IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99438" rel="noopener">ZJLD Group IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99455" rel="noopener">ZJLD Group IPO: The Bear Case</a>. </li>
<li>In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. </li>
</ul>



ZJLD Group (ZJLD HK), a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case and ZJLD Group IPO: The Bear Case. 
In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. 


APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we discuss our earnings assumptions and share our thoughts on ZJLD’s valuation.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we discuss our earnings assumptions and share our thoughts on ZJLD’s valuation.


ZJLD Group Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we discuss the industry dynamics and undertake a peer comparison.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we discuss the industry dynamics and undertake a peer comparison.


ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, a baijiu company in China, is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99438" rel="noopener">ZJLD Group 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 the sharpest revenue slowdown, lowest operating margin and FCF margin vs peers along with a deterioration in lead growth indicators.</li>
</ul>



ZJLD Group (ZJLD HK), a baijiu company in China, is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.
In ZJLD Group 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 the sharpest revenue slowdown, lowest operating margin and FCF margin vs peers along with a deterioration in lead growth indicators.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, a baijiu company in China, is pre-marketing an HKEx IPO to raise upto US$400 million, according to press reports.</li>
<li>ZJLD is the fourth largest privately-owned baijiu company and ranked third among all baijiu companies with three or more aroma types, in terms of revenue in 2021.</li>
<li>The key elements of the bull case rest on market share gains, competitive production capacity, premiumization, rising gross margin and inventory days in good shape vs peers.</li>
</ul>



ZJLD Group (ZJLD HK), a baijiu company in China, is pre-marketing an HKEx IPO to raise upto US$400 million, according to press reports.
ZJLD is the fourth largest privately-owned baijiu company and ranked third among all baijiu companies with three or more aroma types, in terms of revenue in 2021.
The key elements of the bull case rest on market share gains, competitive production capacity, premiumization, rising gross margin and inventory days in good shape vs peers.


China

Luzhou Laojiao Co., Ltd. manufactures and sells spirits products worldwide. The Company also produces glass products, manages hotels, and invests in the real estate business.

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Luzhou Laojiao Co Ltd A (000568 CH)

ZJLD Group IPO: Valuation First Look

ZJLD is set to launch an HKEx IPO to raise US$800-900 million next week. In this note, we present our forecasts and take the first look at ZJLD's...

Arun George

ZJLD Group Pre-IPO - Thoughts on Valuation

ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we discuss our earnings assumptions and share...

Clarence Chu

ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we discuss the industry dynamics and undertake...

Clarence Chu

ZJLD Group IPO: The Bear Case

The key elements of the bear case rest on the sharpest revenue slowdown, lowest operating margin and FCF margin vs peers along with a deterioration...

Arun George

ZJLD Group IPO: The Bull Case

The key elements of the bull case rest on market share gains, competitive production capacity, premiumization, rising gross margin and inventory...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)