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.

Equity Capital Markets

Topsports International Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (TOP HK)</a> is the sportswear division of Belle International. Topsports is the largest sportswear retailer in China as measured by retail sales value, with a 15.9% market share in 2018, according to Frost &amp; Sullivan. Topsports has launched its IPO at an indicative price band of HK$8.30-10.10 per share to raise up to $1.2 billion. <div class="content-highlight">Notwithstanding the weak 1QFY20 results (likely a one-off), we believe that Topsport’s fundamentals offer more positives than negatives. Overall, our valuation analysis suggests that we would be tempted to participate up to the mid-point of the offered price range.</div>

Topsports International (TOP HK) is the sportswear division of Belle International. Topsports is the largest sportswear retailer in China as measured by retail sales value, with a 15.9% market share in 2018, according to Frost &amp; Sullivan. Topsports has launched its IPO at an indicative price band of HK$8.30-10.10 per share to raise up to $1.2 billion. Notwithstanding the weak 1QFY20 results (likely a one-off), we believe that Topsport’s fundamentals offer more positives than negatives. Overall, our valuation analysis suggests that we would be tempted to participate up to the mid-point of the offered price range.

Topsports International IPO: Valuation - Just Do It

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

YETI Holdings Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27727" target="_blank" data-smartkarma-citation="entities:27727:1">YETI Holdings Inc (YETI US)</a>, a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing <a href="https://www.sec.gov/Archives/edgar/data/1670592/000104746918006711/a2236865zs-1a.htm" target="_blank">here</a> and at the end of this note.

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing here and at the end of this note.

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

United States

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

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Dick's Sporting Goods (DKS US)

Topsports International IPO: Valuation - Just Do It

Topsports International (TOP HK) is the sportswear division of Belle International. Topsports is the largest sportswear retailer in China as...

Arun George

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock...

Daniel Hellberg

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