HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Foshan Haitian Flavouring & Food Company (3288 HK) - The Dull Post-IPO Share Price and the Outlook

Pre-IPO FWD Group Holdings (PHIP Updates) - The Pain Points and the Outlook

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

Equity Capital Markets

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?