APAC IPOs & Placements, Aequitas Research

Akshat Shah

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/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



IFBH (6603 HK) raised about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>, already listed in Shanghai, is offering 40 million shares in Hong Kong to raise up to HKD2.6 billion (USD335 million); Offer closes today, June 30th.</li>
<li>HK offer is priced at a decent discount to A share price and at valuation multiples that are aligned with its peer group and business fundamentals.</li>
<li>With limited organic growth and little evidence of a strategic pivot to higher-value offerings, Anjoy Foods lacks a compelling long term investment case.</li>
</ul>



Anjoy Foods Group (2648 HK), already listed in Shanghai, is offering 40 million shares in Hong Kong to raise up to HKD2.6 billion (USD335 million); Offer closes today, June 30th.
HK offer is priced at a decent discount to A share price and at valuation multiples that are aligned with its peer group and business fundamentals.
With limited organic growth and little evidence of a strategic pivot to higher-value offerings, Anjoy Foods lacks a compelling long term investment case.


Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. </li>
<li>It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.</li>
<li>We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.</li>
</ul>



Anjoy Foods Group (2648 HK)'s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. 
It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.
We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.


Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is looking to raise about US$148m in its HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

China

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries, manufactures and sells instant noodles, baked goods, and beverages in China.

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Tingyi Holding (322 HK)

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation

Low margins, weak return metrics, and a lack of product innovation reflect Anjoy's structural challenges in a crowded, commoditized segment. The...

Devi Subhakesan

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFBH IPO Trading - Strong Overall Demand, Clawback Triggered

IFBH Ltd raised about US$148m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation

Low margins, weak return metrics, and a lack of product innovation reflect Anjoy's structural challenges in a crowded, commoditized segment. The...

Devi Subhakesan

Anjoy Foods Group (2648 HK) IPO: Reasonably Attractive

​Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...

Osbert Tang, CFA

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

IFBH IPO - Leading Position in a High Growth F&B Segment Driving Valuations

IFBH Ltd is looking to raise about US$148m in its HK IPO. In our previous note, we looked at the firm’s past performance. In this note, we talk...

Akshat Shah

Anjoy Foods Group's H-share IPO at HK$66.00 offers a 33-34% FY25 PER discount to peers. With strong growth potential, solid capabilities and sound...