In today’s briefing:
- PointsBet (PBH AU): Betr’s “Superior Offer”? In An Alternate Reality
- MIXUE (2097 HK): Chill but Powerful Global Index Inclusion
- ASICS (7936) | Nike Q4 Preview: Eyes on Margins and Momentum
- ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin
- Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins
PointsBet (PBH AU): Betr’s “Superior Offer”? In An Alternate Reality
- BETR Entertainment (BBT AU) has now tabled an all scrip off-market offer for PointsBet (PBH AU) – no minimum acceptance condition – which they consider superior to MIXI (2121 JP)‘s.
- Really? 3.81 new betr shares is currently equivalent to A$1.143/share versus MIXI’s A$1.20/share all-cash Offer. Terms backed out just A$1.086/share at the start of trading last Friday.
- PointsBet quite rightly states the obvious – betr’s Offer is materially below MIXI’s.
MIXUE (2097 HK): Chill but Powerful Global Index Inclusion
- Mixue Group (2097 HK) is forecasted to be added to Global All-World at the September 2025 review with a low free float prior to the IPO lock-up expiry.
- Mixue Group (2097 HK) is expected to undergo a significant upweight at the December 2025 review following the 6-month lock-up expiry.
- Mixue Group (2097 HK) is forecasted to be added to Global Standard at the May 2026 review following the 12-month lock-up expiry.
ASICS (7936) | Nike Q4 Preview: Eyes on Margins and Momentum
- Nike reports Q4 earnings Thursday. Focus for ASICS investors: (1) Sales momentum recovery, (2) Gross margin trends.
- Nike’s continued weakness (global footwear sales -8% YoY in MRQ) supports bullish near-term thesis on ASICS.
- However, signs of stabilization at Nike could signal increasing competitive pressure in H2/FY26.
ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line.
- On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.
Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins
- IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
- IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
- Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there’s uncertainty in future prospects. Valuation could be lower than industry average
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