In today’s briefing:
- Chagee Holdings – Thoughts on the IPO Debut and the Valuation Outlook
- Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions
Chagee Holdings – Thoughts on the IPO Debut and the Valuation Outlook
- Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.
- If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.
- If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.
Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions
- FY24 revenue growth of 19% solid, but mostly driven by one operating segment
- Gross margin in FY24 fell on mix, but platform monetization down, too
- Sharp growth in FY24 working capital requires investors’ close attention
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