HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Guangzhou Xiao Noodles Catering Management / Equity Capital Markets

Guangzhou Xiao Noodles Catering Management

<ul>
<li>Although the revenue is growing, net profit margin is low, which is due to Xiao Noodles’ operational model, high costs, products and brand positioning. Key performance indicators declined in 2024.</li>
<li>If competition becomes increasingly fierce and Xiao Noodles’ price reduction strategy continues, the investment return period would be longer, which will affect the Company's future expansion plans and performance growth.</li>
<li>Based on our forecast, pre-IPO valuation of RMB3 billion is expensive. If Xiao Noodles is unable to reverse the trend of declining performance, it will face valuation discounts after IPO.</li>
</ul>


Although the revenue is growing, net profit margin is low, which is due to Xiao Noodles’ operational model, high costs, products and brand positioning. Key performance indicators declined in 2024.
If competition becomes increasingly fierce and Xiao Noodles’ price reduction strategy continues, the investment return period would be longer, which will affect the Company's future expansion plans and performance growth.
Based on our forecast, pre-IPO valuation of RMB3 billion is expensive. If Xiao Noodles is unable to reverse the trend of declining performance, it will face valuation discounts after IPO.


Pre-IPO Guangzhou Xiao Noodles Catering Management - Pain Points in Operation Mode and Profit Margin

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is looking to raise about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>We recently visited Guangzhou city, a tier one city in China, on a vacation trip. </li>
<li>One of the malls that we visited happened to have several listed tea chain stores.</li>
<li>We took a snapshot of the shop traffic and noted the difference in locations of various stores. We also ordered tea drinks from two of these stores.</li>
</ul>


We recently visited Guangzhou city, a tier one city in China, on a vacation trip. 
One of the malls that we visited happened to have several listed tea chain stores.
We took a snapshot of the shop traffic and noted the difference in locations of various stores. We also ordered tea drinks from two of these stores.


Chinese Tea Chain: An Impromptu Snapshot Visit at Sunac Mall - Mixue, Chagee, Goodme, ChaPanda

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Anjoy Foods Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the PHIP updates and provide our thoughts on the A/H premium.


Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

Guming Holdings Ltd operates as a holding company. The Company, through its subsidiaries, sells bubble tea.

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Guming Holdings (1364 HK)

Pre-IPO Guangzhou Xiao Noodles Catering Management - Pain Points in Operation Mode and Profit Margin

Xiao Noodles faces challenges with low profit margins, declining performance, and potential valuation discounts post-IPO if trends continue....

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Chinese Tea Chain: An Impromptu Snapshot Visit at Sunac Mall - Mixue, Chagee, Goodme, ChaPanda

We recently visited stores of 4 listed tea chains in a mall, noting the differentiation of the stores in terms of their positioning.

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing. In this note, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Guangzhou Xiao Noodles Catering Management - Pain Points in Operation Mode and Profit Margin

​Xiao Noodles faces challenges with low profit margins, declining performance, and potential valuation discounts post-IPO if trends continue....

Xinyao (Criss) Wang

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Chinese Tea Chain: An Impromptu Snapshot Visit at Sunac Mall - Mixue, Chagee, Goodme, ChaPanda

We recently visited stores of 4 listed tea chains in a mall, noting the differentiation of the stores in terms of their positioning.

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing. In this note, we talk...

Sumeet Singh

Xiao Noodles faces challenges with low profit margins, declining performance, and potential valuation discounts post-IPO if trends continue....