Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Eastroc Beverage / Equity Capital Markets

<ul>
<li>Eastroc Beverage Group launched its Hongkong IPO aiming to raise up to HK$ 10.1B. The company plans to sell 40.9M shares at HK$248 per share.</li>
<li>Eastroc Beverage is a functional beverage company in China, with primary focus on energy beverages and sports beverages. Company enjoyed 26.3% market share in 2024 (in terms of sales volume).</li>
<li>We would recommend the investors to subscribe to the issue backed by strong growth visibility and secular demand pure play.</li>
</ul>


Eastroc Beverage Group launched its Hongkong IPO aiming to raise up to HK$ 10.1B. The company plans to sell 40.9M shares at HK$248 per share.
Eastroc Beverage is a functional beverage company in China, with primary focus on energy beverages and sports beverages. Company enjoyed 26.3% market share in 2024 (in terms of sales volume).
We would recommend the investors to subscribe to the issue backed by strong growth visibility and secular demand pure play.


Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

<ul>
<li>Busy Ming (1768 HK) launched its Hongkong IPO aiming to raise up to HK$ 3.3B. The company plans to sell 14.1M shares at HK$229.6-$236.6 per share.</li>
<li>Busy Ming Group is an established and growing food and beverage retailer in China. The company owns two popular brands, “Busy for You” and “Super Ming”.</li>
<li>The growth outlook more than justifies the valuation. We would recommend the investors to subscribe to the issue and cash in on the secular growth story the company is offering.</li>
</ul>


Busy Ming (1768 HK) launched its Hongkong IPO aiming to raise up to HK$ 3.3B. The company plans to sell 14.1M shares at HK$229.6-$236.6 per share.
Busy Ming Group is an established and growing food and beverage retailer in China. The company owns two popular brands, “Busy for You” and “Super Ming”.
The growth outlook more than justifies the valuation. We would recommend the investors to subscribe to the issue and cash in on the secular growth story the company is offering.


Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group-co-ltd" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (1768 HK)</a>'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. </li>
<li>Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a> are averaging at 15x and 12.4x. </li>
<li>It is difficult to trade at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue (2097 HK)</a>'s and <a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming (1364 HK)</a>'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.</li>
</ul>



Busy Ming Group (1768 HK)'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. 
Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-Sun Art Retail (6808 HK) are averaging at 15x and 12.4x. 
It is difficult to trade at Mixue (2097 HK)'s and Guming (1364 HK)'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.


Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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/busy-ming-group" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (BMG HK)</a> is looking to raise up to US$430m in its upcoming Hong Kong IPO.</li>
<li>It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Busy Ming Group (BMG HK) is looking to raise up to US$430m in its upcoming Hong Kong IPO.
It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

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)

Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...

Tina Banerjee

Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Tina Banerjee

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....

Nicholas Tan

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

​Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...

Tina Banerjee

Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

​Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Tina Banerjee

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

​Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

​Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....

Nicholas Tan

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...

Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....