HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Mokingran Jewellery Group / Equity Capital Markets

<ul>
<li>MOKINGRAN’s revenue fluctuated in the past three years. Profit margin was much lower than that of peers/industry average, which may not necessarily have big improvement even with upward gold price.</li>
<li>MOKINGRAN once applied for IPO in A-share but failed. The concerns of SZSE included “unusual” gold trade-in business, large inventory balance and the risk of "false increase" in profits/revenues.</li>
<li>The gold boom should not mask the risks of MOKINGRAN. Even if MOKINGRAN successfully goes public, it still faces many challenges. Valuation of MOKINGRAN should be lower than peers. </li>
</ul>


MOKINGRAN’s revenue fluctuated in the past three years. Profit margin was much lower than that of peers/industry average, which may not necessarily have big improvement even with upward gold price.
MOKINGRAN once applied for IPO in A-share but failed. The concerns of SZSE included “unusual” gold trade-in business, large inventory balance and the risk of "false increase" in profits/revenues.
The gold boom should not mask the risks of MOKINGRAN. Even if MOKINGRAN successfully goes public, it still faces many challenges. Valuation of MOKINGRAN should be lower than peers. 


Pre-IPO Mokingran Jewellery Group - Disappointing Profit Margin and Potential Risk in Business Model

China

Chow Tai Seng Jewellery Co., Ltd. manufactures and distributes jewelry products. The Company offers necklace, pendants, earings, rings, and other jewelry products. Chow Tai Seng Jewellery serves customers in China.

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Chow Tai Seng Jewellery (002867 CH)

Pre-IPO Mokingran Jewellery Group - Disappointing Profit Margin and Potential Risk in Business Model

MOKINGRAN's fluctuating revenue and low profit margin raise concerns about its IPO potential and its long-term performance in the gold market. The...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Mokingran Jewellery Group - Disappointing Profit Margin and Potential Risk in Business Model

​MOKINGRAN's fluctuating revenue and low profit margin raise concerns about its IPO potential and its long-term performance in the gold market. The...

Xinyao (Criss) Wang

MOKINGRAN's fluctuating revenue and low profit margin raise concerns about its IPO potential and its long-term performance in the gold market. The...