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

Pre-IPO Foshan Haitian Flavouring & Food Company - Thoughts on the IPO Pricing

Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview

Douglas Research Advisory

Equity Capital Markets

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

Foshan Haitian Flavouring & Food Company (3288 HK)

<ul>
<li>On 17 June, Bloomberg reported that Foshan Haitian Flavouring &amp; Food Company has raised HK$10.1 billion after a strong remand for its shares to be listed in Hong Kong.</li>
<li>We estimate the company to generate revenue of 29.4 billion RMB (up 9.2% YoY) and net profit of 6.8 billion RMB (up 7.1% YoY) in 2025.</li>
<li>Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which represents 25% higher than current levels.</li>
</ul>


On 17 June, Bloomberg reported that Foshan Haitian Flavouring &amp; Food Company has raised HK$10.1 billion after a strong remand for its shares to be listed in Hong Kong.
We estimate the company to generate revenue of 29.4 billion RMB (up 9.2% YoY) and net profit of 6.8 billion RMB (up 7.1% YoY) in 2025.
Our valuation analysis suggests that Foshan Haitian is undervalued. Our base case valuation suggests implied market cap of 286 billion CNY, which represents 25% higher than current levels.


Jiangsu Hengshun Vinegar Ind Co, Ltd. (600305 CH)

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis