HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sichuan Teway Food Group / Equity Capital Markets

<ul>
<li>Teway's product development strategy is to focus on creating blockbuster products for C-end market.The B-end adopts the model of "sales of standard and major products + customization for top customers".</li>
<li>Investors need to be aware that seasoning companies are generally facing the dilemma of declining revenue and profits, with almost no incremental market and difficulty in competing for existing markets.</li>
<li>Teway's valuation would be lower than Haitian. If Teway's growth potential/channel vitality can offset the binding advantages of Yihai + Haidilao, Teway's valuation may be comparable to or higher than Yihai.</li>
</ul>


Teway's product development strategy is to focus on creating blockbuster products for C-end market.The B-end adopts the model of "sales of standard and major products + customization for top customers".
Investors need to be aware that seasoning companies are generally facing the dilemma of declining revenue and profits, with almost no incremental market and difficulty in competing for existing markets.
Teway's valuation would be lower than Haitian. If Teway's growth potential/channel vitality can offset the binding advantages of Yihai + Haidilao, Teway's valuation may be comparable to or higher than Yihai.


Pre-IPO Sichuan Teway Food Group (A/H Listing) - Business Model, Risks and Thoughts on Valuation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>On 17 June, Bloomberg reported that Foshan Haitian Flavouring &amp; Food Company has raised HK$10.1 billion after a strong remand for its shares to be listed in Hong Kong.</li>
<li>We estimate the company to generate revenue of 29.4 billion RMB (up 9.2% YoY) and net profit of 6.8 billion RMB (up 7.1% YoY) in 2025.</li>
<li>Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which represents 25% higher than current levels.</li>
</ul>


On 17 June, Bloomberg reported that Foshan Haitian Flavouring &amp; Food Company has raised HK$10.1 billion after a strong remand for its shares to be listed in Hong Kong.
We estimate the company to generate revenue of 29.4 billion RMB (up 9.2% YoY) and net profit of 6.8 billion RMB (up 7.1% YoY) in 2025.
Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which represents 25% higher than current levels.


Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

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.

Foshan Haitian Flavouring & Food / Equity Capital Markets

Foshan Haitian Flavouring & Food (603288 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a>, a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (FHF HK)</a> has been China’s leading condiments company in terms of sales volume for 28 consecutive years.</li>
<li>The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.     

Foshan Haitian Flavouring &amp; Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.


Foshan Haitian Flavouring H Share Listing: The Investment Case

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Beijing-Shanghai High Speed Ra / Index Rebalance

Beijing-Shanghai High Speed Ra (601816 CH)

<ul>
<li>SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.</li>
<li>There have been some changes to the SSE 180 expected ADDs/DELs lists since our last insight.</li>
</ul>


SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.
There have been some changes to the SSE 180 expected ADDs/DELs lists since our last insight.


Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

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Sichuan Teway Food Group (TFG HK)

Pre-IPO Sichuan Teway Food Group (A/H Listing) - Business Model, Risks and Thoughts on Valuation

Teway focuses on blockbuster products for C-end market, while face challenges in declining seasoning industry. Valuation will be lower than...

Xinyao (Criss) Wang

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which...

Douglas Kim

Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

There could be US$1.4bn and US$240mn one-way flows, respectively, for the SSE 50 and SSE 180 December 2024 rebalances. Around 70% of the reference...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

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Pre-IPO Sichuan Teway Food Group (A/H Listing) - Business Model, Risks and Thoughts on Valuation

​Teway focuses on blockbuster products for C-end market, while face challenges in declining seasoning industry. Valuation will be lower than...

Xinyao (Criss) Wang

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which...

Douglas Kim

Foshan Haitian Flavouring H Share Listing: The Investment Case

Haitian has filed its PHIP for an H Share listing to raise US$1 billion. In this note, we discuss the investment case and valuation.

Arun George

Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

There could be US$1.4bn and US$240mn one-way flows, respectively, for the SSE 50 and SSE 180 December 2024 rebalances. Around 70% of the reference...

Janaghan Jeyakumar, CFA

Teway focuses on blockbuster products for C-end market, while face challenges in declining seasoning industry. Valuation will be lower than...