HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Grandpa’s Farm International / Equity Capital Markets

<ul>
<li>The business model of GRANDPA’S FARM is: establishing high-end image through brand positioning of "organic products for infants/children", conducting light-asset production through OEM model, and driving growth with high-intensity marketing.</li>
<li>Due to population pressure in infant/child market, future growth would decrease.The "marketing for growth" model is unlikely to undergo fundamental transformation, leading to limited room for improvement in profit margin.</li>
<li>Due to higher growth/net profit margin, valuation of GRANDPA’S FARM would be higher than peers. For companies in their growth phase, comfortable valuation range could be a P/E of 15-25x.</li>
</ul>


The business model of GRANDPA’S FARM is: establishing high-end image through brand positioning of "organic products for infants/children", conducting light-asset production through OEM model, and driving growth with high-intensity marketing.
Due to population pressure in infant/child market, future growth would decrease.The "marketing for growth" model is unlikely to undergo fundamental transformation, leading to limited room for improvement in profit margin.
Due to higher growth/net profit margin, valuation of GRANDPA’S FARM would be higher than peers. For companies in their growth phase, comfortable valuation range could be a P/E of 15-25x.


Pre-IPO Grandpa’s Farm International - The Business Model, the Concerns and the Outlook

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Grandpa’s Farm International (GPF HK)

Pre-IPO Grandpa’s Farm International - The Business Model, the Concerns and the Outlook

GRANDPA’S FARM's business model focus on high-end products for children, with growth potential limited by market saturation/marketing strategy....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Grandpa’s Farm International - The Business Model, the Concerns and the Outlook

​GRANDPA’S FARM's business model focus on high-end products for children, with growth potential limited by market saturation/marketing strategy....

Xinyao (Criss) Wang

GRANDPA’S FARM's business model focus on high-end products for children, with growth potential limited by market saturation/marketing strategy....