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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>China and Indonesia leaders vow to deepen relations</li><li>Analysis: Dutch carmaker <a href="https://www.smartkarma.com/entities/stellantis-nv" target="_blank" data-smartkarma-citation="entities:798" rel="noopener">Stellantis NV (STLA US)</a> and state-owned <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> go their own ways</li><li>Weeks after Hong Kong offering, <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673" rel="noopener">Miniso (MNSO US)</a> shares tank on short-seller attack</li></ul>

China and Indonesia leaders vow to deepen relationsAnalysis: Dutch carmaker Stellantis NV (STLA US) and state-owned Guangzhou Automobile Group (2238 HK) go their own waysWeeks after Hong Kong offering, Miniso (MNSO US) shares tank on short-seller attack

CX Daily: Weeks After Hong Kong Offering, Miniso Shares Tank on Short-Seller Attack

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>, <a href="https://www.smartkarma.com/entities/noah-holdings-ltd-spon-ads" target="_blank" data-smartkarma-citation="entities:13585:1" rel="noopener">Noah Holdings (NOAH US)</a> and <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a> will debut on 13 July, <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a US$300-500m IPO.</li>
<li>Event-Driven developments at <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, DTAC/True, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Tianqi Lithium (002466 CH), Noah Holdings (NOAH US) and Miniso (MNSO US) will debut on 13 July, Emperador Inc (EMP PM) is pre-marketing a US$300-500m IPO.
Event-Driven developments at Link Administration (LNK AU), Giordano International (709 HK), DTAC/True, Ramsay Health Care (RHC AU), Hwa Hong Corp (HWAH SP), Infomedia Ltd (IFM AU), Cocoaland Holdings (COLA MK). 


Weekly Deals Digest (10 Jul) - Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>The offer period for <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a>’s HK listing began on 30th June at a maximum offer-price of HK$22.10 per-share, which translates to a 42% premium to its ADSs .</li>
<li>With store-level performance expected to reach the pre-COVID level , alongside an aggressive plan to increase the store count by 60%, we predict more than 100% upside to FY24 consensus.</li>
<li>Our estimates put Miniso on 4.3x FY24 OP, which seems genuinely cheap compared to most of the GMS stocks in New York and Hong Kong.</li>
</ul>


The offer period for Miniso (MNSO US)’s HK listing began on 30th June at a maximum offer-price of HK$22.10 per-share, which translates to a 42% premium to its ADSs .
With store-level performance expected to reach the pre-COVID level , alongside an aggressive plan to increase the store count by 60%, we predict more than 100% upside to FY24 consensus.
Our estimates put Miniso on 4.3x FY24 OP, which seems genuinely cheap compared to most of the GMS stocks in New York and Hong Kong.


Miniso Hong Kong Listing: Still Too Cheap

<ul><li>In Depth: How SoftBank wrestled back control of Arm China</li><li>Analysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rules</li><li>Charts of the Day: China’s trade deficit with Russia balloons</li></ul>

In Depth: How SoftBank wrestled back control of Arm ChinaAnalysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rulesCharts of the Day: China’s trade deficit with Russia balloons

CX Daily: How SoftBank Wrestled Back Control of Arm China

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022).</li>
<li>The company has no requirement for extra cash and this Hong Kong listing is mostly a precautionary measure against a potential delisting of Chinese companies from US markets.</li>
<li>Overall, we are positive about this placement on account of momentum, reasonableness of current valuation and positive reception of what we would regard as an intention to accelerate expansion.</li>
</ul>



MINISO Group Holdings (MNSO US) rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022).
The company has no requirement for extra cash and this Hong Kong listing is mostly a precautionary measure against a potential delisting of Chinese companies from US markets.
Overall, we are positive about this placement on account of momentum, reasonableness of current valuation and positive reception of what we would regard as an intention to accelerate expansion.


Miniso Dual Primary Listing: Positive on Momentum, Valuation and Acceleration of Global Expansion

China

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

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Miniso (MNSO US)

CX Daily: Weeks After Hong Kong Offering, Miniso Shares Tank on Short-Seller Attack

China and Indonesia leaders vow to deepen relations; Former Everbright executive under anti-graft probe; Shanghai neighborhoods returned to...

Caixin Global

Weekly Deals Digest (10 Jul) - Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong

Last week, notable developments occurred in Event-Driven (Link Admin, Giordano, Ramsay, DTAC/True, Infomedia, Hwa Hong, Cocoaland) and ECM (Tianqi...

Arun George

Miniso Hong Kong Listing: Still Too Cheap

With store-level performance expected to reach the pre-COVID level over the next two years, alongside an aggressive plan to increase the store...

Oshadhi Kumarasiri

CX Daily: How SoftBank Wrestled Back Control of Arm China

In Depth: How SoftBank wrestled back control of Arm China. Analysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rules

Caixin Global

Miniso Dual Primary Listing: Positive on Momentum, Valuation and Acceleration of Global Expansion

Miniso rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022)....

Oshadhi Kumarasiri

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