Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>US-based National Beverage has an atypical management culture that emphasizes long-term value creation;</li>
<li>The business outperforms its publicly-traded peers across many dimensions;</li>
<li>At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.</li>
</ul>


US-based National Beverage has an atypical management culture that emphasizes long-term value creation;
The business outperforms its publicly-traded peers across many dimensions;
At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.


This Atypically-Cultured Beverage Business Can Be Interesting!

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Pepsi reported a blockbuster Q2 2021 result and has reached the target price from our last report after cruising past Wall Street expectations in terms of both, revenues as well as earnings.</li><li>We give the stock a ‘Hold’ rating with a revised target price.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Pepsi reported a blockbuster Q2 2021 result and has reached the target price from our last report after cruising past Wall Street expectations in terms of both, revenues as well as earnings.We give the stock a ‘Hold’ rating with a revised target price.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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.

Devyani International  / Equity Capital Markets

<div><p>Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. </p></div><div><p>DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also runs its own brands Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar in India. Yum owns over 4% stake in the company.</p></div><p>We covered various aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/devyani-pre-ipo-might-not-do-another-burger-king-india-but-should-be-good" target="_blank" rel="noopener">Devyani Pre-IPO - Might not do another Burger King India but should be good</a>.</p><p>In this note we will compare the company against some of its listed peers.</p>

Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also runs its own brands Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar in India. Yum owns over 4% stake in the company.We covered various aspects of the deal in our previous note, Devyani Pre-IPO - Might not do another Burger King India but should be good.In this note we will compare the company against some of its listed peers.

Devyani Pre-IPO - Peer Comparison - Slots in Neatly

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>This party keeps on rocking</li>
<li>More stocks, and students, to make better chips</li>
<li>Abandon engagement with China?</li>
<li>A toast, Good-Neighbourliness!</li>
<li>Western water powers Eastern China</li>
</ul><div class="content-remarks"><p>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</p></div>

China News That Matters
This party keeps on rocking
More stocks, and students, to make better chips
Abandon engagement with China?
A toast, Good-Neighbourliness!
Western water powers Eastern China
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

<p><a href="https://www.smartkarma.com/entities/rajshree-polypack-ltd" target="_blank" data-smartkarma-citation="entities:33486:1" rel="noopener">Rajshree Polypack (RAJPPL IN)</a> ["RPPL"] is a small company in the rigid plastic packaging industry. Currently it is listed on the NSE Emerge platform (dedicated platform of NSE for SME companies) and has plans to shift to the main board over time. It is a relatively new IPO with listing in Sep 2018.</p>

Rajshree Polypack (RAJPPL IN) ["RPPL"] is a small company in the rigid plastic packaging industry. Currently it is listed on the NSE Emerge platform (dedicated platform of NSE for SME companies) and has plans to shift to the main board over time. It is a relatively new IPO with listing in Sep 2018.

India's Hidden Nanocaps | Rajshree Polypack: Climbing Up The Value Chain

United States

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufactures or uses contract manufacturers, markets and sells a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

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Pepsico Inc (PEP US)

This Atypically-Cultured Beverage Business Can Be Interesting!

An emphasis on long-term value creation, brand-based moat, massive runway, and fair share price could make National Beverage attractive to alpha...

Steven Chen

PepsiCo Inc - Invt Thesis

Pepsi reported a blockbuster Q2 2021 result and has reached the target price from our last report after cruising past Wall Street expectations in...

Baptista Research

Devyani Pre-IPO - Peer Comparison - Slots in Neatly

Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a...

Sumeet Singh

CCP/ Chips/ US-China/ Russia/ Hydro

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

India's Hidden Nanocaps | Rajshree Polypack: Climbing Up The Value Chain

Rajshree Polypack is a small player in the large rigid plastic packaging industry. However, through its consistent innovation and growth mindset,...

Ankit Agrawal, CFA

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