In today’s briefing:
- Baicha Baidao (2555 HK) IPO: Valuation Insights
- Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains
- Sichuan Baicha Baidao IPO – Doesn’t Offer a Discount to Peers
- Johor Plantations Pre-IPO – Assets in Prime Yield Stage But Industry Isn’t Really Expected to Grow
Baicha Baidao (2555 HK) IPO: Valuation Insights
- Sichuan Baicha Baidao Industrial (SCBCBDID CH), a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.
- We previously discussed the IPO in Baicha Baidao IPO: The Bull Case and Baicha Baidao IPO: The Bear Case.
- There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.
Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains
- Horizon Robotics, a consumer-centric and fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, filed for an IPO and plans to raise up to $500M in Hong Kong.
- Horizon Robotics was founded in 2015 by Dr. Yu Kai, Dr. Chang Huang, Ms. Feiwen Tao, and a group of scientists and tech entrepreneurs.
- I have a positive view of an upcoming IPO and believe Horizon Robotics is in a great position to capitalize on rapidly growing smart vehicles market in China and worldwide.
Sichuan Baicha Baidao IPO – Doesn’t Offer a Discount to Peers
- Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
- SBBI sells new-style tea drinks through its ChaPanda stores. According to F&S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
- We have looked at the company’s performance in our past note. In this note, we talk about valuations
Johor Plantations Pre-IPO – Assets in Prime Yield Stage But Industry Isn’t Really Expected to Grow
- Johor Plantations Group (2368120D MK) is looking to raise around US$180m in its upcoming Malaysia IPO.
- Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.
- In this note, we look at the firm’s past performance.
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