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

Sanhua Intelligent Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sanhua-intelligent-controls-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:189460" rel="noopener">Sanhua Intelligent Controls H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.</li>
</ul>



Zhejiang Sanhua Intelligent Controls (2050 HK) has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.


Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

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.

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

Zhejiang Sanhua Intellignt Controls (002050 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</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>



Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
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.


Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

HK/China Equity Long-Short

Osbert Tang, CFA

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>Fundamentals first, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a>'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. </li>
<li>We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  </li>
<li>It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. </li>
</ul>


Fundamentals first, Foshan Haitian Flavouring &amp; Food Company (3288 HK)'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. 
We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  
It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. 


Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/foshan-haitian-flavouring-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:187902" rel="noopener">Foshan Haitian Flavouring H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK) has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.


Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Foshan Haitian Flavouring & Food / Equity Capital Markets

Foshan Haitian Flavouring & Food (603288 CH)

<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, aims to raise around US$1.2bn 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 IPO pricing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn 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 IPO pricing.


Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

China

Foshan Haitian Flavouring and Food Company Ltd. is a leading Chinese public company primarily engaged in the production and sale of condiments, food, and agricultural products. It is recognized as the world's largest manufacturer of soy sauce, with key products including soy sauce, oyster sauce, flavoring sauce, vinegar, and various compound seasonings. The company was founded in 1955 and is headquartered in Foshan, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Foshan Haitian Flavouring and Food (3288 HK)

Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...

Osbert Tang, CFA

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.

Arun George

Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

​Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...

Osbert Tang, CFA

Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Haitian has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. The proposed AH discount is attractive, and I recommend participating...

Arun George

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...