Analyst

Steve

Equity Bottom-Up

<ul>
<li>In 1Q24, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a>'s international sales grew around 250% yoy, and made up around one quarter of sales (vs. 17% of sales in 2023). </li>
<li>I now expect 39% sales growth in 2024, driven by 140% yoy growth in the international business and 18% growth in domestic China business. </li>
<li>I further expect a 50% yoy growth in net profit growth in 2024 driven by a 0.8ppt increase in gross margin and 0.5ppt in operating leverage. </li>
</ul>


In 1Q24, Pop Mart International Group L (9992 HK)'s international sales grew around 250% yoy, and made up around one quarter of sales (vs. 17% of sales in 2023). 
I now expect 39% sales growth in 2024, driven by 140% yoy growth in the international business and 18% growth in domestic China business. 
I further expect a 50% yoy growth in net profit growth in 2024 driven by a 0.8ppt increase in gross margin and 0.5ppt in operating leverage. 


Pop Mart (9992 HK):  Accelerating Momentum Internationally; Raising My Estimates

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and Huatai International.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys. Its portfolio contains both self-developed and renowned licensed intellectual property (IPs).</li>
<li>According to F&amp;S, Bloks was China’s largest player in the assembly character toy segment with an approximate gross merchandise value (GMV) of RMB1.8bn in 2023.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and Huatai International.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys. Its portfolio contains both self-developed and renowned licensed intellectual property (IPs).
According to F&amp;S, Bloks was China’s largest player in the assembly character toy segment with an approximate gross merchandise value (GMV) of RMB1.8bn in 2023.


Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We summarize our gleanings from the conference call with <a href="https://www.smartkarma.com/entities/dream-international-ltd" target="_blank" data-smartkarma-citation="entities:15783:1" rel="noopener">Dream International (1126 HK)</a> to better understand growth opportunities and future expansion plans.</li>
<li>The company is expanding in Indonesia to increase its capacity by 30 million USD ( over 830 million USD). (capacity utilization for FY23:83%).</li>
<li>Trading at 4x FY24e PE, with an 11.4% dividend yield and a 15-year average ROE of 20%, this is a stock worth exploring. </li>
</ul>


We summarize our gleanings from the conference call with Dream International (1126 HK) to better understand growth opportunities and future expansion plans.
The company is expanding in Indonesia to increase its capacity by 30 million USD ( over 830 million USD). (capacity utilization for FY23:83%).
Trading at 4x FY24e PE, with an 11.4% dividend yield and a 15-year average ROE of 20%, this is a stock worth exploring. 


Dream International (1126 HK)  Management Concall: 4x PE,11.4% Div Yield,40% of Mkt Cap in Cash

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18</li>
<li>Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. </li>
<li>So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.</li>
</ul>


We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18
Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. 
So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.


Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the not-so-positive aspects of the deal.


Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

Pop Mart (9992 HK): Accelerating Momentum Internationally; Raising My Estimates

In 1Q24, Pop Mart International (9992 HK)'s international sales grew around 250% yoy, and made up around one quarter of sales (vs. 17% of sales in...

Steve

Bloks Group Pre-IPO Tearsheet

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and Huatai...

Clarence Chu

Dream International (1126 HK) Management Concall: 4x PE,11.4% Div Yield,40% of Mkt Cap in Cash

We summarize our gleanings from a concall with the mgmt of Dream International (1126 HK) recently. It trades at mouth watering 3.9x FY23 PE and a...

Sameer Taneja

Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Upgrading Europe to Overweight EURO $STOXX 50 $FEZ; Supports Holding on MSCI $ACWI, $ACWX, $EFA, and $EEM. Latest 4-6% pullback remains healthy...

Vermilion Research

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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