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 (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation

Pre-IPO Foshan Haitian Flavouring & Food Company - The Challenges Ahead and the Outlook

Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

Equity Capital Markets

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>The essence of Haitian's business is “hard-earned money”.Although performance rebounded in 2024, more observations on net profit are needed.It’s time to take a look at Haitian from a different angle.</li>
<li>The past high valuation of Haitian is due to the market's high expectations for it, or rather, the market's optimism about its performance growth. However, Haitian's moat is not deep.</li>
<li>A comfortable valuation range is 20-30x P/E. Based on the IPO pricing and 2025 forecast, P/E is about 27.5-28.5x. So, we think the IPO pricing range of Haitian is reasonable.</li>
</ul>


The essence of Haitian's business is “hard-earned money”.Although performance rebounded in 2024, more observations on net profit are needed.It’s time to take a look at Haitian from a different angle.
The past high valuation of Haitian is due to the market's high expectations for it, or rather, the market's optimism about its performance growth. However, Haitian's moat is not deep.
A comfortable valuation range is 20-30x P/E. Based on the IPO pricing and 2025 forecast, P/E is about 27.5-28.5x. So, we think the IPO pricing range of Haitian is reasonable.


Foshan Haitian Flavouring & Food (603288 CH)

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