Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright. Jeff Bezos’s management took steps in the right direction aligning their strategies in the direction of the current. If they continue taking these steps, there is good reason to stay bullish on the company.

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright. Jeff Bezos’s management took steps in the right direction aligning their strategies in the direction of the current. If they continue taking these steps, there is good reason to stay bullish on the company.

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>MUYUAN plans to issue 274 million shares at a maximum price of HK$39/share. If based on net profit forecast of 2025, 2026, 2027, P/E would be 11x, 9.5x, 7.7x, respectively.</li>
<li>Reasonable valuation of MUYUAN-A share and MUYUAN-H share would be higher than peers such as <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff </a>(P/E of 12.9x by Jan.30), <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group </a>(P/E of 9x by Jan.30).</li>
<li>If industry average valuation is used as the benchmark, based on 2026 forecast, the IPO pricing leaves decent room for stock price increases for both MUYUAN A and H share. </li>
</ul>


MUYUAN plans to issue 274 million shares at a maximum price of HK$39/share. If based on net profit forecast of 2025, 2026, 2027, P/E would be 11x, 9.5x, 7.7x, respectively.
Reasonable valuation of MUYUAN-A share and MUYUAN-H share would be higher than peers such as Wens Foodstuff (P/E of 12.9x by Jan.30), WH Group (P/E of 9x by Jan.30).
If industry average valuation is used as the benchmark, based on 2026 forecast, the IPO pricing leaves decent room for stock price increases for both MUYUAN A and H share. 


Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. </li>
<li>Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. </li>
<li>Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.</li>
</ul>


Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. 
Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. 
Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.


Muyuan Foods Hong Kong IPO Valuation Analysis

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

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA VANKE, PING AN INSURANCE, WENS FOODSTUFF, CMOC, YONYOU NETWORK TECHNOLOGY, ZIJIN MINING, JINKO SOLAR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA VANKE, PING AN INSURANCE, WENS FOODSTUFF, CMOC, YONYOU NETWORK TECHNOLOGY, ZIJIN MINING, JINKO SOLAR.


CSI 300 Index Earning Revision (Jan): CHINA VANKE, PING AN INSURANCE, WENS FOODSTUFF, CMOC

China

Wens Foodstuff Group Co., Ltd. produces meat products. The Company produces, processes, and sells chicken, duck, pork, and other related products. Guangdong Wens Foodstuffs Group also manufactures and markets cooked meat and frozen meat.

Wens Foodstuff Group Co., Ltd. (300498 CH)

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Wens Foodstuff Group Co., Ltd. (300498 CH)

A to Z - Amazon's Growth Story

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright....

Ishita Jain

China and the EM Ugly Contest

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately...

John-Paul Smith

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

The IPO pricing of MUYUAN is attractive, with potential decent upside(e.g. up 34% if based on industry average valuation). Based on the forecast of...

Xinyao (Criss) Wang

Muyuan Foods Hong Kong IPO Valuation Analysis

Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at...

Douglas Kim

CSI 300 Index Earning Revision (Jan): CHINA VANKE, PING AN INSURANCE, WENS FOODSTUFF, CMOC

We analyzed CSI 300's consensus for Jan 2026 and highlighted changes of EPS in CHINA VANKE, PING AN INSURANCE, WENS FOODSTUFF, CMOC, YONYOU NETWORK...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)