In today’s briefing:
- Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better
- Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable
- Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield
- Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention
Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better
- Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.
- Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
- In this note, we will talk about the placement and run the deal through our ECM framework.
Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable
- Saint Bella (SAINT HK) is looking to raise $US200m in its upcoming Hong Kong IPO.
- It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan report.
- In this note, we provide updates on the firm’s past performance.
Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield
- Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
- Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
- In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.
Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention
- The performance slowdown and decrease in number of newly opened stores from 2023 to 2024 was due to the rapid surge in gold prices,which would put franchise model at risk.
- Future performance of Zhou Liu Fu may not be benefit from the high gold prices, but could be under pressure due to rising raw material costs and reduced customer demand.
- Valuation of Zhou Liu Fu could be lower than peers and the industry average. A comfortable P/E range could be 10-15x if based on 2025 net profit.
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