCEdirector | Buy | 1,000 | $8.82 |
Source: HDL SEC Form 4 filings, latest Oct 3, 2008. For informational purposes only — not investment advice.
See the full HDL insider & 13F page →SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares company profile
Overview
Super Hi International Holding Ltd. (NASDAQ:HDL) is a Singapore-based investment holding company that operates the renowned Haidilao brand of Chinese hot pot restaurants across multiple continents. Founded in 2022 as a holding company structure, the business traces its operational roots to the original Haidilao restaurant chain, which has become synonymous with premium hot pot dining and exceptional customer service. The company went public on NASDAQ in 2010 and has since expanded its footprint to include locations across Asia, North America, Europe, and Oceania, establishing itself as one of the leading international Chinese restaurant chains.
Business
Super Hi International operates in the casual dining restaurant industry, specifically focusing on Chinese hot pot cuisine through its flagship Haidilao brand. Hot pot is a traditional Chinese communal dining experience where customers cook raw ingredients in a shared pot of simmering broth at their table. The concept combines social dining with customizable meal options, as diners select from various meats, vegetables, noodles, and seafood to cook in flavored broths ranging from mild to intensely spicy. The company's business extends beyond restaurant operations into several complementary segments. The primary revenue driver is the restaurant operations, which likely accounts for the majority of total revenue based on the company's core identity as a restaurant operator. Additionally, Super Hi engages in food delivery services, capitalizing on the growing demand for at-home dining experiences, particularly accelerated during and after the COVID-19 pandemic. The company also operates a retail products division that manufactures and sells hot pot condiment products and packaged foods, allowing customers to recreate the Haidilao experience at home while providing an additional revenue stream with potentially higher margins than restaurant operations. The Haidilao brand is particularly known for its premium service model, which includes amenities such as complimentary snacks while waiting, nail services, entertainment, and highly attentive staff training. This service-centric approach differentiates it from typical fast-casual dining and positions it in the premium casual dining segment, commanding higher average ticket prices than standard Chinese restaurants.
Revenue model
Super Hi International generates revenue through multiple channels within the food service ecosystem. The primary revenue source comes from direct restaurant sales where customers pay for their dining experience, including the cost of ingredients, broths, beverages, and service. Given the hot pot format's interactive nature and premium positioning, the company typically achieves higher average ticket sizes compared to traditional fast-food establishments. The company's food delivery business operates on a service fee model, generating revenue from delivery charges and potentially taking a percentage of order values. This segment became increasingly important during pandemic restrictions and continues to serve customers seeking convenience. The retail products division follows a traditional product sales model, manufacturing and distributing hot pot condiments, sauces, and packaged foods through various retail channels. Several factors influence the company's profit margins. Labor costs represent a significant expense given Haidilao's emphasis on premium service, making the business sensitive to minimum wage increases and labor market tightness. Food commodity prices, particularly for meat and seafood which are core hot pot ingredients, directly impact cost of goods sold. Real estate costs in prime urban locations where the restaurants typically operate can significantly affect profitability, especially in expensive markets like major North American and European cities. Competition from other Asian dining concepts and changing consumer preferences toward health-conscious or plant-based options could pressure pricing power. Conversely, successful international expansion into new markets with limited Asian dining competition could improve margins through premium positioning. The company's ability to leverage its retail products business for higher-margin revenue and optimize delivery operations for efficiency also represents opportunities for margin expansion.
Competitive moat
Super Hi International's competitive moat appears to be moderately strong but not insurmountable. The company's primary defensive advantage lies in its brand recognition and service differentiation within the hot pot dining segment. Haidilao has cultivated a distinctive reputation for exceptional customer service that goes far beyond typical restaurant standards, creating customer loyalty and word-of-mouth marketing that would be difficult for competitors to replicate quickly. The company benefits from operational expertise and supply chain advantages developed over years of hot pot restaurant management. This includes specialized knowledge of ingredient sourcing, broth preparation, restaurant layout optimization for the communal dining format, and staff training systems that deliver consistent service quality across locations. The international expansion experience also provides advantages in navigating different regulatory environments and cultural adaptations. However, the moat faces several vulnerabilities. The restaurant industry generally has low barriers to entry, and the hot pot format itself is not proprietary - numerous competitors operate similar concepts. Cultural and taste preferences can shift, potentially reducing demand for traditional Chinese hot pot dining. The business model's dependence on physical locations makes it vulnerable to real estate cost inflation and economic downturns that reduce discretionary dining spending. Technology disruption in food service, changing consumer preferences toward faster-casual formats, and the rise of ghost kitchens optimized for delivery could challenge the traditional dine-in model. Additionally, the company's international expansion strategy faces risks from local competitors who better understand regional tastes and regulations, potentially limiting the defensibility of the brand advantage in new markets.
Risks & safety
Super Hi International demonstrates a moderate margin of safety with some concerning valuation metrics but reasonable operational cash generation. • Liquidity position: Strong cash position of $254.7 million against current liabilities of $128.6 million, providing a healthy 2.51 current ratio and substantial operating cushion • Debt levels: Moderate debt-to-equity ratio of 0.59, indicating manageable leverage without excessive financial risk • Cash generation: Positive operating cash flow of $119.7 million and free cash flow of $85.0 million in FY2024, demonstrating the business generates meaningful cash despite modest net income • Solvency: No immediate solvency concerns given strong balance sheet and cash generation capabilities • Valuation concerns: Extremely high EV/EBITDA of 134.8x and price-to-book ratio of 46.1x suggest significant overvaluation relative to fundamentals • Profitability: Modest return on equity of 6.1% indicates limited profitability relative to shareholder investment • Growth trajectory: Revenue growth from $686.4 million (FY2023) to $778.3 million (FY2024) shows positive momentum but may not justify current valuation multiples • Operational risks: Restaurant industry exposure to economic cycles, labor cost inflation, and changing consumer preferences creates ongoing business model vulnerabilities
Recent development
Based on available financial data, Super Hi International has focused on several key strategic initiatives over recent years. The company has demonstrated consistent international expansion, growing its presence across multiple continents while maintaining its core Haidilao brand identity. Revenue growth from $558.5 million in FY2022 to $778.3 million in FY2024 indicates successful market penetration and same-store sales improvements. The company has significantly improved operational efficiency and profitability following challenges in FY2022 when it reported a net loss of $41.3 million. The turnaround to positive net income of $33.2 million in FY2024 suggests successful cost management initiatives and operational optimization. This improvement coincided with enhanced cash generation, with free cash flow jumping from $3.4 million in FY2022 to $85.0 million in FY2024. Digital integration and delivery capabilities appear to have been strengthened, as evidenced by the company's continued emphasis on food delivery services alongside traditional dine-in operations. The retail products division has likely received increased investment, providing diversification beyond restaurant operations and creating additional touchpoints with consumers who may not have access to physical restaurant locations. The company has also focused on balance sheet strengthening, improving its current ratio from 1.31 in FY2022 to 2.51 in FY2024 while reducing debt-to-equity ratios, indicating more conservative financial management and preparation for potential economic uncertainties that could impact discretionary dining spending.
HDL company profile · for informational purposes only — not investment advice.
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