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.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/pop-mart-international-group-limited" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">POP MART (POP HK)</a>  plans to raise around US$200-300m in its Hong Kong IPOPop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market.Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.

POP MART (POP HK)  plans to raise around US$200-300m in its Hong Kong IPOPop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market.Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.</li>
<li>Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.</li>
<li>Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.</li>
</ul>


The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.
Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.
Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.


Pre-IPO Bloks Group (PHIP Updates) - Some Points Worth the Attention

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 Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth

POP MART (POP HK) plans to raise around US$200-300m in its Hong Kong IPOPop Mart (PM) is the largest and fastest growing pop toy company in China,...

Sumeet Singh

Pre-IPO Bloks Group (PHIP Updates) - Some Points Worth the Attention

As China's largest assembly character toy player, Bloks faces growth ceiling/lagging profitability compared to peers. The key question is how to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth

POP MART (POP HK) plans to raise around US$200-300m in its Hong Kong IPOPop Mart (PM) is the largest and fastest growing pop toy company in China,...

Sumeet Singh

Pre-IPO Bloks Group (PHIP Updates) - Some Points Worth the Attention

As ​China's largest assembly character toy player, Bloks faces growth ceiling/lagging profitability compared to peers. The key question is how to...

Xinyao (Criss) Wang

As China's largest assembly character toy player, Bloks faces growth ceiling/lagging profitability compared to peers. The key question is how to...