HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.</li>
<li>Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.</li>
<li>Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.</li>
</ul>


The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.


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

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (SOFT HK)</a> is looking to raise up to US$307m in its upcoming Hong Kong IPO.</li>
<li>It is an international hygiene product corporation with a focus on fast-growing Emerging Markets including Africa, Latin America and Central Asia. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Softcare (SOFT HK) is looking to raise up to US$307m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation with a focus on fast-growing Emerging Markets including Africa, Latin America and Central Asia. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (SOFT HK)</a>  is looking to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.</li>
</ul>



Softcare (SOFT HK)  is looking to raise around US$300m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.


Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.


HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

United Arab Emirates

Softcare Limited is an international hygiene product corporation that develops, manufactures, and sells baby and feminine hygiene products, including baby diapers, baby pants, sanitary pads, and wet wipes. The company focuses on fast-growing emerging markets in Africa, Latin America, and Central Asia. Founded in 2009, Softcare Limited is headquartered in Dubai, United Arab Emirates.

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Softcare (2698 HK)

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

Based on IPO pricing of HK$24.2-26.2, valuation is 20x PE based 2024 net profit and 21-23x PE based on 2025 forecast (US$90 million net profit),...

Xinyao (Criss) Wang

Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

Softcare is looking to raise up to US$307m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration

Softcare is looking to raise around US$300m in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous note....

Nicholas Tan

HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Kingboard...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

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