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

Leong Hup International / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27863" target="_blank" data-smartkarma-citation="entities:27863:1">Leong Hup International (LEHUP MK)</a> is one of the largest producers of poultry, eggs and livestock feeds in Southeast Asia. It has launched a downsized IPO to raise gross proceeds of RM275 million ($67 million). The IPO would be the biggest in Malaysia since <a href="https://www.smartkarma.com/entities/24159" target="_blank" data-smartkarma-citation="entities:24159:1">Lotte Chemical Titan Holding (TTNP MK)</a> listed in July 2017.</p><div class="content-highlight"><p>In our <a href="https://www.smartkarma.com/insights/leong-hup-ipo-preview-a-game-of-chicken" target="_blank">IPO initiation note</a>, we noted that Leong Hup’s ability to command a premium rating of around 20x P/E faces challenges. In the event, Leong Hup has pared back its ambition and launched its IPO at a rating of 15x FY18 P/E, according to press reports. We believe Leong Hup’s fundamentals are mixed but would participate in the IPO due to the attractive valuation.</p></div>

Leong Hup International (LEHUP MK) is one of the largest producers of poultry, eggs and livestock feeds in Southeast Asia. It has launched a downsized IPO to raise gross proceeds of RM275 million ($67 million). The IPO would be the biggest in Malaysia since Lotte Chemical Titan Holding (TTNP MK) listed in July 2017.In our IPO initiation note, we noted that Leong Hup’s ability to command a premium rating of around 20x P/E faces challenges. In the event, Leong Hup has pared back its ambition and launched its IPO at a rating of 15x FY18 P/E, according to press reports. We believe Leong Hup’s fundamentals are mixed but would participate in the IPO due to the attractive valuation.

Leong Hup IPO: A Finger Licking Good Price

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Headlines­</h2><ul>
<li>In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively</li>
<li>Retail channel development drives volume and value sales growth</li>
<li>Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade</li>
<li>Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%</li>
<li>…</li>
</ul>

Headlines­
In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively
Retail channel development drives volume and value sales growth
Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade
Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%
…


Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

<p>Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.</p>

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.

Founder, Supreme Peoples Court Monitor

Susan Finder

Founder

Supreme Peoples Court Monitor

<p>A senior judge of China's Zhejiang Province Higher People's Court gave a <a href="http://mp.weixin.qq.com/s?__biz=MjM5NjA3NDc5MA==&amp;mid=2654696679&amp;idx=1&amp;sn=de31519c793d3104b951aff8f5533d8a&amp;chksm=bd2110ae8a5699b82257b31d4423e80eb779f5de31303016012381e999a9c774bac4eaa2d167&amp;mpshare=1&amp;scene=5&amp;srcid=0123rxQfyxxt74qmE8hHGXcm#rd" target="_blank">status report</a> on civil and commercial litigation in his province, providing statistics as of the end of September, 2016. What he reported provides signals on the state of the economy there, a province critical to the Chinese economy.</p><h2>What is special about Zhejiang?</h2><p>Zhejiang is an important export base, accounting for about 12% of all Chinese exports in <a href="http://china-trade-research.hktdc.com/business-news/article/Facts-and-Figures/Zhejiang-Market-Profile/ff/en/1/1X000000/1X06BVYH.htm" target="_blank">2015</a>.  Many of the exporting companies are private and in 2015, private…</p>

A senior judge of China's Zhejiang Province Higher People's Court gave a status report on civil and commercial litigation in his province, providing statistics as of the end of September, 2016. What he reported provides signals on the state of the economy there, a province critical to the Chinese economy.What is special about Zhejiang?Zhejiang is an important export base, accounting for about 12% of all Chinese exports in 2015.  Many of the exporting companies are private and in 2015, private…

Bad Debt Litigation in China's Export Base

Founder, Riedel Research

David Riedel

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

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Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<p><span class="s1"><em>GCSI Rises In December but Increased Polarization Predicts Volatility in 2017</em></span></p><ul><li class="li2"><span class="s1">In December the RRG Global Consumer Sentiment Index (GCSI) increased slightly to a level of .53, up from .5 in November and above the average reading of 0.37 for the first 11 months of the year.</span></li></ul><ul>
<li class="li2"><span class="s1">Upward momentum in the GCSI has been enough to offset concern about rising inflation and the uncertainty of the Trump presidency in the U.S. set to begin Jan 20th.</span></li>
<li class="li2">
<span class="s1">US dollar strength since Trump’s election in November dampened</span>…</li>
</ul>

GCSI Rises In December but Increased Polarization Predicts Volatility in 2017In December the RRG Global Consumer Sentiment Index (GCSI) increased slightly to a level of .53, up from .5 in November and above the average reading of 0.37 for the first 11 months of the year.
Upward momentum in the GCSI has been enough to offset concern about rising inflation and the uncertainty of the Trump presidency in the U.S. set to begin Jan 20th.

US dollar strength since Trump’s election in November dampened…


Global Consumer Sentiment Strong in Dec but Troubling Patterns Risk Volatility in 2017

China

New Hope Liuhe Co Ltd develops, produces, and markets a variety of animal feeds The Company also operates a commercial tradingbusiness, produces packing materials, chemicals and fish oil, and provides consulting services.

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New Hope Liuhe (000876 CH)

Leong Hup IPO: A Finger Licking Good Price

Leong Hup International (LEHUP MK) is one of the largest producers of poultry, eggs and livestock feeds in Southeast Asia. It has launched a...

Arun George

Sector Capsule: Bottled Water in China

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Issues Raised by WH Group and US Pork

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems...

Bixmoor

Bad Debt Litigation in China's Export Base

A senior judge of China's Zhejiang Province Higher People's Court gave a status report on civil and commercial litigation in his province,...

Susan Finder

Global Consumer Sentiment Strong in Dec but Troubling Patterns Risk Volatility in 2017

GCSI Rises In December but Increased Polarization Predicts Volatility in 2017In December the RRG Global Consumer Sentiment Index (GCSI) increased...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Leong Hup IPO: A Finger Licking Good Price

Leong Hup International (LEHUP MK) is one of the largest producers of poultry, eggs and livestock feeds in Southeast Asia. It has launched a...

Arun George

Sector Capsule: Bottled Water in China

Headlines­ In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Issues Raised by WH Group and US Pork

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems...

Bixmoor

Bad Debt Litigation in China's Export Base

A senior judge of China's Zhejiang Province Higher People's Court gave a status report on civil and commercial litigation in his province,...

Susan Finder

Global Consumer Sentiment Strong in Dec but Troubling Patterns Risk Volatility in 2017

GCSI Rises In December but Increased Polarization Predicts Volatility in 2017In December the RRG Global Consumer Sentiment Index (GCSI) increased...

David Riedel

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...