Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 136.6pt;">
<p> </p>
</td>
<td style="width: 136.55pt;">
<p>DASIN</p>
</td>
<td style="width: 136.55pt;">
<p>SASSR</p>
</td>
<td style="width: 136.55pt;">
<p>BHGREIT</p>
</td>
<td style="width: 136.55pt;">
<p>CLCT</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Period</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Gross Revenue (S$ m)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m<br>if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>EMA Rental Income: 34.1 (+23.4% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>NPI (S$ m)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>264.2 (RMB)</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>DPU (S$ c)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>1.759 (+31.9% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>NAV per Unit (S$)</p>
</td>
<td style="width: 136.55pt;">
<p>1.41 (Based on 4Q20)</p>
</td>
<td style="width: 136.55pt;">
<p>0.922</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>P/B (x)</p>
</td>
<td style="width: 136.55pt;">
<p>0.510</p>
</td>
<td style="width: 136.55pt;">
<p>1.00</p>
</td>
<td style="width: 136.55pt;">
<p>0.64 (Based on 4Q20 NAV)</p>
</td>
<td style="width: 136.55pt;">
<p>0.94 (Based on 4Q20 NAV)</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Occupancy (%)</p>
</td>
<td style="width: 136.55pt;">
<p>96.1</p>
</td>
<td style="width: 136.55pt;">
<p>93.5</p>
</td>
<td style="width: 136.55pt;">
<p>92.1</p>
</td>
<td style="width: 136.55pt;">
<p>Retail: 94.4<br>Business Parks: 92.1</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Reversion (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Gearing (%)</p>
</td>
<td style="width: 136.55pt;">
<p>37.2</p>
</td>
<td style="width: 136.55pt;">
<p>27.6</p>
</td>
<td style="width: 136.55pt;">
<p>35.6</p>
</td>
<td style="width: 136.55pt;">
<p>35.1</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Cost of Debt (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>3.3</p>
</td>
<td style="width: 136.55pt;">
<p>3.8</p>
</td>
<td style="width: 136.55pt;">
<p>2.51</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>1 Yr Fwd Yield (%)</p>
</td>
<td style="width: 136.55pt;">
<p>6.99</p>
</td>
<td style="width: 136.55pt;">
<p>7.46</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>6.21</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Debt Hedged (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>60% of offshore loans</p>
</td>
<td style="width: 136.55pt;">
<p>~70</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Target Price</p>
</td>
<td style="width: 136.55pt;">
<p>S$0.81</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Rating</p>
</td>
<td style="width: 136.55pt;">
<p>BUY</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
</tr>
</tbody>
</table>
<h3>
<a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential</h3>
<ul>
<li>1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m</li>
<li>Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E</li>
<li>Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21</li>
<li>Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21</li>
<li>DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.</li>
</ul>
<p>Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.</p>
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/207/030/original/image021.png?1621332221" class="editor-image img-responsive" data-smartkarma-image-id="207030"></figure>
</section>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


DASIN


SASSR


BHGREIT


CLCT




Period


1Q21


1Q21


1Q21


1Q21




Gross Revenue (S$ m)


Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)


EMA Rental Income: 34.1 (+23.4% YoY)


Not Disclosed


Not Disclosed




NPI (S$ m)


Not Disclosed


EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)


Not Disclosed


264.2 (RMB)




DPU (S$ c)


Not Disclosed


1.759 (+31.9% YoY)


Not Disclosed


Not Disclosed




NAV per Unit (S$)


1.41 (Based on 4Q20)


0.922


Not Disclosed


Not Disclosed




P/B (x)


0.510


1.00


0.64 (Based on 4Q20 NAV)


0.94 (Based on 4Q20 NAV)




Occupancy (%)


96.1


93.5


92.1


Retail: 94.4 Business Parks: 92.1




Reversion (%)


NA


Not Disclosed


Not Disclosed


Not Disclosed




Gearing (%)


37.2


27.6


35.6


35.1




Cost of Debt (%)


NA


3.3


3.8


2.51




1 Yr Fwd Yield (%)


6.99


7.46


NA


6.21




Debt Hedged (%)


NA


Not Disclosed


60% of offshore loans


~70




Target Price


S$0.81


NA


NA


NA




Rating


BUY


NA


NA


NA





Dasin Retail Trust (DASIN SP) 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential

1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m
Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E
Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21
Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21
DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.

Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.




ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div>
<p>In our previous notes, </p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-not-cheap-but-sensible" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Not Cheap but Sensible</a> we discussed our thoughts on valuation. </li>
</ul>
</div><div><p>In this note, we’ll talk about the final pricing and other dynamics.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. 
In our previous notes, 


Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.
In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers.
In Monde Nissin Pre-IPO - Thoughts on Valuation and Monde Nissin Pre-IPO - Not Cheap but Sensible we discussed our thoughts on valuation. 

In this note, we’ll talk about the final pricing and other dynamics.

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> we discussed our thoughts on valuation.</p></div><div><p>In this note, we’ll talk about implied valuation at its fixed price.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers. In Monde Nissin Pre-IPO - Thoughts on Valuation we discussed our thoughts on valuation.In this note, we’ll talk about implied valuation at its fixed price.

Monde Nissin Pre-IPO - Not Cheap but Sensible

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers.</p></div><div><p>In this note, we’ll talk about earnings forecast and valuations.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers.In this note, we’ll talk about earnings forecast and valuations.

Monde Nissin Pre-IPO - Thoughts on Valuation

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> we compared the food business with regional and local peers.</p></div><div><p>In this note, we’ll compare its Meat Alterative division with its global rivals.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business we compared the food business with regional and local peers.In this note, we’ll compare its Meat Alterative division with its global rivals.

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Philippines

SM Prime Holdings Inc., through its subsidiaries, is engaged in residential property, shopping malls, offices, hotels and convention centers development.

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Sm Prime Holdings (SMPH PM)

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Monde Nissin Pre-IPO - Not Cheap but Sensible

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Monde Nissin Pre-IPO - Thoughts on Valuation

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note we talk about earnings...

Sumeet Singh

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will compare its...

Sumeet Singh

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