HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<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

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.

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</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 trading dynamics.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited</a> is looking to raise around US$144m in its Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about valuations.</li>
</ul>



Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.


Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Anjoy Foods Group   / Equity Capital Markets

<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$300m 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 company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m 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 company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.


Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

<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$300m 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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m 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. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

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)

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

Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) raised around US$1.5bn (including over-allocation) in its H-share listing. In this note, we talk about...

Sumeet Singh

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing. In this note, we talk...

Sumeet Singh

Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

Anjoy Food is now said to be pre-markeing for a US$300m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Sumeet Singh

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52-week Range

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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

Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) raised around US$1.5bn (including over-allocation) in its H-share listing. In this note, we talk about...

Sumeet Singh

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing. In this note, we talk...

Sumeet Singh

Anjoy Foods Group A/H Listing - A Leader in a Fragmented Industry

Anjoy Food is now said to be pre-markeing for a US$300m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Sumeet Singh

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