IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

14 years of experience in global investment research and trading. In relation to research, we focus on IPO, Event-driven and large-cap non-consensual ideas. In relation to trading, we focus on generating positive index-adjusted returns and have had several top-decile or top-quartile performances over the past three years. In terms of background, I have worked at several sell-side firms (JP, Redburn, Haitong, Mainfirst), won Starmine as top stock picker in European Food Retail in 2015 and have been voted top one to top-five by institutions and hedge funds.

IPO and L/S equity, 2015 Starmine top stock picker

Haidilao IPO – A Popular Niche Restaurant or the Next McDonald’s?

Haidilao IPO Valuation: Hoping for a Pot of Gold

Haidilao IPO: Hotpot for the Flu from Trade War

Haidilao IPO First Glance: Legendary Hot Pot Restaurant that Will Be Hot (Part 1)

Haidilao (海底捞) IPO: Superior Metrics in a Scalable Segment (Part 2)

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Haidilao International Holding / Equity Capital Markets

Haidilao, a popular mid-market Hot Pot restaurant chain in China, has filed for an IPO to raise up to $1bn. We note a few points:
A significant decline in contribution from space growth and ROIC
Free cash flow to be negative in FY18 while maintenance capex rises
Unsecured loans and leases lever balance sheet more than on first glance
We have heard this expansion story before
More details are below.

Haidilao, a popular mid-market Hot Pot restaurant chain in China, has filed for an IPO to raise up to $1bn. We note a few points:
A significant decline in contribution from space growth and ROIC
Free cash flow to be negative in FY18 while maintenance capex rises
Unsecured loans and leases lever balance sheet more than on first glance
We have heard this expansion story before
More details are below. 

Haidilao International Holding

Haidilao IPO Preview– High on Pot