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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Muyuan Foods Co (2714 HK), the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case. 
The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.


Muyuan Foods H Share Listing (2714 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    </li>
<li>The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.</li>
<li>While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. </li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    
The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.
While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. 


Muyuan Foods H Share Listing: The Investment Case

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.</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 Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.


HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<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 rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. </li>
<li>Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.</li>
<li>Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.</li>
</ul>



Anjoy Foods Group (2648 HK)'s rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. 
Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.
Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.


Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>We compile updates on <a href="https://www.smartkarma.com/entities/oriental-watch-holdings" target="_blank" data-smartkarma-citation="entities:19950:1" rel="noopener">Oriental Watch (398 HK)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a>, and other names following our visit to Hong Kong. </li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
We compile updates on Oriental Watch (398 HK), Taste Gourmet (8371 HK), Perfect Medical Health (1830 HK), Plover Bay Technologies (1523 HK), and other names following our visit to Hong Kong. 
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - October 2025

Hong Kong

WH Group is the world's largest pork company, operating across China, the US, and Europe. It integrates hog production, slaughtering, and the processing and distribution of packaged meats and fresh pork. The company's core business includes a wide range of packaged meat products and fresh pork. Headquartered in Hong Kong, the company traces its origins back to 1958.

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WH Group (288 HK)

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - October 2025

We compile our selection of small and mid-cap names, focusing on those with the desired characteristics of high dividend yields, value, and a...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Muyuan Foods, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion. The proposed AH discount of 23.1% is...

Arun George

Muyuan Foods H Share Listing: The Investment Case

Muyuan Foods, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion. In this note, I discuss the...

Arun George

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

​Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - October 2025

We compile our selection of small and mid-cap names, focusing on those with the desired characteristics of high dividend yields, value, and a...

Sameer Taneja

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...