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

Sichuan Baicha Baidao Industrial / Equity Capital Markets

Sichuan Baicha Baidao Industrial (2555 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> (SBBI) raised around US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.


Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (SCBCBDID CH)</a>, a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:136692" rel="noopener">Baicha Baidao IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:136734" rel="noopener">Baicha Baidao IPO: The Bear Case</a>. </li>
<li>There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.</li>
</ul>



Sichuan Baicha Baidao Industrial (SCBCBDID CH), a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.
We previously discussed the IPO in Baicha Baidao IPO: The Bull Case and Baicha Baidao IPO: The Bear Case. 
There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.


Baicha Baidao (2555 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is looking to raise up to US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations</li>
</ul>



Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance in our past note. In this note, we talk about valuations


Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance and undertaken a peer comparison. In this note, we provide our initial thoughts on valuation.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.

MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance and undertaken a peer comparison. In this note, we provide our initial thoughts on valuation.


MIXUE Pre-IPO - Initial Thoughts on Valuation

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive about the company’s outlook.</li><li>While management’s 3-year target is still roughly intact (HSD pre-tax/ net profit margin by FY25E or no later than FY26E), our estimate is more prudent (5.9% pre-tax/ 5% net profit margin in FY25E).</li><li>Therefore, together with its undemanding valuation (13x FY25E P/E and 8% FY25E yield), we maintain our BUY rating and raise TP to HK$14.82. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive about the company’s outlook.While management’s 3-year target is still roughly intact (HSD pre-tax/ net profit margin by FY25E or no later than FY26E), our estimate is more prudent (5.9% pre-tax/ 5% net profit margin in FY25E).Therefore, together with its undemanding valuation (13x FY25E P/E and 8% FY25E yield), we maintain our BUY rating and raise TP to HK$14.82. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cafe De Coral (341 HK) – The First Results Beat in a Long While

Hong Kong

Cafe de Coral Holdings Ltd. operates quick-service restaurants and casual dining chains, including brands like Café de Coral, Super Super Congee & Noodles, and The Spaghetti House. The company also provides institutional catering services and is involved in food processing and distribution. It was founded in 1968 and is headquartered in Fo Tan, Hong Kong.

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Cafe de Coral (341 HK)

Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Baicha Baidao (2555 HK) IPO: Valuation Insights

Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.

Arun George

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

MIXUE Pre-IPO - Initial Thoughts on Valuation

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we provide our earnings estimates and initial thoughts on...

Sumeet Singh

Cafe De Coral (341 HK) – The First Results Beat in a Long While

We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive...

CMB International

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