External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.</li><li>Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.</li><li>The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

<div><div><div><div><div><ul><li>Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.</li><li>The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.</li><li>With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. </li></ul></div></div></div><div><div><div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

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.

Event-Driven

<ul>
<li>Dominus Capital has lobbed a voluntary conditional cash offer of S$0.77 per share. The offer price represents a 15.8% premium to the unaffected price of A$0.665 (28 December).</li>
<li>The offer is conditional on the offeror and concert parties hold not less than 90% of the voting rights. Irrecovables represent 77.41% of outstanding shares.</li>
<li>56% of shareholders ex. irrecovables are required to accept the offer to meet the 90% threshold. While the offer is a modest premium to historical share prices, it is feasible. </li>
</ul>


Dominus Capital has lobbed a voluntary conditional cash offer of S$0.77 per share. The offer price represents a 15.8% premium to the unaffected price of A$0.665 (28 December).
The offer is conditional on the offeror and concert parties hold not less than 90% of the voting rights. Irrecovables represent 77.41% of outstanding shares.
56% of shareholders ex. irrecovables are required to accept the offer to meet the 90% threshold. While the offer is a modest premium to historical share prices, it is feasible. 


Koufu’s Voluntary Conditional Offer by Founding Shareholders

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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/green-tea-group" target="_blank" data-smartkarma-citation="entities:34599:1" rel="noopener">Green Tea Group (GT HK)</a> is looking to raise US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMB International. This is a refiling from a previous attempt in late Mar 2021. </p><p>Green Tea Group is a restaurant chain operator for fusion cuisine in China. As of the latest practicable date (30 Sept 2021), the firm’s restaurant network consists of 208 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC. As per CIC, the firm is the fourth largest casual China restaurant operator in China in terms of revenue and number of restaurants in 2020.</p>

Green Tea Group (GT HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMB International. This is a refiling from a previous attempt in late Mar 2021. Green Tea Group is a restaurant chain operator for fusion cuisine in China. As of the latest practicable date (30 Sept 2021), the firm’s restaurant network consists of 208 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC. As per CIC, the firm is the fourth largest casual China restaurant operator in China in terms of revenue and number of restaurants in 2020.

Green Tea Group Pre-IPO Tearsheet (Refiled)

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.

Tam Jai International / Equity Capital Markets

<ul>
<li>Although the recent media reports suggested overwhelming interest from both retail and institutional investors, the <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2271 HK)</a> IPO subscription status was not all that great with subscription rates of 29.6x and 3.9x for the Hong Kong offer and international offer respectively.</li>
<li>Consequently, the IPO was priced at the low end of the offer range at HK$ 3.33 per share, which implies a market cap and EV of HK$ 4.5bn and HK$ 3.1bn respectively.</li>
<li>Nevertheless, we remain unruffled by the surprisingly low IPO subscriptions as 66% of the Hong Kong IPO during the last three months made listing gains with less than 5.0x subscriptions (international offer).</li>
</ul>


Although the recent media reports suggested overwhelming interest from both retail and institutional investors, the Tam Jai International (2271 HK) IPO subscription status was not all that great with subscription rates of 29.6x and 3.9x for the Hong Kong offer and international offer respectively.
Consequently, the IPO was priced at the low end of the offer range at HK$ 3.33 per share, which implies a market cap and EV of HK$ 4.5bn and HK$ 3.1bn respectively.
Nevertheless, we remain unruffled by the surprisingly low IPO subscriptions as 66% of the Hong Kong IPO during the last three months made listing gains with less than 5.0x subscriptions (international offer).


China

Naisnow, formerly Nayuki Holdings Ltd., is an investment holding company that operates a chain of teahouses in the People's Republic of China. It sells freshly made tea drinks, baked goods, and other products under its flagship brand Nayuki and sub-brand Tai Gai. The company also provides store operations management, supply chain management, and franchise operations. Nayuki Holdings Limited was founded in 2014 and is headquartered in Shenzhen, the People's Republic of China.

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Naisnow (2150 HK)

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of...

CMB International

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S. The listed co level net profit...

CMB International

Koufu’s Voluntary Conditional Offer by Founding Shareholders

Koufu has received a voluntary conditional cash offer of S$0.77 per share. The offer is conditional meeting the 90% voting threshold. Despite the...

Arun George

Green Tea Group Pre-IPO Tearsheet (Refiled)

Green Tea Group (GT HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMB International. This is a...

Clarence Chu

Tam Jai International IPO Valuation

Tam Jai IPO seems to be priced at a steep discount to peers, suggesting limited downside risk to Tam Jai’s IPO price. Therefore, we remain...

Oshadhi Kumarasiri

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