External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Pou Sheng International / Equity Bottom-Up

<ul><li>Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining sales</li><li>The company is trading at an undervalued price with a negative EV but remains profitable</li><li>Despite concerns about China's geopolitical situation and low cash returns, Pou Sheng offers a high dividend yield and has a strong balance sheet with significant net tangible asset value, indicating potential for upside if sales performance improves.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining salesThe company is trading at an undervalued price with a negative EV but remains profitableDespite concerns about China's geopolitical situation and low cash returns, Pou Sheng offers a high dividend yield and has a strong balance sheet with significant net tangible asset value, indicating potential for upside if sales performance improves.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pou Sheng (3813) - Wednesday, Sep 11, 2024

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Shenzhou Intl Group Holdings / Equity Bottom-Up

<ul>
<li>Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies</li>
<li>Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive</li>
<li>Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile</li>
</ul>


Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies
Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive
Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile


Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

Event-Driven

<ul>
<li>On 17 December, <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a> announced a scheme offer from Mr Tsang (Chairman/CEO) at HK$1.5232 per share, a 71.1% premium to the undisturbed price of HK$0.89 (20 November). </li>
<li>The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake is a seller. </li>
<li>The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross/annualised spread is 7.3%/22.7%.</li>
</ul>


On 17 December, Goldlion Holdings (533 HK) announced a scheme offer from Mr Tsang (Chairman/CEO) at HK$1.5232 per share, a 71.1% premium to the undisturbed price of HK$0.89 (20 November). 
The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake is a seller. 
The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross/annualised spread is 7.3%/22.7%.


Goldlion Holdings (533 HK): Chairman’s Scheme Privatisation Is a Done Deal

Hong Kong

Pou Sheng International (Holdings) Limited retails and wholesales sportswear, including sports footwear, apparel and accessories.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pou Sheng International (3813 HK)

Pou Sheng (3813) - Wednesday, Sep 11, 2024

Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining sales. The company is trading at an undervalued...

Value Investors Club

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Consensus estimates do not account for customer, retailer, Asian market share shift, macro, alt data and geopolitical risks.

Robert C Prather Jr

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

Goldlion Holdings (533 HK): Chairman’s Scheme Privatisation Is a Done Deal

The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)