Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

CATL: Key Highlights in 1Q 2025 and PHIP Updates on Hong Kong Listing

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CATL H Share Listing: The Investment Case

Douglas Research Advisory

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>According to Reuters, CATL plans to launch its Hong Kong listing process including book building during the week of 12 May.</li>
<li>We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025. </li>
<li>Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL's shares are undervalued. </li>
</ul>


According to Reuters, CATL plans to launch its Hong Kong listing process including book building during the week of 12 May.
We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025. 
Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL's shares are undervalued. 


CATL: Launch of Book Building for Hong Kong Listing