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>
<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

Equity Bottom-Up

<ul>
<li>After hitting the bottom during the COVID crisis, the only direction left for <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> to move is up.</li>
<li>Given the current valuations, Miniso could generate multi-bagger returns during favourable market conditions.</li>
<li>In addition, Miniso could help investors generate sizable returns in the short-term on the short side with increased short exposure to Chinese E-commerce.</li>
</ul>


After hitting the bottom during the COVID crisis, the only direction left for MINISO Group Holdings (MNSO US) to move is up.
Given the current valuations, Miniso could generate multi-bagger returns during favourable market conditions.
In addition, Miniso could help investors generate sizable returns in the short-term on the short side with increased short exposure to Chinese E-commerce.


Miniso: Genuinely Undervalued & A Decent Long Hedge to Increase Short Exposure to Chinese E-Commerce

<ul>
<li>Last week, <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> filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange.</li>
<li>The Hong Kong listing will be treated as a second primary listing, resulting in a substantial improvement in the stock’s liquidity.</li>
<li>With the improvement in liquidity following the Hong Kong offer, there could be a significant upside to Miniso shares in the short term.</li>
</ul>


Last week, MINISO Group Holdings (MNSO US) filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange.
The Hong Kong listing will be treated as a second primary listing, resulting in a substantial improvement in the stock’s liquidity.
With the improvement in liquidity following the Hong Kong offer, there could be a significant upside to Miniso shares in the short term.


Miniso to Increase Liquidity Via a Dual Primary Listing on HKEX

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)

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

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

Miniso: Genuinely Undervalued & A Decent Long Hedge to Increase Short Exposure to Chinese E-Commerce

It might take some time for Miniso to generate multi-bagger returns on a stand-alone basis, but it could still help investors generate sizable...

Oshadhi Kumarasiri

Miniso to Increase Liquidity Via a Dual Primary Listing on HKEX

Miniso filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange. The HK...

Oshadhi Kumarasiri

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