US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of tea drinks products and services. Chagee Holdings serves customers worldwide.

<ul>
<li>Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00  (high-end of the range) and Opened at $33.75 for a 20.5% gain.</li>
<li>The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time. </li>
<li>Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation</li>
</ul>


Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00  (high-end of the range) and Opened at $33.75 for a 20.5% gain.
The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time. 
Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation


Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

Vriddhi Consulting Pte

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

DKSH Holdings Malaysia / Equity Bottom-Up

DKSH Holdings Malaysia Berhad is principally an investment holding company. The principal activity of the Group is the provisioning of Market Expansion Services, which range from marketing, to sales force management, distribution and logistics, invoicing and credit management, inventory and returned goods management, and other services.

<ul>
<li>It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia</li>
<li>The company has double digit ROE and trades below Book Value per Share</li>
<li>Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks</li>
</ul>


It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia
The company has double digit ROE and trades below Book Value per Share
Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks


DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Sligro Food Group N.V. encompasses food retail and foodservice companies selling directly and indirectly to the entire Dutch food and beverages market. The Company distributes food, fresh produce, and related non-food products. Sligro serves both general and specialized food retailers, restaurants, and large-scale caterers.

<ul><li>In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals</li></ul>

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Giant Biogene Holding Co., Ltd researches, develops, manufactures, and distributes, and markets skin treatment products. The Company produces recombinant collagen and rare ginsenosides skin treatment products, functional foods, and other products. Giant Biogene Holding conducts businesses in China.

<ul>
<li>Due to higher technological barriers and stricter review/approval processes, Class III medical device registration certificates in China are scarce.This is the key to addressing the decline in Giant Biogene’s performance/profitability.</li>
<li>The approval for Giant Biogene’s Class III medical device has been delayed. If Trautec and Jinbo take the lead, it will affect the market expectations of Giant Biogene's new products.</li>
<li>Without successful approval of Class III medical devices, reasonable valuation for Giant Biogene is P/E of 20-30x at most. The short-term catalyst is the upcoming online Double Eleven Shopping Festival.</li>
</ul>


Due to higher technological barriers and stricter review/approval processes, Class III medical device registration certificates in China are scarce.This is the key to addressing the decline in Giant Biogene’s performance/profitability.
The approval for Giant Biogene’s Class III medical device has been delayed. If Trautec and Jinbo take the lead, it will affect the market expectations of Giant Biogene's new products.
Without successful approval of Class III medical devices, reasonable valuation for Giant Biogene is P/E of 20-30x at most. The short-term catalyst is the upcoming online Double Eleven Shopping Festival.


Giant Biogene (2367.HK) - The Key to Valuation Expansion and Short-Term Catalyst

<ul>
<li>Stable and free cash flow generating business available at attractive price</li>
<li>Trades below book with double digit ROE and at Significant discount to its parent valuation</li>
<li>Priced towards low end of historical PE and P/B ( similar to COVID valuations)</li>
</ul>


Stable and free cash flow generating business available at attractive price
Trades below book with double digit ROE and at Significant discount to its parent valuation
Priced towards low end of historical PE and P/B ( similar to COVID valuations)


DKSH Malaysia (DKSH MH):  Stable Business Available at Attractive Valuation

Consumer Staples
Insights in the Consumer Staples Space

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...

IPO Boutique

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m...

The IDEA!

Giant Biogene (2367.HK) - The Key to Valuation Expansion and Short-Term Catalyst

Giant Biogene announced a HK$2.294bn Placement with the price of HK$66.65/Share. Investment logic will change after Class III medical devices are...

Xinyao (Criss) Wang

DKSH Malaysia (DKSH MH): Stable Business Available at Attractive Valuation

Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...

Punit Khanna

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

​Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...

IPO Boutique

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

​Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m...

The IDEA!

Giant Biogene (2367.HK) - The Key to Valuation Expansion and Short-Term Catalyst

Giant Biogene announced a HK$2.294bn Placement with the price of HK$66.65/Share. Investment logic will change after Class III medical devices are...

Xinyao (Criss) Wang

DKSH Malaysia (DKSH MH): Stable Business Available at Attractive Valuation

​Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...

Punit Khanna

Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...