IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>, a leading professional skin care product manufacturer, is set to launch a US$500 million HKEx IPO.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:81963" rel="noopener">Giant Biogene IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82037" rel="noopener">Giant Biogene IPO: The Bear Case</a>.</li>
<li>In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. </li>
</ul>



Giant Biogene Holding (GBH HK), a leading professional skin care product manufacturer, is set to launch a US$500 million HKEx IPO.  
We previously discussed the IPO in Giant Biogene IPO: The Bull Case and Giant Biogene IPO: The Bear Case.
In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. 


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/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.</li>
</ul>



Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.


Giant Biogene Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>  aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.</li>
</ul>



Giant Biogene Holding (GBH HK)  aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.


Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The strength about Giant Biogene is that the founders have R&amp;D background, which helps build trust. Meanwhile, the financial performance was good, with three years of consistent high margins.</li>
<li>The sustainability of high-profit model will face pressure due to increasing competition. The establishment of long-term core competitiveness and second growth point is important. Complex related-party transaction is another concern.</li>
<li>Giant Biogene is in an industry that has a large potential for future growth in valuation. Its valuation should be lower than that of Bloomage and Imeik.</li>
</ul>


The strength about Giant Biogene is that the founders have R&amp;D background, which helps build trust. Meanwhile, the financial performance was good, with three years of consistent high margins.
The sustainability of high-profit model will face pressure due to increasing competition. The establishment of long-term core competitiveness and second growth point is important. Complex related-party transaction is another concern.
Giant Biogene is in an industry that has a large potential for future growth in valuation. Its valuation should be lower than that of Bloomage and Imeik.


Pre-IPO Giant Biogene - The Strength and the Concerns

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>, a leading professional skin care product manufacturer, has started pre-marketing a US$500 million HKEx IPO.  </li>
<li>In <a href="https://www.smartkarma.com/insights/giant-biogene-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:81963" rel="noopener">Giant Biogene IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.  </li>
<li>The key elements of the bear case rest on a worrying performance of Collgene (the second flagship brand), an inexorable rise in S&amp;M expenses and margins on a downward trajectory.</li>
</ul>



Giant Biogene Holding (GBH HK), a leading professional skin care product manufacturer, has started pre-marketing a US$500 million HKEx IPO.  
In Giant Biogene IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.  
The key elements of the bear case rest on a worrying performance of Collgene (the second flagship brand), an inexorable rise in S&amp;M expenses and margins on a downward trajectory.


China

Guangdong Marubi Biotechnology Co., Ltd. manufactures cosmetics products. The Company produces water creams, clean creams, masks, eye creams, and other products. Guangdong Marubi Biotechnology markets its products throughout China.

Guangdong Marubi Biotechnology (603983 CH)

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Guangdong Marubi Biotechnology (603983 CH)

Giant Biogene IPO: Valuation First Look

Giant Biogene will launch its US$500 million HKEx IPO this week. In this note, we present our forecasts and take the first look at its potential...

Arun George

Giant Biogene Pre-IPO - Thoughts on Valuation

Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

Giant Biogene Holding aims to raise around US$500m in its Hong Kong IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Pre-IPO Giant Biogene - The Strength and the Concerns

Giant Biogene is in an industry that has big potential for growth in valuation. How to build long-term system advantage/core competitiveness is an...

Xinyao (Criss) Wang

Giant Biogene IPO: The Bear Case

The key elements of the bear case rest on a worrying performance of Collgene (the second flagship brand), an inexorable rise in S&M expenses and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)