IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    </li>
<li>The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.</li>
<li>While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. </li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    
The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.
While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. 


Muyuan Foods H Share Listing: The Investment Case

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.</li>
<li>Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.</li>
<li>We think valuation of MUYUAN could be higher than <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff</a>. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.</li>
</ul>


25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.
Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.
We think valuation of MUYUAN could be higher than Wens Foodstuff. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.


Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH,</a> SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.</li>
<li>SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, aims to raise around US$1bn in its H-share listing.
SDPM was the largest PCB supplier for edge AI devices, the second-largest FPC supplier and a top three PCB supplier globally by revenue in 2024, according to CIC.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

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)

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...

Xinyao (Criss) Wang

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

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, now aims to raise around US$1.5bn in its H-share listing. We had...

Sumeet Singh

Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, is now said to be looking to raise up to US$3bn. We will...

Sumeet Singh

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Market Cap (USDm)

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Muyuan Foods H Share Listing: The Investment Case

Muyuan Foods, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion. In this note, I discuss the...

Arun George

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

​MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...

Xinyao (Criss) Wang

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

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, now aims to raise around US$1.5bn in its H-share listing. We had...

Sumeet Singh

Aequitas: Suzhou Dongshan Precision Manuf A/H IPO - Stock Running on AI, Despite Lacklustre Past

Suzhou Dongshan Precision A (002384 CH, SDPM), a global PCB and other component provider, is now said to be looking to raise up to US$3bn. We will...

Sumeet Singh

MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...