Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. </li>
<li>Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. </li>
<li>Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.</li>
</ul>


Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. 
Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. 
Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.


Muyuan Foods Hong Kong IPO Valuation Analysis

<ul>
<li>Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H shares. </li>
<li>The offer price is capped at HK$39 per share. The offering involves raising approximately HK$10.7 billion ($1.4 billion USD).</li>
<li>Muyuan Foods is the largest company globally in the hog farming industry by both production capacity and hog sales volume.</li>
</ul>


Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H shares. 
The offer price is capped at HK$39 per share. The offering involves raising approximately HK$10.7 billion ($1.4 billion USD).
Muyuan Foods is the largest company globally in the hog farming industry by both production capacity and hog sales volume.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The H-share IPO of <a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> should draw good interest given its position as the world's largest hog farming company by capacity. </li>
<li>Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>. It is relatively cheap vs. the global peers' average of 11.3x.</li>
<li>Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.</li>
</ul>


The H-share IPO of Muyuan Foods Co (2714 HK) should draw good interest given its position as the world's largest hog farming company by capacity. 
Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below WH Group (288 HK). It is relatively cheap vs. the global peers' average of 11.3x.
Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.


Muyuan Foods (2714 HK) IPO: Inexpensively Priced

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.</li>
<li>Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.</li>
<li>We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.</li>
</ul>


Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.
Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.
We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.


Muyuan Foods A/H Listing: Meaty Enough for Investors

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Muyuan Foods Co (2714 HK), the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case. 
The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.


Muyuan Foods H Share Listing (2714 HK): Valuation Insights

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

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Muyuan Foods Co (2714 HK)

Muyuan Foods Hong Kong IPO Valuation Analysis

Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at...

Douglas Kim

Muyuan Foods Hong Kong IPO Preview

Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H...

Douglas Kim

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Muyuan Foods A/H Listing: Meaty Enough for Investors

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Muyuan Foods Hong Kong IPO Valuation Analysis

Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at...

Douglas Kim

Muyuan Foods Hong Kong IPO Preview

Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H...

Douglas Kim

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

​Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Muyuan Foods A/H Listing: Meaty Enough for Investors

​Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Muyuan Foods, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion. The proposed AH discount of 23.1% is...

Arun George

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...