HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>Based on chart, Eastroc's market share is growing rapidly, and it is “encroaching” on the shares of Red Bull and other competitors. Eastroc's leading position is about to be established.</li>
<li>The main business of Eastroc, energy beverages, has a high certainty of achieving RMB200 billion revenue. The upper limit of Eastroc Super Drink sales could be roughly around RMB22-27 billion.</li>
<li>Our forecast is energy beverages business and Eastroc Water Boost would reach RMB26 billion and RMB6.6 billion revenue respectively in 2029. The overall revenue would reach RMB36.6 billion in 2029.</li>
</ul>


Based on chart, Eastroc's market share is growing rapidly, and it is “encroaching” on the shares of Red Bull and other competitors. Eastroc's leading position is about to be established.
The main business of Eastroc, energy beverages, has a high certainty of achieving RMB200 billion revenue. The upper limit of Eastroc Super Drink sales could be roughly around RMB22-27 billion.
Our forecast is energy beverages business and Eastroc Water Boost would reach RMB26 billion and RMB6.6 billion revenue respectively in 2029. The overall revenue would reach RMB36.6 billion in 2029.


Pre-IPO Eastroc Beverage Group (A/H Listing) PHIP Updates - Some Points Worth the Attention

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</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>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
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.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

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/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a>, the largest functional beverage company in China, is pre-marketing an H-Share listing to raise around US$1 billion.    </li>
<li>The product portfolio includes energy beverages, sports beverages, tea beverages, coffee beverages, plant-based protein beverages, fruit and vegetable juice beverages, and other beverage products.</li>
<li>The investment case rests on a large TAM, a core business in good health, rising margins and strong cash conversion.</li>
</ul>



Eastroc Beverage Group (605499 CH), the largest functional beverage company in China, is pre-marketing an H-Share listing to raise around US$1 billion.    
The product portfolio includes energy beverages, sports beverages, tea beverages, coffee beverages, plant-based protein beverages, fruit and vegetable juice beverages, and other beverage products.
The investment case rests on a large TAM, a core business in good health, rising margins and strong cash conversion.


Eastroc Beverage H Share Listing: The Investment Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

Eastroc Beverage (Group) Co. Ltd. is a Chinese beverage company specializing in the research, development, production, and sale of a diverse range of healthy drinks. Its product portfolio includes energy drinks (e.g., Eastroc Super Drink), electrolyte drinks (e.g., Eastroc Water Boost), various tea-based beverages, coffee drinks, plant-based protein drinks, fruit and vegetable juices, and cocktails. The company is headquartered in Shenzhen, Guangdong, China, and was founded in 1987.

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Eastroc Beverage (9980 HK)

Pre-IPO Eastroc Beverage Group (A/H Listing) PHIP Updates - Some Points Worth the Attention

Eastroc is offering 40.9mn shares at a maximum price of HK$248, with market value of HK$139.1bn (or RMB124.1bn). If based on 2025 forecast, P/E is...

Xinyao (Criss) Wang

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

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

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Eastroc Beverage Group (A/H Listing) PHIP Updates - Some Points Worth the Attention

Eastroc is offering 40.9mn shares at a maximum price of HK$248, with market value of HK$139.1bn (or RMB124.1bn). If based on 2025 forecast, P/E is...

Xinyao (Criss) Wang

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Eastroc Beverage H Share Listing: The Investment Case

Eastroc, the largest functional beverage company in China, is pre-marketing an H-Share listing to raise around US$1 billion. In this note, I...

Arun George

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

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh