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.

Equity Capital Markets

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</a> raised around US$125m 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 the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m 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 the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Given that leading luxury groups are inclined to abandon agency and "get involved directly" in the beauty/fragrance category, such trend implies the risk of losing key suppliers in the future</li>
<li>Although there're "reusable aspects" in management, expenses spent on brand channel are big, which makes it impossible for profits to benefit from "scale effect".So, low profit margin is the norm.</li>
<li>Considering the risk of economic recession/sluggish consumption, Eternal Beauty's net profit may experience negative growth in FY2025. It would gradually recover in FY2026-2027. Valuation could be lower than peers.</li>
</ul>


Given that leading luxury groups are inclined to abandon agency and "get involved directly" in the beauty/fragrance category, such trend implies the risk of losing key suppliers in the future
Although there're "reusable aspects" in management, expenses spent on brand channel are big, which makes it impossible for profits to benefit from "scale effect".So, low profit margin is the norm.
Considering the risk of economic recession/sluggish consumption, Eternal Beauty's net profit may experience negative growth in FY2025. It would gradually recover in FY2026-2027. Valuation could be lower than peers.


Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

<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</a> (EB) is looking to raise around US$150m in its upcoming 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 the PHIP updates.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming 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 the PHIP updates.


Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

<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</a>(EB) is looking to raise about US$200m in its upcoming 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming 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.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Hong Kong

Eternal Beauty Holdings Limited develops, manufactures, and sells personal care products. The Company provides perfumes, home fragrances, color cosmetics, skincare products, eyewear, and other personal care products. Eternal Beauty Holdings also offers brand positioning and marketing, brand license, and other services.

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Eternal Beauty Holdings (6883 HK)

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

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

Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...

Xinyao (Criss) Wang

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty is now looking to raise around US$150m in its Hong Kong IPO. We have looked at the past performance earlier.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

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

Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

​Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...

Xinyao (Criss) Wang

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty is now looking to raise around US$150m in its Hong Kong IPO. We have looked at the past performance earlier.

Sumeet Singh

Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...