In today’s briefing:
- Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- A Visit to Inspire Integrated Resort in Incheon, South Korea
- IFBH Pte. Ltd Pre-IPO Tearsheet
- Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- [JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- What’s New(s) in Amsterdam – 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)
- DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations
- BWMX: 1Q Preview: Showing How to Win; No Tariff Issues Here; Reiterate Buy, PT
Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- Chagee Holdings (CHA US) raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share.
- Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
- In this note, we talk about the trading dynamics and added a new peer to compare with
A Visit to Inspire Integrated Resort in Incheon, South Korea
- I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family.
- Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
- The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming & Entertainment (MGE) in February 2025.
IFBH Pte. Ltd Pre-IPO Tearsheet
- IFBH (IFBH HK) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
- IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
- As per CIC, IFBH has led mainland China’s coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.
Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- In the past week, Reuters reported that Shein has received approval from the UK’s Financial Conduct Authority (FCA) for its IPO in London.
- In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
- Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.
Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00 (high-end of the range) and Opened at $33.75 for a 20.5% gain.
- The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time.
- Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation
[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov’t subsidies.
- We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins.
- We keep JD as the TOP BUY and raise TP from US$52to US$ 60.
What’s New(s) in Amsterdam – 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)
- In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals
DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations
- It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia
- The company has double digit ROE and trades below Book Value per Share
- Trades at significantly lower valuations to its parent and other Malaysian consumer stocks
BWMX: 1Q Preview: Showing How to Win; No Tariff Issues Here; Reiterate Buy, PT
- We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 1Q25 (March) results after the close on Thursday.
- We believe the Betterware division has continued to drive higher sales and improved gross margin via price increases, which when combined with continued product newness and higher SKU levels, should drive another solid quarter.
- We also believe JAFRA Mexico has remained a market share gainer, with a continued focus on leveraging their leading position in fragrance to drive incremental purchases in new categories.
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