Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>  is offering 17.06 million shares at HK$202.50 apiece to raise HK$3.45 billion ($444 million) in its initial public offering in Hong Kong</li>
<li>Mixue's IPO was launched today morning  and will close on Wednesday 26th February. The stock is due to list on HK bourses on 3rd March.</li>
<li>Mixue, China's value-for-money freshly made beverage leader, has priced its IPO shares attractively given its robust growth track record and long term competitive strengths.</li>
</ul>



Mixue Group (MIX HK)  is offering 17.06 million shares at HK$202.50 apiece to raise HK$3.45 billion ($444 million) in its initial public offering in Hong Kong
Mixue's IPO was launched today morning  and will close on Wednesday 26th February. The stock is due to list on HK bourses on 3rd March.
Mixue, China's value-for-money freshly made beverage leader, has priced its IPO shares attractively given its robust growth track record and long term competitive strengths.


Mixue Group IPO: Value For Money Pricing and Attractive Valuations

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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a> is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.</li>
</ul>



Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.


MIXUE Pre-IPO - Updated Thoughts on Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>MIXUE’s supply chain advantages and economies of scale remain ahead of peers. This creates a unique barrier. When peers engage in price wars, MIXUE can still gain greater cost advantages.</li>
<li>MIXUE’s performance growth depends significantly on its ability to expand franchised store network. But MIXUE may have reached the growth ceiling in China market based on its current expansion speed.</li>
<li>The market prefers the franchise models. Despite declining growth rate in the whole industry, MIXUE’s valuation should still be higher than peers - e.g. P/E of 17-20x is comfortable range.</li>
</ul>


MIXUE’s supply chain advantages and economies of scale remain ahead of peers. This creates a unique barrier. When peers engage in price wars, MIXUE can still gain greater cost advantages.
MIXUE’s performance growth depends significantly on its ability to expand franchised store network. But MIXUE may have reached the growth ceiling in China market based on its current expansion speed.
The market prefers the franchise models. Despite declining growth rate in the whole industry, MIXUE’s valuation should still be higher than peers - e.g. P/E of 17-20x is comfortable range.


Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.</li>
</ul>



MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.


MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

<ul>
<li>Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.</li>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>'s mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.</li>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a> reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.</li>
</ul>


Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.

Mixue Group (MIX HK)'s mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.

Mixue Group (MIX HK) reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.


Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

China

Guming Holdings Limited is a holding company primarily engaged in the production and sale of freshly made beverages through its "Good me" brand. It operates a franchised tea store retail network, offering fruit tea, milk tea, and coffee beverages. The company was founded in 2010 and is headquartered in Hangzhou, China.

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Guming (1364 HK)

Mixue Group IPO: Value For Money Pricing and Attractive Valuations

Given its robust growth track record and long term competitive strengths that positions Mixue for sustainable long term performance, its IPO seems...

Devi Subhakesan

MIXUE Pre-IPO - Updated Thoughts on Valuation

Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

MIXUE's supply chain advantages and franchise model give it a unique edge over peers, but it has reached growth ceiling in China. Despite...

Xinyao (Criss) Wang

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

Robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mixue Group IPO: Value For Money Pricing and Attractive Valuations

Given its robust growth track record and long term competitive strengths that positions Mixue for sustainable long term performance, its IPO seems...

Devi Subhakesan

MIXUE Pre-IPO - Updated Thoughts on Valuation

Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

​MIXUE's supply chain advantages and franchise model give it a unique edge over peers, but it has reached growth ceiling in China. Despite...

Xinyao (Criss) Wang

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

Robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and...

Devi Subhakesan

MIXUE's supply chain advantages and franchise model give it a unique edge over peers, but it has reached growth ceiling in China. Despite...