APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

HK/China Equity Long-Short

Osbert Tang, CFA

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. </li>
<li>It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.</li>
<li>We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.</li>
</ul>



Anjoy Foods Group (2648 HK)'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. 
It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.
We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.


Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is looking to raise about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.</li>
<li>IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.</li>
<li>Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average</li>
</ul>


IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average


Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

China

China Resources Beverage (Holdings) Company Limited manufactures and distributes drink products. The Company produces drinking water, lemon tea, chrysanthemum tea, sour plum soups, oolong tea, fruit tea, milk tea, and other products. China Resources Beverage (Holdings) markets its products throughout Hong Kong.

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China Resources Beverage (2460 HK)

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

​Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

​IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...